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

Published 04/12/2019, 03:21
Updated 04/12/2019, 03:27
© 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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