Gold Prices Little Changed as Traders Weigh Weak U.S. Data, Trade News

Investing.com – Gold prices were little changed on Friday in Asia as traders weighed the latest positive trade news and a set of weak U.S. data.

traded near flat at $1,328.15 per ounce by 1:20 AM ET (06:20 GMT) on the Comex division of the New York Mercantile Exchange.

The safe-haven metal dropped nearly $20 on Thursday as the U.S. and China made progress on discussing a trade deal.

Investors remained upbeat that the two countries may soon reach an agreement on trade after Reuters reported on Thursday that they are currently outlining a deal.

The report boosted Asian equities, while safe-haven gold fell.

However, weak economic data from the U.S. limited additional declines of the precious metal.

The Philadelphia Fed said Thursday its fell to a reading of -4.1 in February from 17.0 last month.

The Commerce Department said slowed to a rate of 0.1% in December, missing economists forecasts for a 0.2% rise.

The National Association of Realtors said fell 1.2% in January from the prior month to a seasonally adjusted annual rate of 4.94 million units. Economists were expecting a 0.8% increase to 5.01 million homes.

Gold prices were also under pressure this week after minutes from the Fed’s January policy meeting indicated there might be a rate hike this year. Higher interest rates reduce investor interest in non-yielding bullion.

The last traded at $96.472, up 0.01%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.