May 29 (Reuters) - Gold prices ticked up on Friday as the
Sino-U.S. rift deepened over further moves by Beijing to impose
a security law on Hong Kong, lifting the allure of safe havens
amid market uncertainties caused by the pandemic.
FUNDAMENTALS
* Spot gold XAU= was up 0.1% at $1,719.63 per ounce, as of
1249 GMT. U.S. gold futures GCv1 rose 0.4% to $1,734.60.
* Denting sentiment further, China approved a decision to go
forward with a national security legislation for Hong Kong,
which could erode the city's freedom and jeopardise its role as
a financial hub. * U.S. President Donald Trump's top economic adviser warned
that Hong Kong, which has enjoyed special privileges, may now
need to be treated like China when it comes to trade and other
financial matters. * Trump, who has vowed a tough U.S. response, will hold a
news conference on China on Friday. * U.S. jobless claims dropped for the eight straight time
last week, but remained at high levels implying it could take a
while for the economy to recover, data showed. * Germany's economy is likely to shrink by 6.6% this year,
the Ifo Institute said; while in a Reuters poll the Indian
economy was seen rapidly slowing in the March quarter.
* A Reuters poll also showed that 2020 will be the worst
year for many world stock markets in nearly a decade.
* Asian shares were set to dip in choppy trade. MKTS/GLOB
* Governments and central banks globally unleashed massive
stimulus programs to cushion the pandemic fallout.
* Palladium XPD= was flat at $1,930.67 per ounce, platinum
XPT= declined 0.9% to $830.81, and silver XAG= fell 0.3% to
$17.38.
DATA/EVENTS (GMT)
0645 France GDP QQ Final Q1
0900 EU HICP Flash YY May
1200 India GDP Quarterly Q4
1230 US Consumption, Adjusted MM April