Gold falls to its lowest level in two weeks due to risk appetite

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Gold prices fell to their lowest levels in nearly two weeks today, as risk appetite improved due to Chinese economic data that came out better than expectations and the imminent signing of a first trade agreement between the United States and China.

By 0459 GMT, spot gold fell 0.6% to $ 1,538.84 an ounce. Earlier in the session, prices touched their lowest levels since January 3 at $ 1,535.75. US gold futures fell 0.7% to $ 1,539.70.

Asian stocks rose on signs of goodwill between the two largest economies in the world as they prepared to sign an agreement that would represent a truce in the 18-month customs dispute that has turned the global economy upside down.

The day before the signing of the one-stage commercial agreement, the US Treasury on Monday dropped the branding of China as a currency manipulator, indicating further improvement in relations.

US Trade Representative Robert Lighthizer said the Chinese translation of the agreement has almost expired and will be announced before the signing ceremony on Wednesday. But there are persistent concerns that this does not mark the end of the trade war that has troubled global markets for the past year and a half.

Data from China showed exports rose for the first time in 5 months in December, while imports also exceeded expectations.

As for other precious metals, silver fell 1% to $ 17.78 an ounce, after falling to its lowest levels since late December at $ 17.71 earlier in the session.

Palladium fell 0.1% to $ 2129.92 an ounce, while platinum fell 0.6% to $ 968.01.

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