Gold prices rose as fears of a protracted U.S.-China trade war hurt risk sentiment, while poor economic data from US bolstered bets of a U.S. Federal Reserve rate cut.
A string of weak data from the United States stirred up concerns that its protracted tradewar with China has started taking a toll on the country’s economy.
Hedge funds and money managers sharply reduced their net long positions in COMEX gold in the week to May 21, the U.S. CFTC said.
Prices in India flipped into premiums on firmer demand in the domestic market, while buyers in top consumer China took advantage of weaker bullion prices and stepped up purchases.
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