Ammon News - Gold prices hit an over one-month low on Thursday ahead of a key U.S. data, which is expected to provide cues on the Federal Reserve's monetary policy path, while a thaw in U.S.-China trade tensions also weighed on bullion's appeal.

Spot gold fell 0.8% to $3,153.09 an ounce, as of 0303 GMT, after hitting its lowest level since April 10, earlier in the session.

U.S. gold futures slipped 1% to $3,156.90.

The United States and China agreed to reduce tariffs drastically and adopted a 90-day pause, de-escalating a potentially damaging trade war between the world's two largest economies. However, global markets still remained uncertain about the outcome after 90-days.

U.S.-China trade truce is good news to the market, so people are looking at risky assets more now, said Brian Lan, managing director at GoldSilver Central, Singapore.

"We are looking at the $3,150 as the next key level. If that doesn't hold, then $3,100 is likely."

Markets are expecting 50 basis points of Fed interest rate cuts this year, starting from October instead of July, as previously anticipated.

Spot silver was down 0.7% to $31.98 an ounce, platinum rose 0.5% to $980.35 and palladium gained 0.1% to $951.90. Reuters