Gold prices traded higher on Thursday morning in Asia and remained above $1,480 despite a sharp decline the day before.
Gold Futures contracts were up 0.03% to trade at $1,480.65 by 10:58 PM ET (02:58 GMT).
The precious metal remained steady amid a softer dollar. The US Dollar Index Futures edged down 0.04% to 97.5 after the US released weaker-than-expected job growth data.
In November, nonfarm payrolls increased by just 67k, according to the ADP (NASDAQ:ADP) National Employment Report, far worse than the expected increase of 140k. The previous reading in October was 121k.
Gold prices also experienced a sharp decline to drop from $1,489 a day earlier to the current level. Risk sentiment improved following signs of a possible trade deal between the US and China.
The two countries are moving closer to agreeing on the amount of tariffs to be rolled back in a phase-one trade deal, and that such a deal could even happen before additional US tariffs on Chinese goods kick in on Dec. 15, Bloomberg reported.
US-China trade talks remained a focus for the market watchers, after contrary developments this week. On Wednesday, a day after saying he has no deadline for a deal and would not be opposed to waiting until after the elections in November 2020, US President Donald Trump said discussions are going very well.
