Gold prices have slipped on Monday in prospect of a potential US-China trade deal that could be signed within this month.
Spot gold has fell 0.2% to US$1,511.27 per ounce by 0105 GMT, while US gold futures were up 0.2% at US$1,514.10 per ounce.
Last Friday, the US and China announced that they made progress in talks aimed at defusing a nearly 16-month-long trade war. US officials said a deal could be signed within this month.
A Reuters report says that the markets took further optimism from some economic data last week that eased apprehensions of a slowdown fuelled by the long-drawn trade war between the world’s two largest economies.
In the latest addition, US job growth slowed less than expected in October, while hiring in the prior two months was stronger than previously estimated, data from the Labor Department showed.
China’s Caixin/Markit Manufacturing Purchasing Managers’ Index for October rose to 51.7 from 51.4 the prior month, according to data showed on Friday, for a third straight month of expansion.
Elsewhere in Asia, the markets are also on the rise in general, as growing optimism over US-China trade talks and upbeat US job data boosted global investors’ appetite for riskier assets.
The Fed last week cut interest rates for a third time this year. However, it signalled there would be no further reductions unless the economy takes a negative turn.
However, the US dollar index, which tracks the greenback against a basket of six major rivals, was slightly down at 97.215.