Spot gold was up 0.3% to $1,508.23 per ounce as of 0101 GMT. Prices had edged 0.5% higher in the previous week on fears of global economic slowdown.
Gold prices advanced on Monday as markets braced for U.S.-China trade negotiations during the week with lesser hopes of a breakthrough, following a report that Chinese officials may not be as willing to bend.
* Spot gold was up 0.3% to $1,508.23 per ounce as of 0101 GMT. Prices had edged 0.5% higher in the previous week on fears of global economic slowdown.
* U.S. gold futures inched 0.1% higher to $1,513.90 an ounce.
* The U.S. dollar against a basket of currencies was a shade lower in early trade. Asian markets too edged lower ahead of the trade talks.
* The next round of U.S-China trade negotiations, likely to be in Washington on Oct. 10-11, will be in focus to see if the two sides can end their year-long trade spat that has upset economic growth around the world and raised concerns of a possible recession.
* U.S. President Donald Trump said on Friday there is a “very good chance” of a trade deal with China.
* However, a report that Chinese officials may be increasingly reluctant to agree to a broad trade deal pursued by Trump has made this uncertain.
* Ruffles in the U.S. political front also supported gold, with a second whistleblower coming forward with knowledge of Trump’s attempts to get the Ukrainian president to investigate a political rival, amid an impeachment battle that threatens the U.S. President’s administration.
* Meanwhile, a report on Friday showed jobs growth in the United States slowed down in September and wage growth stalled, even as unemployment dropped to a 50-year low.
* The unemployment data drop pushed traders of U.S. short-term interest rate futures to pare bets the Federal Reserve will cut rates at both of its two upcoming meetings.
* Elsewhere, twenty people were killed in an attack by suspected jihadists on a gold-mining site in northern Burkina Faso, Senegal on Friday.