Gold prices pared earlier gains after the latest news revealed that the phone call between US President Donald Trump and his Chinese counterpart, Xi Jinping, was positive, with the two mainly discussing trade, according to Trump. At the time of writing, XAU/USD was trading at $3,350, down 0.72%.
Trump took to his social media to say that the call was positive, adding, "There should be no more questions about the complexity of the Rare Earth product."
He said that the US and Chinese teams will meet at a location to be determined. The news sent bullion prices lower, as risk appetite improved despite disappointing US economic data and increasing the chances of a Federal Reserve (Fed) rate cut this year.
The US Bureau of Labor Statistics revealed that, indeed, the labor market weakened as the number of Americans filing for unemployment benefits increased. Other data showed that the trade deficit narrowed in April, according to the US Bureau of Economic Analysis, as supplies of goods before tariffs began to ease.
The greenback pared some of its earlier losses, as indicated by the US Dollar Index (DXY). The DXY, which tracks the dollar against a basket of six other currencies, was little changed at 98.75.
Gold's confidence will depend on Friday's Nonfarm Payrolls (NFP) figures. If the data shows that the labor market remains solid, the yellow metal could weaken as the US dollar strengthens. If not, expect further gains in XAU/USD as investors become more convinced that the Fed could cut interest rates earlier than expected. (alg)
Source: FXstreet
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