Gold slips after US data puts investors in a risk-on mood

A man holds necklaces in a gold shop in Chinatown in Bangkok, Thailand. Picture: REUTERS/SOE ZEYA TUN— Gold prices remained under pressure on Friday, following a 2% drop in the previous session, as robust US data encouraged a return to riskier assets and hit demand for safe-haven bullion.

“Thursday’s data was positive, causing gold prices to reduce. We now expect a lot of volatility in the gold markets,” said Brian Lan, MD at dealer GoldSilver Central in Singapore. Gold has jumped about 18% in 2019 as the bruising trade war has sparked fears of a global economic slowdown and encouraged interest rate cuts by major central banks around the world.MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.2%, putting it on track for a 2% weekly gain, which would make it the best week since mid-June.

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