Gold prices fell to a one-month low in Asian trade on Thursday, extending a recent run of losses as a recent deescalation in the U.S.-China trade war boosted risk and undermined demand for safe havens. 

The yellow metal was pressured by resilience in the dollar, as the greenback drew bids before more U.S. economic data, as well as an address by Federal Reserve Chair Jerome Powell later on Thursday. A spike in Treasury yields also weighed. 

Spot gold fell 1.1% to $3,141.35 an ounce, while gold futures for June fell 1.4% to $3,143.67/oz by 01:09 ET (05:09 GMT). 

Gold remains fragile following US-China trade deescalation 

Gold prices remained on the backfoot after the U.S. and China drastically reduced their trade tariffs against each other this week, sparking a rally in risk-driven assets and undermining haven demand. 

While this rally was seen cooling by Thursday, gold still remained under pressure, especially considering it soared to record highs last week. 

Still, gold remained comfortably above the $3,000/oz level- a level it had taken in April amid heightened concerns over the economic impact of a Sino-U.S. trade war.

While Washington and Beijing did announce some deescalation this week, relatively high tariffs still remained in place.

Markets were now looking to more tariff pullbacks between the economic giants, while U.S. trade talks with other countries were also in focus for more positive cues.​

​Broader precious metals fell on Thursday in tandem with gold, and were also nursing recent losses. Platinum futures fell 0.5% to $977.10/oz, while silver futures slid 1.6% to $31.915/oz. 

Among industrial metals, benchmark copper futures on the London Metal Exchange fell 0.7% to $9,524.95 a ton, while U.S. copper futures fell 0.8% to $4.6085 a pound.

US econ. data, Powell speech in focus 

Focus was now squarely on a swathe of upcoming U.S. economic readings, as well as an address by the Fed’s Powell, for more cues on the world’s biggest economy. 

Producer price index inflation data for April comes just days after a softer-than-expected consumer price index reading. A sustained decline in inflation is expected to boost bets on more Fed rate cuts this year. 

U.S. retail sales data is due on Thursday, offering up more cues on retail spending in the face of a Sino-U.S. trade war.

Fed Chair Powell is also set to speak later in the day, after the central bank kept interest rates unchanged last week and warned that it was not looking to lower rates in the near-term. 

Powell is expected to talk on the monetary policy framework, the blueprint the Fed uses to decide on its goals of maximum employment, price stability, and interest rates.

Beyond the U.S. data, Japanese gross domestic product is also due on Friday.