[ad_1]
Gold prices rose slightly on Thursday, as weak German data and declining stocks warned of the pace of global economic growth, while a strong dollar dampened gains for the metal.
German corporate sentiment deteriorated in April, thwarting expectations of a slight improvement, as trade tensions hurt the industrial engine of Europe's largest economy, leaving domestic demand behind. the burden of slowing growth.
Spot gold was up 0.1% to $ 1,276.19 an ounce at 3:35 GMT.
Gold futures in the US slid 0.1% to $ 1,278 an ounce.
Gold is often used to protect against economic and financial uncertainties.
Bullions won for a second consecutive session after plunging to their lowest level since late December earlier this week.
"The data on global growth outside of the US is actually pretty poor, we have had nothing more to chew on us," said Stephen Innes, Head of Trading & Market Strategy at SPI Asset Management.
"We have also anticipated some corrections in the equity markets, which simply takes us back to the major drivers of the economy," Innes added.
Asian stocks also fell after German data weakened risk appetite, raising concerns that the global economy may still be out of the blue, despite the recent positive data provided by China and the United States.
Market players will now focus on publishing US GDP data, which is due Friday.
Investors also considered new trade negotiations between the United States and China. Both countries are scheduled to begin the next round of trade talks on April 30, with the goal of concluding a tariff dispute of nearly a year.
However, the US dollar, which has been near a two-year high, has limited the future gains of bullion bullion.
A stronger dollar makes gold expensive for holders of other currencies.
The metal is still below its moving average of 50 days and 100 days.
"Strong technical sales activities put negative pressure on the precious metal in the short term," said Benjamin Lu, an badyst at Phillip Futures, in a note.
Reflecting the downtrend, the holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, plunged 0.2% to 747.87 tonnes on Wednesday, their lowest level since October 19th.
Elsewhere, silver continued at $ 14.92 an ounce, while platinum rose 0.4% to $ 882.06.
Palladium plunged 0.4% to US $ 1,410.77.
Source link
