Gold Holds Near Three-week Lows As Growth Worries Ease

Singapore (April 2)  Gold prices dipped on Tuesday to hover near their lowest level in more than three weeks, as upbeat manufacturing data from the U.S. and China eased investor worries about slowing global growth.

Hopes for a U.S.-China trade deal also dented the precious metal's safe-haven appeal.

Spot gold was down about 0.1 percent at $1,286.86 per ounce, after touching its lowest level since March 7 at $1,284.76 earlier in the day. U.S. gold futures were down 0.25 percent at $1,291.15 an ounce.

U.S. government debt yields rose Monday and equities rallied as strong manufacturing data from the U.S. and China cooled investor concerns over a potential global slowdown.

The U.S. non-farm payroll data will be out this Friday, with economists expecting a rebound after a disappointing February jobs report.

Traders also keep a close eye on Sino-U.S. trade negotiations, following last week's talks in Beijing. Talks are set to resume this week in Washington with a Chinese delegation led by Vice-Premier Liu He.

RTTnews

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