Gold records gains for the fourth consecutive month

Agencies - Abu Dhabi
NEW YORK (Reuters) - Gold prices eased on Friday as stock markets and US Treasury yields rose, but posted their fourth straight monthly gain as fears of a global recession and uncertainty surrounding US-China trade ties prompted investors to buy safe-haven assets.

Spot gold fell 0.4 percent to $ 1,520.39 an ounce at the end of the trading session, but ended the month with gains of around 7.5 percent.

US gold futures fell 0.5 percent to settle at $ 1,529.40 an ounce.

The Chinese Foreign Ministry said on Friday that US and Chinese trade negotiators were in active contact, a day after the two sides discussed the next round of direct trade negotiations in September.

The Chinese Ministry of Commerce said on Thursday that the two sides were discussing the September round of meetings, but added that it was important for Washington to eliminate tariff increases.

Positive trade signals also helped lift global stocks to a one-week high, limiting the metal's gains.
An escalation in the trade war between the world's two largest economies and mounting fears of a global slowdown have helped push gold prices up more than $ 100 in August.

The recent reversal of the US yield curve, in which short-term bond yields are higher than long-term bond yields, has raised concern among investors because it often precedes a recession.

On the other hand, many analysts expect the US Federal Reserve and the European Central Bank to cut interest rates next month to stimulate the economy.

Among other precious metals, spot silver rose 0.3 percent to $ 18.30 an ounce, marking the biggest monthly gain in percentage terms since June 2016, with a 12 percent rise in August.

Platinum rose 1.7 percent to $ 932.03 an ounce, while palladium jumped 3.8 percent to $ 1,531.04 an ounce.