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

Published 12/04/2019, 10:21 AM
Updated 12/04/2019, 10:24 AM
© 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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