1 week Ago
Gold prices eased on Monday as the thawing of trade tensions between the U.S. and China provided some relief to investors, while a stronger dollar further weighed on prices.
FUNDAMENTALS * Spot gold fell 0.3% to $3,309.31 an ounce, as of 0016 GMT.
Bullion hit a record high of $3,500.05 on April 22. * U.
S. gold futures gained 0.7% to $3,320.
30. * The U.S.
dollar rose 0.2% against a basket of currencies, making bullion more expensive for overseas buyers. * The Trump administration signalled openness last week to de-escalating a trade war between the world's two largest economies that has raised fears of recession.
Trump has said talks on tariffs were taking place with China. * On Friday, China exempted some U.S.
imports from its steep tariffs in a sign that the trade war between the two countries could be easing, though China quickly knocked down U.S. President Donald Trump's assertion that negotiations were underway.
* Gold, traditionally seen as a hedge against economic and political uncertainties, thrives in a low interest rate environment. * On the physical front, gold discounts in India jumped last week to the highest level in nearly nine years as record prices deterred buyers, while premiums in China rose to a more than one-year peak, leading to increased shipments to the world's largest bullion consumer. * Among other metals, spot silver fell 0.
6% to $32.87 an ounce, platinum eased 0.1% at $970.
80 and palladium lost 0.6% to $942.71.
DATA/EVENTS (GMT) 1000 France Unemp Class-A SA Mar..
