Investing.com - Gold prices rose slightly in Asia on Thursday after China trade data showed an unexpected gain in imports.
Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.11 to $1,351.05 a troy ounce.
The world's second largest buyer of the precious metal behind India, China reported a trade balance surplus of $52.05 billion, narrower than the $58.00 billion seen for August with exports down 2.8%, less than the 4.0% decline seen year-on-year, and imports up 1.5%, beating an expected 4.9% drop and making the first gain in 22 months as global commodity prices show signs of a rebound.
Overnight, gold prices were little changed near a three-week high in North American trade on Wednesday, as investors focused on the next set of U.S. data and Fed speakers for further guidance on the timing of the next interest rate hike.
Job openings reached 5.871 million in July, a bit higher than the 5.58 million expected.
The Institute of Supply Management (ISM) said its non-manufacturing purchasing manager's index fell from 55.5 in July to 51.4 in August, its weakest level since February 2010.
That followed last week's lackluster U.S. employment report as well as the ISM's manufacturing survey, which showed a shocking contraction in activity.
The recent string of disappointing data all but quashed talk of a near-term rate hike from the Fed. According to Investing.com's Fed Rate Monitor Tool, investors are pricing in a 15% chance of a rate hike at the Fed's September 20-21 meeting.
Gold is sensitive to moves in U.S. rates. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.