Gold falls to a New 2019 Low Price Point

This morning, during the Asian trade session, gold futures continued to fall lower. Price action is now at their lowest price point since the start of the year. Traders are noting an improvement with risk sentiment as economic data, as of late, has beaten expectations ad a possible trade resolution between China and the United States could happen by June.

As of 3:45 am GMT, the widely traded spot gold contract, was down. This contract lost 0.1 percent to trade at $1,271.97 per ounce. Earlier in the session it hit $1,270.99 per ounce. This was this contract’s lowest price point since December 27.

The spot contract has now lost about 1.4 percent this week and on track for its fourth week in a row of weekly losses. Most financial markets will close for Good Friday.

U.S. gold futures, for front end delivery, also fell. This contract was down 0.2 percent to trade at $1,274.50 an ounce.

Traders Watch Global Economic Data as well as Trade News and take Money out of Gold

There was some encouraging economic data out of the United States and China. This cooled own concerns about a slowing global economy which sapped the strength of the safe haven yellow metal.

China’s economy grew in the first quarter, slightly beating expectations. Traders still expect China to continue its stimulus programs further bolstering their economy.

The U.S. trade deficit, for February, fell to an eight month low. Imports from China fell sharply lower thus supporting U.S. economic growth in the first quarter.

The United States and China have now set a tentative timeline more trade talks. They aim to have a new trade accord in place by early June.