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PRECIOUS-Gold heads for second weekly gain on growth concerns

Commodities Feb 23, 2019 00:40
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© Reuters. PRECIOUS-Gold heads for second weekly gain on growth concerns

(Updates prices)

* Palladium set for third straight weekly gain

* Platinum sees best week since early January

* GRAPHIC-2019 asset returns: http://tmsnrt.rs/2jvdmXl

By Arijit Bose

Feb 22 (Reuters) - Gold was steady on Friday but still on track for a second weekly gain as sluggish U.S. economic data stoked worries about a global slowdown and investors awaited signals on U.S.-China trade talks.

Spot gold XAU= was unchanged at $1,322.81 per ounce by 1258 GMT but still up 0.2 percent on the week, having scaled a 10-month peak to $1,346.73 on Wednesday.

U.S. gold futures GCcv1 were down 0.2 percent at $1,325.40 per ounce.

"The market is expecting the dollar to weaken. We expect growth in the U.S. to slow," said Natixis analyst Bernard Dahdah.

The dollar index .DXY was little changed versus six major currencies on Friday but set for its biggest weekly fall in a month. The U.S. currency, which has been a refuge for investors during the U.S.-China trade spat, has come under pressure on signs of a breakthrough in talks. USD/ of the U.S. Federal Reserve's last meeting painted a less dovish picture than expected on future interest rates hikes, weighing on gold in the last two sessions. Higher rates reduce investor interest in non-yielding bullion. data showing new orders for key U.S.-made capital goods unexpectedly fell in December, revived some market expectations that the central bank would halt the 2019 rate hike cycle. added to jitters about a slowdown in Europe and China, which analysts said bolstered the appeal of gold, considered a safe haven in times of uncertainty. main target (for gold) is still the technically important area between $1,350 and $1,360 above which would be a one-year high," said Ronan Manly, a precious metals analyst at BullionStar Singapore.

Investor attention has turned to U.S. and Chinese trade talks, which have shown some positive signs. holdings of SPDR Gold Trust GLD , the world's largest gold-backed exchange-traded fund, dropped 0.6 percent to 789.51 tonnes on Thursday. at Natixis said the slight pullback did not signal a shift by gold investors since the levels were still close to highs recorded at the start of 2019.

Elsewhere, palladium XPD= gained 0.8 percent to $1,480.17 per ounce, having topped the psychologically significant $1,500 level for the first time on Feb. 20.

The autocatalyst metal was on track for a third straight week of gains, up about 3.4 percent.

Platinum XPT= rose nearly 1 percent to $826.50, and was set for its best week since early January. Silver XAG= was up 0.2 percent to $15.85, poised to snap two weekly losses.

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https://tmsnrt.rs/2BOiInZ

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PRECIOUS-Gold heads for second weekly gain on growth concerns
 

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