China's Gold-Buying Spree Tops 100 Tons During Trade War

China’s Gold Buying Spree Tops 100 Tons During Trade War

For the week ahead, besides trade talks, we have a number of other key events for the United States, including Fed governor Powell, speaking, the FOMC minutes and U.S. consumer Price Index.

"The stock market is increasing losses, so gold is taking back the safe haven role", ActivTrades chief analyst Carlo Alberto De Casa said, adding, "The markets are also fearing the trade talks and what's going on with Brexit".

Spot gold was down 0.3 per cent at $1,499.79 per ounce at 1129 GMT. -China trade talks will stall based on this.

US gold futures settled mostly unchanged at $1,503.9 an ounce.

"Last week was getting fairly bullish for gold with the ISM and non-manufacturing numbers, but the jobs number was not bad and that sort of dampened the bullishness in gold", said Ryan McKay, a commodity strategist at TD Securities. "All that's interpreting into a range-bound action for gold here".

Gold prices advanced on Monday as markets braced for US-China trade negotiations during the week with lesser hopes of a breakthrough, following a report that Chinese officials may not be as willing to bend. There's $1,465 to the downside and $1,566 on the upside.

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"It's (gold) got a little bit of downside exposure because there are a lot of people reassessing what happened as they had been too bearish on the economic outlook and current conditions, and they're backing away from that", said Jeffrey Christian, managing partner of CPM Group.

A higher USA currency makes dollar-denominated gold more expensive for holders of other currencies, which could subdue demand. By contrast, European investors, who had bought earlier against a backdrop of Brexit concerns and the European Central Bank's negative interest rates, added only 7.7 tons.

Beijing has long picked a path of cashing in on investor demand for gold and national currencies as trade controversies with the USA persist, scaling new record highs in the past six years.

Last month, the price of gold skyrocketed to its highest level in six years, highlighting the uncertainty investors have been feeling about the global economy.

Platinum rose 0.6% to US$881.77, while silver shed 0.4% to US$17.49 and palladium fell 0.1% to US$1,663.25.

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