Last week, spot gold prices dipped lower by 0.9 percent. After rising earlier in the week, Gold gave up a few of its gains after the trade tension between U.S. & China eased down.
For the first time in 3 years, U.S. manufacturing data contracted last month as the intense trade war between U.S. & China led to a sharp downfall in new orders and hiring. Escalating trade tensions between the biggest economies in the world might raise fears of a recession and boosted the appeal for Gold earlier in the week.
However, the protracted trade war showed signs of easing off after U.S. & China decided to conduct high level of trade talks in early October. Optimism over a possible trade deal between the super power nations dented the appeal for the safe haven asset and shifted the investors towards riskier assets.
Moreover, U.S. services sector activities surged in August 2019. U.S. Hiring increased from the private sector signalling towards a stronger economy and fading away fears of recession which further weighed on the Gold prices.
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