Plus   Neg

Gold Hovers Near One-week Low

Gold prices inched lower on Monday to hit a more than one-week low after progress in the U.S.-China trade talks helped propel world stock markets to a 6-month high on Friday.

Strong Chinese exports as well as bank loan data also helped ease investor worries over slowing global growth.

Spot gold slid 0.3 percent to $1,286.85 per ounce, after having touched $1,285.48, its lowest since April 5. U.S. gold futures were down 0.4 percent at $1,289.65 an ounce.

Optimism prevailed on the trade front after U.S. Treasury Secretary Steven Mnuchin said on Saturday a U.S.-China trade agreement would go "way beyond" previous efforts to open China's markets to U.S. companies.

Mnuchin told the media on the sidelines of the spring meetings of the International Monetary Fund and World Bank that he believed Washington and Beijing are getting close to the final round of concluding issues.

A strong start to the U.S. earnings season rekindled investor risk appetite, denting safe-haven demand for the precious metal.

The earnings season picks up pace this week, with Citigroup, Goldman Sachs, Bank of America, Johnson & Johnson, IBM, Morgan Stanley, PepsiCo and American Express among the slew of companies due to report their quarterly results.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT