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Gold Prices Edge Higher Amid Trade Concerns, Mixed Economic Data By Investing.com

© Reuters. Gold breaks 2-day losing streak

Investing.com – Gold prices edged higher nearing midday trade on Thursday, snapping a two-day losing streak, amid continuing concerns over trade and mixed economic data.

At 11:31 AM ET (15:31GMT), for August delivery on the Comex division of the New York Mercantile Exchange gained $3.40, or 0.3%, to $1,247.80 a troy ounce.

Traders commented that gold was getting a lift from some of the trade tensions as market participants looked for a safe-haven investment.

On Wednesday, the U.S. threatened to impose tariffs on an additional $200 billion worth of Chinese goods. China said on Thursday that the two countries have not been in touch about restarting talks and while it does not want a trade war, it would fight if necessary.

On the economic front, the , according to data released on Thursday, with also continuing its upward trend.

While supporting the Federal Reserve’s current plan to gradually increase interest rates, the data did not tilt towards the idea that the central bank would have to pick up the pace.

Higher interest rates tend to weigh on demand for gold, which doesn’t bear interest, in favor of yield-bearing investments.

served to confirm the current strength of the U.S. labor market, with the 214,000 reading at its lowest level since early May.

Meanwhile, the , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed with no impact on the dollar-denominated precious metal.

Still ahead, Philadelphia Fed President and Minneapolis Fed chief have separate appearances that investors will keep an eye on for any perspective over the economy and monetary policy.

In other metals trading, rose 1.1% at $16.000 a troy ounce by 11:38 AM ET (15:38GMT).

advanced 0.8% to $944.80 an ounce, while sister metal traded up 1.5% at $847.10.

In base metals, gained 1.4% to $2.783 a pound.

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