Economy

Gold rises as dollar, stocks ease ahead of US-China talks

Gold rises as dollar, stocks ease ahead of US-China talks”

Russian Federation also has been adding substantial quantities of bullion; central banks worldwide have snapped up more than 450 mt during the first eight months of 2019, helping push total gold demand to a three-year high, the World Gold Council has said. In tonnage terms, the latest inflow totals 5.9 tonnes, and follows the addition of about 99.8 tonnes over the prior nine months.

Last Friday, it was all about the US jobs data which disappointed and while the data disappointed on the whole, the unemployment rate hit a cyclical low of 3.5% in September, from 3.7% in August, and is now at a level not seen since December 1969 which was the US Dollar's savour on the day. "It will take a strong catalyst to bring gold out of this channel", Yan said, adding that quantitative easing by the U.S. Fed, European Central Bank and Bank of Japan could be a major factor.

Despite high-profile negotiations being set to continue in Washington this week, Chinese officials have indicated their increasing reluctance to agree to a broad deal.

Neil Wilson, chief markets analyst at Markets.com, says that gold is now a "good buy", and China's increase "chimes with the flows we've seen in recent weeks that's pushed prices a lot higher".

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The PBOC's run of bullion-buying has come against the challenging backdrop of the trade war with the U.S. and a marked slowdown in growth at home. In the first six months, central banks worldwide picked up 374.1 tons, helping push total gold demand to a three-year high, the World Gold Council has said. Official data also showed that China's foreign exchange reserves came in at 3.0924 trillion USA dollars at the end of September, increasing by 19.7 billion US dollars, or 0.6 percent from the beginning of 2019.

Spot gold rose as much as 0.4% to $1 511.31 an ounce on Monday and traded at $1 505.84 in early London trade.

Traders are also waiting for retaliation after U.S President Trump announced a blacklist expansion against several Chinese tech companies as well as blocking government pension funds from investing in China.



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