Oct 10 (Reuters) - Gold prices scaled a one-week peak on
Thursday as diminishing hopes of progress at the ongoing
Sino-U.S. trade talks sent stock markets lower and prompted
investors to seek bullion's safety.
FUNDAMENTALS
* Spot gold XAU= rose 0.4% to $1,511.24 per ounce as of
0049 GMT. U.S. gold futures GCcv1 gained 0.3% to $1,516.50.
* Asian stocks dropped, with MSCI's broadest index of
Asia-Pacific shares outside Japan .MIAPJ0000PUS down 0.1%.
MKTS/GLOB
* The United States and China made no progress in
deputy-level trade talks held during Monday and Tuesday in
Washington, the South China Morning Post reported, with Chinese
delegation planning to leave Washington on Thursday, instead of
Friday, as earlier planned. * Hopes of a breakthrough in trade talks had dwindled
earlier this week after the U.S. government widened its trade
blacklist to include some of China's top artificial intelligence
startups, punishing Beijing for its treatment of Muslim
minorities and ratcheting up tensions. * The talks were to take place ahead of a scheduled increase
in U.S. tariffs on $250 billion worth of Chinese goods, to 30%
from 25% on Oct. 15.
* U.S. job openings fell to a 1-1/2-year low in August and
hiring declined, suggesting employment growth was slowing
largely because of ebbing demand for labour as the economy loses
momentum.
* A 15-month trade war between the two countries has hurt
business confidence, leading to a retrenchment in business
spending and a downturn in manufacturing. The trade war has
fanned financial market fears of a recession.
* U.S. Federal Reserve Chair Jerome Powell on Tuesday
flagged openness to further rate cuts to fend off global
economic risks. The minutes showed most Fed policymakers
supported the need for an interest rate cut in September.
* Elsewhere, Newmont Goldcorp NEM.N said on Wednesday a
blockade that began on Sep. 14 at its Penasquito gold mine in
Mexico has been lifted, though operations remained temporarily
suspended. AHEAD (GMT)
0830 UK GDP Estimate 3M/3M Aug
0830 UK GDP Estimate MM, YY Aug
0830 UK Manufacturing Output MM Aug
1200 Brazil Retail Sales YY Aug
1230 US CPI MM, SA Sept
1230 US Initial Jobless Claims weekly