Investing.com - Gold prices rose on Wednesday in Asia despite renewed trade optimism. Despite today’s gain, the safe-haven metal still trades near four-month lows.
Gold futures traded on the Comex division of the New York Mercantile Exchange were up 0.2% to $1,297.45 by 12:57 AM ET (04:57 GMT).
Global stock markets received some support this week amid positive U.S. and China factory activity surveys. Reports that officials from China and the U.S. have resolved “90% of the outstanding issues” and are now closer to agreeing a trade deal were also cited a tailwind for equities. Negotiations between the two sides continue as Chinese Vice Premier Liu He arrives Washington to meet with high-level U.S. officials for more talks.
Safe-haven gold, however, moved in the direction opposite to most risk assets as investor sentiment picked up.
In other news, U.K. Prime Minister Theresa May said on Tuesday she would seek another Brexit delay
May stressed the extension would be "as short as possible," likely before May 22, to avoid the U.K. having to participate in European elections.
Gold traders also await the upcoming U.S. March jobs report that is due on Friday. Other data, including reports on U.S. retail sales and manufacturing should also receive some attention.
The latest U.S. economic data released this week did little to dispel worries about growth. Durable goods orders fell for the first time in three months, data on Tuesday showed.
"Gold is still taking a breather although worries globally about recession is lending support," said George Gero, precious metals analyst at RBC Wealth Management in New York.