Gold prices bounce back from one-week low on dip buying
Gold rose on Thursday as investors bought the dip after prices hit one-week lows in the previous session on U.S. President
Donald Trump
's reassurance about not firing
Federal Reserve
Chair Jerome Powell and his remarks on
China trade talks
.
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* Spot gold rose 1.1% to $3,324.27 an ounce, as of 0020 GMT.
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* Bullion slipped below $3,300 an ounce level on Wednesday to hit its lowest level since April 16.
*
U.S. gold futures
gained 1.3% to $3,335.60.
Live Events
* U.S. Treasury Secretary Scott Bessent said on Wednesday that high tariffs between the U.S. and China are not sustainable, as Trump's administration signalled openness to de-escalating a
trade war
between the world's two largest economies that has raised fears of recession.
* Trump is planning to spare carmakers from some tariffs following intense lobbying by industry executives over recent weeks, the Financial Times reported on Wednesday, citing a couple of people familiar with the matter.
* Gold, which is traditionally seen as a hedge against economic and political uncertainty and often thrives in a low-interest rate environment, hit a record high of $3,500.05 on Tuesday.
* The dollar index fell 0.1% against its peers, making greenback-priced bullion cheaper for overseas buyers.
* Elsewhere, the world's biggest gold miner
Newmont
beat Wall Street estimates for its first-quarter profit on Wednesday, as a rally in bullion prices helped offset the impact of lower production.
*
Spot silver
rose 0.3% to $33.65 an ounce, platinum was steady at $972.44 and palladium lost 0.8% to $936.75.
DATA/EVENTS (GMT) 0500 Japan Chain Store Sales YY Mar 0800 Germany Ifo Business Climate, Curr Conditions, Expectations New Apr 1000 UK CBI Business Optimism Q2 1230 US Durable Goods Mar 1230 US Initial Jobless Clm 19 Apr, w/e 1400 US Existing Home Sales Mar 1430 US EIA-Nat Gas Chg Bcf, Nat Gas-EIA Implied Flow 18 Apr.
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