The U.S.-China trade talks had a “good vibe” with much work remaining, White House economic adviser Larry Kudlow said on Friday, fanning hopes of an end to the long-drawn trade tiff between the world’s two largest economies. the dollar was near a one-week high against the yen on the back of robust U.S. jobs data. USD/
“Upbeat non-farm payroll suggests the U.S. economy is riding a strong momentum, dampening demand for safe-haven assets like gold,” Yang said, adding that this failed to change the market’s view of the Federal Reserve’s dovish stance with regard to its monetary tightening policy.
Despite signs of a robust economy, the Fed is widely expected to keep rates steady this year, thanks to heightened worries over global growth, especially in China and Europe.
Gold trade was subdued with top consumer China closed all week for the Lunar New Year.