Gold rises ahead of US-China trade negotiations

Inflows into China's gold reserves top 100 tons in this current spree. Image Carla Gottgens  Bloomberg

Inflows into China's gold reserves top 100 tons in this current spree. Image Carla Gottgens Bloomberg

Wall Street was lower, adding to declines in global stocks, as sentiment soured ahead of high-level trade talks after a report that Washington was moving ahead with efforts to limit capital flows into China and with the inclusion of more Chinese firms in a blacklist.

December Comex gold edges lower, -0.3% to $1,509/oz. Prices had dropped as much as 1 per cent in the previous session.

The odds of a US rate cut when the Federal Open Markets Committee meets on October 29-30 appeared to increase earlier after producer prices fell by the most in eight months, leaving the annual rate of factory gate inflation at 1.4%, its lowest since 2016.

"There's a possibility the U.S". -China talks this week.

"(However) gold is range-bound right now.

"U.S. data has just started to weaken and it will continue to weaken, as we move into 2020 and ultimately that will raise some questions for equity markets and increase volatility there, and we could see further allocations into gold", TD Securities' McKay said.

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U.S. and Chinese trades are set to start again this week.

"It's (gold) got a little bit of downside exposure because there are a lot of people reassessing what happened as they had been too bearish on the economic outlook and current conditions, and they're backing away from that", said Jeffrey Christian, managing partner of CPM Group.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS inched up 0.13% and the USA dollar .DXY against a basket of currencies firmed around 98.98.

Beijing has long picked a path of cashing in on investor demand for gold and national currencies as trade controversies with the United States persist, scaling new record highs in the past six years. By contrast, European investors, who had bought earlier against a backdrop of Brexit concerns and the European Central Bank's negative interest rates, added only 7.7 tons.

"Gold ETFs (exchange-traded fund) are close to the highest in years, so there definitely is demand for gold because of trade tensions and the slowdown in general in global growth rates", said SP Angel analyst Sergey Raevskiy.

Elsewhere, platinum was down 0.1pc to $877.18, silver dipped 0.6pc to $17.45 and palladium fell 0.3pc to $1,660.29.

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