Gold prices traded in range as the dollar eased on weak U.S. economic data. The US dollar declined as recent strong economic data eased concerns about the global economy, prompting investors to reduce safe-haven positions in the greenback.
The dollar sagged to a level last seen on March 28, thanks to weak U.S. economic data and gains in commodity-linked currencies, which drew support from an extended surge in crude oil prices. Orders for U.S.-made goods fell modestly in February and the manufacturing sector is slowing amid rising inventories, data showed.
The U.S. nonfarm payrolls data on Friday also signalled a slowdown in wage growth and job cuts in the manufacturing sector even as employment accelerated. China, the world’s biggest gold consumer, raised its gold reserves by 0.6 percent to 60.62 million ounces by end-March, central bank data showed.
