Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
"Sure, the trade war's taking its toll on business ... it's just not taking its toll where it was supposed to," Jim Cramer says.Mad Money with Jim Cramerread more
Joe Biden called on President Donald Trump Friday to release the transcript of a call with a foreign leader that is the subject of a whistleblower complaint. Biden described...Politicsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Palantir Technologies is targeting a valuation of at least $26 billion in a private fundraising round, the first for the Peter Thiel-backed data analytics startup in four...Wall Streetread more
Michael Pack, a conservative filmmaker linked to Steve Bannon, saw at least $1.6 million in donations from his nonprofit sent into the coffers of his independent production...Politicsread more
The New England Patriots released Antonio Brown just 11 days after signing the wide receiver. The NFL Super Bowl champion team initially had kept him in the face of a rape...Sportsread more
Gold dropped 1 percent on Tuesday to its lowest level of 2019, as a string of robust economic data boosted demand for riskier assets like equities while bullion was further weighed down by gains in the U.S. dollar.
Spot gold was down 0.88 percent to $1,276.25 per ounce as of 3:00 p.m. EDT, having earlier slipped to its lowest since Dec. 27 at $1,272.70.
U.S. gold futures settled 1.1 percent lower at $1,277.20 an ounce.
"We're likely to see some more pressure on gold over the next couple of days, especially with earnings coming out that's going to keep the equity market stronger," said Bob Haberkorn, senior market strategist at RJO Futures. Bullion is also being weighed down by strong data from China and a better-than-expected U.S. jobs report last week, he said.
Indicating strong appeal for riskier assets, Wall Street equities climbed on better-than-expected results from healthcare giants, adding to momentum in global equities driven by the data from China and improved sentiment in Germany.
The dollar also firmed, making the yellow metal more expensive for holders of other currencies.
Investors are now waiting on China's gross domestic product numbers for further cues on global growth. A Reuters poll forecast first-quarter growth to have cooled to 6.3 percent, the weakest pace in at least 27 years, but a flurry of measures to boost domestic demand may have put a floor under activity in March.
"If the data comes out south of 6 percent, it will be enough to rally gold, but anything north of 6 percent will keep gold on the defensive," RJO's Haberkorn said.
Bullion could see a bounce later in the week on bargain hunting with "traders waiting for more downside to go," he added.
On the technical front, gold's break below key support levels, including the 100- and 50-day moving averages, signaled a further downside to prices, analysts and traders said.
Overall sentiment for bullion was turning positive, however, with increasing central bank buying likely to provide a cushion for prices, Standard Chartered analysts said in a client note.
Among other precious metals, silver rose 0.09 percent to $15.00 an ounce, having hit $14.81 in the previous session, its lowest since Dec. 26.
A sustained deficit in palladium's supply had pushed prices to a record high of $1,620.53 last month and was likely to deepen further this year and in 2020, Standard Chartered added.