Bengaluru — Gold prices inched down on Monday to a more than one-week low as progress in US-China trade talks lifted risk sentiment, taking the sheen off safe-haven bullion even as the dollar weakened. Spot gold dipped 0.3% to $1,286.38 an ounce by 11.39am GMT, having hit $1,284.95, its lowest since April 5. US gold futures fell 0.4% to $1,289.60 an ounce. “Gold has clearly lost the upward trajectory that it was on, trying to find new supportive catalysts. We’ve seen continued positive murmuring on the trade negotiations in recent days. That’s obviously a headwind for safe-haven gold,” Capital Economics analyst Ross Strachan said. US Treasury secretary Steven Mnuchin said he hoped US-China trade talks were approaching a final lap. That, combined with strong Chinese export and euro zone industrial production data on Friday, has lifted global equities, bund yields and the euro. “The continued positiveness coming out of equity markets is acting as a drag on gold prices as people have l...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now