Oct 2 (Reuters) - Gold prices inched up on Wednesday, after
rising as much as 1% in the previous session, as dismal U.S.
manufacturing data fanned fears of a sharp global economic
slowdown and stoked bets of further interest rate cuts.
FUNDAMENTALS
* Spot gold XAU= was up 0.1% at $1,479.43 per ounce, as of
0121 GMT. Prices hit a near two-month low of $1,458.50 on
Tuesday, before climbing as much as 1% during the session.
* U.S. gold futures GCv1 were down 0.2% at $1,485.4 an
ounce.
* U.S. manufacturing activity tumbled to a more than 10-year
low in September as lingering trade tensions weighed on exports,
further heightening financial market fears of a sharp slowdown
in economic growth in the third quarter. * Against a basket of currencies .DXY the dollar was
slightly weaker, while global shares retreated to one-month lows
on Wednesday. USD/ MKTS/GLOB
* U.S. President Donald Trump once again lashed out at the
Federal Reserve on Tuesday, in the wake of the weak
manufacturing sector data, saying the central bank has kept
interest rates "too high" and that a strong dollar is hurting
U.S. factories. * Fed has set monetary policy to where it can deliver on its
2% inflation goal and there is scope to raise rates slightly
over the next few years if the economy continues to grow,
Chicago Fed President Charles Evans said on Tuesday.
* Manufacturing activity in the euro zone contracted at its
steepest rate in almost seven years last month, according to a
survey on Tuesday that suggested there would not be a turnaround
any time soon. * The European Central Bank's President Mario Draghi called
on Tuesday for euro-area-wide fiscal stimulus aimed at boosting
investment, saying the latest steps in this direction are
insufficient. * The World Trade Organization cut its forecast for growth
in global trade this year by more than half on Tuesday and said
further rounds of tariffs and retaliation, a slowing economy and
a disorderly Brexit could squeeze it even more. * Prime Minister Boris Johnson will on Wednesday unveil his
final Brexit offer to the European Union and make clear that if
Brussels does not engage with the proposal, Britain will not
negotiate further and will leave on Oct. 31. * Gold production in Russia rose 10.5% in the first six
months of 2019 to 135.33 tonnes from 122.50 tonnes in the same
period a year earlier, Russia's finance ministry said on
Tuesday. DATA AHEAD (GMT)
0500 Japan Consumer Confidence Index Sept
0830 UK Markit/CIPS Cons PMI Sept
1215 U.S. ADP National Employment Sept
1245 U.S. ISM-New York Index Sept
1245 U.S. ISM NY Biz Conditions Sept