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Gold Prices Slip Below Key $1,300 Level on Strong China Data, Trade Optimism
Prices of the safe-haven gold slipped on Monday in Asia and traded below the key $1,300 level as the release of stronger-than-expected China trade and credit data on Friday boosted risk appetite.The precious metal finished last week basically flat.
Risk sentiment was boosted today by the credit data released by the People’s Bank of China on Friday that suggested growth exceeded all estimates in March.
The March trade surplus also soared past expectations, official data showed, with exports rising more than 14% for March from a year ago, exceeding expectations of a 7.3% rise.
Stocks and other risk assets are key contrarian trades to gold.
Investor sentiment was also boosted amid positive developments in the Sino-U.S. trade talks.
The two sides have agreed on an enforcement mechanism to police any trade deal they agree on in the future, according to reports last week.
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