Gold Rallies to Near $1240 after China Data

Gold rose for the first time in three sessions on Monday, boosted by safe-haven bids as Asian equity markets fell on disappointing Chinese trade data.

Spot gold had gained 0.2 percent to $1,235.43 an ounce by 0024 GMT, after earlier hitting a session-high of $1,238.60. The gains follow the metal’s near 4 percent drop last week, its worst weekly performance since October.

Gold had taken a hit after strong U.S. jobs data on Friday, falling to its lowest in three weeks, but bullion gained some ground early on Monday on weak data from China.

CNBC

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