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Home / Business / Gold prices slipping below important value of $ 1,300 on important Chinese data, Trade Optimism by Investing.com

Gold prices slipping below important value of $ 1,300 on important Chinese data, Trade Optimism by Investing.com




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Investing.com – Safe haven gold prices fell in Asia on Monday, trading below $ 1,300 as the release of trading and credit data, which was stronger than expected, boosted risk appetite on Friday.

Deliveries traded in the Comex division of the New York Mercantile Exchange in June fell 0.2% to $ 1,292.15 per ounce (12:55 ET (04:55 GMT)).

The precious metal ended essentially flat last week.

Risk appetite was supported by credit data released by the People's Bank of China on Friday, pointing to growth that exceeded all estimates in March.

The March trade surplus also increased past expectations, and official data showed that exports rose more than 1

4% in March versus a year, exceeding expectations of a 7.3% increase.

The better than expected data eased worries over a slowdown in global economic growth and provided support for Asian equities.

China and the SZSE component gained more than 1%, Hong Kong and Japanese shares rose 0.5%.

Equities and other risk-weighted assets are important counter-trades in gold.

Investor sentiment was also supported by the positive development of Sino-US trade talks.

Both sides have agreed last week on an enforcement mechanism for monitoring all future trade agreements.

"There are certain obligations that the United States has entered into in this agreement, and there are certain commitments that China has entered into. US Treasury Secretary Steven Mnuchin told reporters at the IMF meeting in Washington on Saturday.

"I would expect the enforcement mechanism to work both ways, that we want to keep our commitments, and if not, then it should have some impact, and in the same way the other way," he said adding that the two countries are considering holding more face-to-face meetings.

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