Gold falls to one-week low as growth worries ease
Positive catalysts include better-than-expected credit and export growth figures from China and hopes of a US-China trade-spat resolution
Spot gold edged 0.2% lower to $1,288.08 per ounce as of 3.30am GMT, having touched $1,286.44, its lowest since April 5, earlier in the session. US gold futures fell 0.3% to $1,291 an ounce. “Gold prices have fallen because of improving macro-economic data which is favouring risk-taking,” said Margaret Yang, a market analyst with CMC Markets, Singapore. Among positive catalysts in the market are a better-than-expected credit and export growth figures from China, a positive kick-off to the earnings season in the US and hopes of a US-China trade-spat resolution, Yang added. Asian shares started the week on a firm footing while the safe-haven yen hovered near its lowest level in 2019. Chinese customs data showed on Friday that exports for the country rose 14.2% from the previous year in March, the strongest growth in five months. Also helping risk-on sentiment, US treasury secretary Steven Mnuchin said on Saturday a US-China trade agreement would go “way beyond” previous efforts to open...
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