Gold rises 1% as risk sentiment sours on trade, Brexit uncertainty

China’s Gold Buying Spree Tops 100 Tons During Trade War

US President Donald Trump said he was confident of reaching a deal, while Chinese officials are signaling their reluctance to agree to a broad trade deal, according to media reports.

Spot gold was down 0.3 per cent at $1,499.79 per ounce at 1129 GMT.

"Given strained relations with the U.S., China needs a hedge against its large holdings of the dollar, and gold serves that function", said Howie Lee, an economist at Singapore-based Oversea-Chinese Banking Corp. According to Reuters, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin said the Chinese delegation could leave earlier than planned because "there's not too much optimism".

The results of the latest United States jobs report supported expectations that the Fed will go ahead with a quarter percentage point rate cut at the end of October, which will spur gold gains. "All that's interpreting into a range-bound action for gold here".

U.K. Prime Minister Boris Johnson failed to persuade German Chancellor Angela Merkel in an early telephone call that his proposals for avoiding border checks in Ireland could be squared with the EU's desire for control over the borders of its customs union and single market.

USA and Chinese trades are set to start again this week. They are now the world's biggest purchasers of the metal.

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While gold could see a little bit of a downside in the near-term, it is probably going to head higher because of the global geopolitical uncertainties, Christian added.

Market participants are also awaiting the U.S. Federal Open Market Committee's minutes from its September meeting on Wednesday for clues on whether the Fed will cut rates at its October meeting in what could be its third interest rate cut for the year.

Speculators slashed their bullish positions in COMEX gold and trimmed bullish bets on silver contracts in the week to Oct 1, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

Lower interest rates tend to increase investor interest in non-yielding bullion.

Elsewhere in haven assets, silver futures rose 1.4% to $17.78 an ounce, their highest in almost two weeks, while platinum futures rose 0.5% to $892.30 an ounce.

Platinum rose 1.1% to $886.50, while palladium climbed 0.8% to $1,673.25.

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