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Gold edges up on trade, global growth jitters

Gold edges up on trade, global growth jitters

Mubasher: Gold prices edged up on Friday on concerns that a trade conflict between the US and China could worsen global economic slowdown.

However, the precious metal was heading for its first loss in three weeks driven by a stronger US dollar.

By 10:27 am GMT, US gold futures inched up 0.03% to $1,314.60 per ounce, while spot gold rose 0.07% to $1,311.08 per ounce.

US President Donald Trump said on Thursday that he did not plan a meeting with Chinese President Xi Jinping before the 1 March deadline set by Washington and Beijing to reach a trade accord.

Both sides have been on a 90-day truce in their trade conflict in an attempt to hammer out a deal.

Stock markets saw a sharp decline around the world on jitters over a global growth slowdown spreading to Europe and uncertainties around Sino-US trade tensions.

“Some of our growth indicators are clearly seeing easing global activity and trade volumes are being hit,” National Australian Bank economist John Sharma told Thomson Reuters, adding that this would make investors more cautious “and could derive support for gold around $1,300-$1,330 range.”

However, strength in the US dollar, which makes gold more expensive for holders of other currencies, has sent gold 0.6% lower for this week.

By 11:08 am GMT, the US dollar index, which traces the greenback against a basket of six major rivals, edged up 0.07% to $96.5770.