Gold prices bounce off 3-week lows; demand likely longer term
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* Futures up: Dow 0.19%, S&P 500 0.13%, Nasdaq 0.35%
By Uday Sampath Kumar
Sept 12 (Reuters) - U.S. stock index futures rose on
Thursday after President Donald Trump said the United States
would delay scheduled tariff hikes on billions worth of Chinese
imports, cooling tensions that have battered financial markets
over the last year.
The decision, which Trump called "a gesture of good will",
came after China moved to exempt some U.S. anti-cancer drugs and
other goods from additional tariffs ahead of planned trade
negotiations between the world's two largest economies.
The United States will delay increasing tariffs on $250
billion worth of Chinese imports from Oct. 1 to Oct. 15, Trump
tweeted.
However, lingering concerns of slowing global growth pushed
gold prices higher and lifted shares of miners such as Barrick
Gold Corp GOLD.N , AngloGold Ashanti Ltd AU.N and Gold Fields
Ltd GFI.N between 1.7% and 4.1%. GOL/
Later on Thursday, the European Central Bank (ECB) is
expected to offer new stimulus measures to help boost the euro
zone's flagging economies.
Analysts said while the U.S. economy is largely insulated
from the troubles of Europe, investors might sell out in case
the ECB delivered a more hawkish policy decision than expected.
Data on August U.S. consumer prices is expected at 8:30 a.m.
ET, ahead of the Federal Reserve's policy decision on interest
rate cuts next week.
The Labor department is expected to report a 0.1% increase
in the Consumer Price Index for August, following a 0.3% gain in
July.
At 7:14 a.m. ET, Dow e-minis 1YMcv1 were up 51 points, or
0.19%. S&P 500 e-minis EScv1 were up 4 points, or 0.13% and
Nasdaq 100 e-minis NQcv1 were up 27.75 points, or 0.35%.
Among other stocks, Caterpillar Inc CAT.N and Deere & Co
DE.N fell after Wells Fargo downgraded both stocks to "market
perform".
Baker Hughes BHGE.N was down 1.8% after General Electric
Co GE.N began divestment of its stake in the oilfield services
provider, aiming to raise $2.7 billion. Activision Blizzard Inc ATVI.O rose 2% after two
brokerages raised their price targets on the stock.