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PRECIOUS-Gold rises as Sino-U.S. trade deal doubts resurface

Published 19/11/2019, 03:19
© Reuters.  PRECIOUS-Gold rises as Sino-U.S. trade deal doubts resurface
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Nov 19 (Reuters) - Gold inched up to its highest in more

than 1-1/2 weeks on Tuesday, as fresh doubts about a trade deal

between the United States and China dented appetite for riskier

assets.

FUNDAMENTALS

* Spot gold XAU= rose 0.2% to $1,473.04 per ounce by 0105

GMT. It had hit the highest level since Nov.7 at $1,475.40.

* U.S. gold futures GCv1 edged up 0.2% to $1,474.10 per

ounce.

* Citing a government source, CNBC reported that Beijing was

pessimistic about a trade deal with the United States, troubled

by President Donald Trump's comments that there was no agreement

on rollback of tariffs. * Asian shares started Tuesday softer as another day

awaiting clearer news on the progress of trade negotiations

between the two major economies weighed on jaded investors'

sentiment. MKTS/GLOB

* The United States is gravely concerned about deepening

political unrest and violence in Hong Kong, Secretary of State

Mike Pompeo said, urging the city's government to tackle public

concerns and China to honour its promises of liberties.

* China's top legislature said Hong Kong courts had no power

to rule on the constitutionality of legislation under the Asian

financial hub's Basic Law, which includes a proposed ban on face

masks, state news agency Xinhua said. * The dollar .DXY held close to a two-week low, with

demand hurt by receding hopes for a preliminary trade truce.

* Trump and Federal Reserve Chair Jerome Powell met at the

White House on Monday, "to discuss the economy, growth,

employment and inflation", two days before the Fed is set to

release the minutes of the year's last policy meeting.

* Canadian miner Barrick Gold Corp ABX.TO is keen to top

its $1.5 billion target for asset sales after shedding its half

of the Super Pit gold mine in Western Australia, Chief Executive

Officer Mark Bristow said.

* SPDR Gold Trust GLD , the world's largest gold-backed

exchange-traded fund, said its holdings fell 0.56% to 891.79

tonnes on Monday from 896.77 tonnes on Friday. GOL/ETF

* Bank of Japan Governor Haruhiko Kuroda said the bank would

keep its monetary policy bias towards additional easing, in view

of overseas risks that cloud the economic outlook. * Elsewhere, silver XAG= gained 0.2% to $17.05 an ounce,

while palladium XPD= fell 0.4% to $1,730.17 an ounce. Platinum

XPT= inched up 0.1% to $894.80.

DATA/EVENTS (GMT)

1330 US Housing Starts Number Oct

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