View source for Gold Eases As China Factory Data Whets Risk Appetite

<br>By Karthika Suresh Namboothiri<br> <br>Nov 1 (Reuters) - Gold prices slipped on Friday as strong data from China buoyed risk appetite, while investors awaited employment data from the United States to determine the impact of a long-drawn trade war on its economy.<br> <br>Spot gold dipped 0.2% to $1,510.25 per ounce as of 1103 GMT.<br><br>Prices were set to record a weekly gain of 0.4%.<br> <br>U.S. gold futures fell 0.1% to $1,512.60 per ounce.<br> <br>"The data out of China is somewhat easing concerns over the global landscape and ultimately reducing appetite for gold," said FXTM analyst Lukman Otunuga, adding trade uncertainties and  [https://footballandcricketonline.hpage.com/suresh-raina-wife-biography.html https://footballandcricketonline.hpage.com/suresh-raina-wife-biography.html] the interest rate cut by the U.S.<br><br>Federal Reserve will, however, continue supporting gold in the medium to longer term.<br> <br>European shares rose, on track for their best day in more than a week, as a surprise bounce in China's manufacturing activity calmed investors worried about the progress in U.S.-China trade talks due to conflicting tones.<br> <br>China's factory activity unexpectedly expanded at the fastest pace in well over two years in October as new export orders rose and plants ramped up production, a private business survey showed.<br> <br>Also lifting sentiment was a statement by U.S.<br><br>President Donald Trump saying the two sides would soon announce a new venue for the signing of a "Phase One" trade deal, after protests in Chile had seen a planned summit there this month cancelled.<br> <br>"While still above $1,500, it's hard to build a case for a sustained bullish recovery currently as the metal remains sensitive to headlines," MKS PAMP said in a note.<br> <br>"Resistance levels sit toward $1,520-$1,525, with extension toward hard resistance at $1,535."<br> <br>Markets now await U.S.<br><br>non-farm payrolls. The U.S. economy is forecast to have created 89,000 new jobs in October, slower than 136,000 new jobs created in the previous month, according to a Reuters poll.<br> <br>Disappointing jobs data today could renew speculation over the Fed moving forward with a fourth rate cut by the end of 2019, FXTM's Otunuga said.<br> <br>The Fed cut interest rates for a third time this year, but signalled there would be no further reductions unless the economy takes a turn for the worse.<br> <br>Other precious metals remained muted, while silver fell 0.3% to $18.07 and platinum was flat at $931.94.<br> <br>Palladium edged 0.3% lower to $1,789.60.<br><br>The metal was set to mark a four-week gaining streak, having notched up a record high of $1,824.50 an ounce on Wednesday. (Reporting by Eileen Soreng and Karthika Suresh Namboothiri in Bengaluru; Editing by Emelia Sithole-Matarise)<br>