PRECIOUS-Gold hovers near 1-month peak as trade concerns linger

Published 04/12/2019, 01:21 pm
Updated 04/12/2019, 01:28 pm
© Reuters.  PRECIOUS-Gold hovers near 1-month peak as trade concerns linger
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Dec 4 (Reuters) - Gold was little changed on Wednesday, but hovered near a one-month peak hit in the previous session, with bullion prices moderately supported after Washington dashed hopes for a quick preliminary trade deal with Beijing.

FUNDAMENTALS

* Spot gold XAU= was little changed at $1,476.55 per ounce, as of 0143 GMT. In the previous session, prices rose 1% and touched their highest since Nov. 7.

* U.S. gold futures GCcv1 were down 0.1% at $1,483.10.

* U.S. President Donald Trump on Tuesday said a trade deal with China might have to wait until after the U.S. presidential election in November 2020, having earlier announcing tariffs on U.S. steel and aluminum imports from Brazil and Argentina on Monday. U.S. Commerce Secretary Wilbur Ross rejected any deadlines on a trade deal with China and launched a fresh attack on telecoms giant Huawei HWT.UL . Asian shares extended their losses, while the dollar weakened after market hopes for a preliminary agreement faded. MKTS/GLOB USD/

* Heightening tensions with Beijing, the U.S. House of Representatives overwhelmingly backed legislation that would require the Trump administration to toughen its response to China's crackdown on its Uighur Muslim minority. Trump and French leader Emmanuel Macron clashed over the future of NATO before a summit intended to celebrate the 70th anniversary of the Western military alliance. Gold miner Centamin Plc CEY.L rejected a 1.47 billion pound ($1.9 billion) all-stock takeover proposal from Canada's Endeavour Mining. The Perth Mint's gold product sales in November rose to their highest in a year, while silver sales dropped from a multi-year peak, the refiner said. India's gold imports in November jumped 78% from a month earlier to the highest level in five months as jewellers in the world's second-biggest market for the metal restocked after a fall in prices, a government source said. Palladium XPD= fell 0.2% to $1,852.14 per ounce. Silver XAG= shed 0.1% to $17.14 per ounce, while platinum XPT= was down 0.2% at $907.47.

DATA/EVENTS (GMT) 0500 India

IHS Markit Svcs PMI

Nov 0850 France

Markit Serv, Comp PMIs

Nov 0855 Germany

Markit Srvices PMI

Nov 0855 Germany

Markit Comp Final PMI

Nov 0900 EU

Markit Serv, Comp Final PMIs Nov 0930 UK

Reserve Assets Total

Nov 1445 US

Markit Svcs, Comp Final PMIs Nov

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