Gold Prices Slip; Still Hover Above $1,310 on Global Growth and Trade Concerns

Gold prices slipped on Monday in Asia as the U.S. dollar edged up, but the precious metal remained above $1,310 as concerns over global growth and the U.S.China trade war continued to sap risk appetite.

Gold futures last traded at $1,314.85 on the Comex division of the New York Mercantile Exchange by 12:57 AM ET (05:57 GMT), down 0.1%.

High-level officials from the U.S. and China will gather in Beijing for another round of negotiations starting on Monday after the last meeting between the two sides ended with no deal.

The two nations are trying to reach a trade agreement before a 90-day truce expires on March 1. U.S. President Donald Trump has threatened to double tariffs on Chinese goods if the deadline passes without a deal.

Last week, Trump said that he had no plans to meet with Chinese President Xi Jinping before the March 1 deadline, dampening hopes for a breakthrough in the trade conflict.

Gold prices slid 0.27% last week, snapping two weeks of gains while the U.S. dollar recorded its biggest weekly increase since May 2018.

The precious metal is often sensitive to movements in the dollar. A stronger greenback is seen as a headwind for commodities priced in dollars as it makes them more expensive to holders of other currencies.

Traders will be monitoring U.S. economic data for its impact on the dollar this week. Figures on consumer prices are due on Wednesday, while December retail sales figures and data on producer prices is set to be released on Thursday./investing.com

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