Nov 25 (Reuters) - Gold prices touched their lowest in a week on Monday as positive developments towards an interim trade deal between the United States and China lifted demand for riskier assets and boosted the dollar.
FUNDAMENTALS
* Spot gold XAU= was down 0.1% at $1,461.02 per ounce by 0058 GMT, having fallen to its lowest since Nov. 18 earlier in the session. U.S. gold futures GCv1 inched 0.2% lower to $1,460.60.
* Asian shares made guarded gains as investors braced for another week of likely conflicting commentary on the trade dispute, while the outperformance of recent U.S. economic data gave the dollar a leg up on its peers. MKTS/GLOB USD/
* The leaders of the United States and China on Friday both underscored their desire to sign an initial trade deal. U.S. national security adviser Robert O'Brien said on Saturday that a phase 1 trade agreement with China is still possible by the end of the year, while warning that President Donald Trump would not turn a blind eye to what happens in Hong Kong. However, an ambitious "phase two" trade is looking less likely as the two countries struggle to strike a preliminary "phase one" agreement, according to U.S. and Beijing officials, lawmakers and trade experts. U.S. manufacturing output accelerated in November to its fastest pace in seven months and services activity also picked up more than expected, a survey of purchasing managers showed on Friday. Pro-democracy candidates in Hong Kong romped to a symbolic majority in district council elections after residents turned out in record numbers to vote following six months of anti-government protests. Hedge funds and money managers increased their bullish positions in COMEX gold and silver contracts in the week to Nov. 19, data showed. CFTC/
* Physical gold demand remained subdued in China last week against a backdrop of slowing economic growth, and in Hong Kong where protests continued, while prices in India flipped into discount as demand eased. GOL/AS
* Silver XAG= shed 0.3% to $16.95 per ounce, palladium XPD= rose 0.2% to $1,778.77 per ounce and platinum XPT= was up 0.1%, to $891.90.
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