[ad_1]
June 3 (Reuters) – Gold prices reached their highest level in more than two months on Monday, as investors seek refuge in safe haven badets as US-China trade tensions deepen and the threat increases. tariffs imposed by Washington on Mexico exacerbated fears of a global recession.
FUNDAMENTALS
* Spot gold was up 0.5% to $ 1,311.15 at 0153 GMT, after reaching its highest level since March 28 at $ 1,311.44.
* The metal climbed above the key level of $ 1,316 on Friday for the first time since April 11.
* US gold futures increased 0.4% to $ 1,314.40 per ounce.
* US equity futures, Asian equity markets and oil prices slid to lows of several months Monday amid growing concerns of trade.
* Tensions between the United States and China intensified over the weekend as the two countries clashed over trade, technology and security.
* A senior Chinese official and trade negotiator said Sunday that the United States could not exert pressure to impose a trade deal on China, refusing to question whether leaders of the two countries would meet at the G20 summit to reach a an agreement later. month.
* Global equity funds had $ 10.3 billion outflows last week, with the US-China trade dispute prompting investors to shelter in government bonds. .
* Signs that Sino-US frictions weigh heavily on the global economy, South Korean exports – seen as an indicator of global growth – fell 9.4% in May, against a median forecast of 5, 6%, official data. showed Saturday.
* The dark outlook has led traders to believe that the US Federal Reserve will lower interest rates as soon as possible.
* Hedge funds and money managers increased net long positions on COMEX gold in the week to May 28, the US Commodity Futures Trading Commission (CFTC) said Friday.
* The holdings of SPDR Gold Trust, the largest gold-backed exchange-traded fund in the world, rose 0.32% to 743.21 tonnes on Friday from Thursday.
* The US Mint sold 4,000 ounces of American Eagle gold coins in May, down 60% from the previous month, according to the latest data.
* Gold premiums in China's major consumer countries rose last week as investors bought the metal as a safe haven, while bullion demand in India was moderate, prices premises having reached their highest level in two weeks.
DATA AHEAD (GMT)
* 0750 France Markit Mfg PMI May
* 0755 Germany Markit / BME Mfg PMI May
* 0800 EU Markit Mfg PMI Final May
* 0830 UK Markit / CIPS Mfg PMI May
* 1400 US ISM Manufacturing PMI May (Report by Nallur Sethuraman in Bengaluru, edited by Joseph Radford)
Source link
