LIVE GOLD NEWS UPDATE BYwww.tradelinecommodity.com India's No.1mcx Tips Provider Missed Call @:/8057046270/8923452051
PRECIOUS-Gold slips as positive China data boosts risk assets
* Gold specs raise net long positions for 2nd week
* U.S. February retail sales data due at 1230 GMT
* GRAPHIC-20return19 asset s: http://tmsnrt.rs/2jvdmXl (Adds comments; updates prices)By K. Sathya Narayanan
April 1 Gold prices slipped on Monday as appetite for riskier assets improved on signs of progress in Sino-U.S. trade talks and upbeat Chinese economic data.Spot gold was down about 0.2 percent at $1,289.79 per ounce by 0638 GMT, after touching its lowest since March 8 at $1,286.35 on Friday.U.S. GCcv1 were down about 0.3 percent at $1,294.40 an ounce.
Asian stocks rallied after data showed factory activity in China unexpectedly grew for the first time in four months in March. MKTS/GLOB most extreme part of the global growth slowdown panic has subsided a little bit and the Chinese data is responsible for that, but it is a single data point which should be backed by more data," said Kyle Rodda, a market analyst with IG Markets in Melbourne."We are getting a lot of data from across the globe (this week) so the global growth story and the fears related to that will be tested in the very short term."The manufacturing PMI data from the United States and Europe and U.S. retail sales data is due later in the day."Though Asian PMIs have demonstrated for respite in the current term, we opine that a synchronized economic slowdown remains in place in lieu of weakness in both domestic and foreign demand," Phillip Futures wrote in a note."The precious metal though facing bearish pressures will receive strong support from growing economic headwinds."
Global demand for gold in 2019 will rise to the highest in four years as higher consumption by jewellers offsets a fall in purchases by central banks, an industry report said on Monday. are also keeping a close watch on the trade talks between the United States and China, set to resume later this week in Washington with a Chinese delegation led by Vice Premier Liu He.U.S. President Donald Trump said on Friday that negotiations with China were going very well after top trade officials from both the countries wrapped up in Beijing. we've seen some kind of retracement in gold, it remains very much supported around the $1,260 and $1,280 an ounce level," said Hitesh Jain, vice president, Yes Securities.
Indicating investor sentiment for bullion, speculators increased net long position in COMEX gold for the second straight week in the week to March 26, data showed on Friday. CFTC/Among other precious metals, spot palladium was down 0.5 percent at $1,376.25 an ounce, having declined more than 11 percent last week. was down 0.3 percent at $15.09 an ounce, while platinum rose 0.5 percent to $849.71 an ounce.
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