Gold steadied on Monday as stronger-than-expected U.S. manufacturing data offset...
- Gold steadied on Monday as stronger-than-expected U.S. manufacturing data offset support sluggish retail sales numbers, which kept the dollar under pressure.
“However, gold’s tentative probe higher has been blunted by a strong ISM print, which has sent yields retracing higher. Gold appears to need some additional help to retake $1,300.” Monday’s data follows weaker-than-expected consumer spending numbers in January and modest income growth in the United States, fanning worries slowing global growth was spreading to the world’s largest economy as well.
Supporting bullion was progress in U.S.-China trade negotiations, which concluded last week, with Washington calling the talks “candid and constructive.”
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