New Trade Developments in Gold Prices Continue to Advance
Gold continued to advance on Monday in Asia despite stronger-than-expected US employment data showing jobs jumping from 17-month lows.
Gold futures traded on the Comex division of the New York Mercantile Exchange rose 0.4% to $ 1,300.55 per ounce at 11.20 WIB.
Gold prices started April lower after China's Caixin index suggested the country's manufacturing sector recovered from the sharpest slowdown.
Meanwhile, reports that Washington and Beijing have solved most of the problems in their long-term trade dispute lifted Asian shares. Safe-haven gold, which usually moves in the opposite direction to risk assets, also rose following the news.
Both parties are reportedly still bargaining about how to implement and enforce trade agreements. China's CCTV official broadcast said there was "new progress" at the trade talks that ended last Friday in Washington and Trump's main economic adviser, Larry Kudlow, told CBS on Sunday that the two sides were "getting closer and closer" in a trade agreement.
In other news, although not a directional driver, Bloomberg reported on Monday that China had expanded its gold reserves for the fourth consecutive month.
Citing data released on the People's Bank of China Global website, the article said the central bank increased reserves to 60.62 million ounces in March from 60.26 million a month earlier.
China is the world's leading producer and gold consumer.