May 28 (Reuters) - Gold prices inched lower on Tuesday,
moving away from a one-week high hit in the previous session, as
the dollar rebounded amid the European Union parliamentary
election results and simmering Sino-U.S. trade tensions.
Markets were mostly subdued in the previous session
following the closure of financial markets in the UK and the
United States.
FUNDAMENTALS
* Spot gold XAU= was down 0.2% at $1,282.90 per ounce, as
of 0146 GMT, after touching its highest since May 17 at
$1,287.32.
* U.S. gold futures GCv1 were down 0.1% at $1,281.80 an
ounce.
* Against a basket of six peers, the dollar gained 0.2% to
97.780 .DXY after touching its lowest since May 16 at 97.546
on Friday.
* The dollar nudged up against its key rivals in early trade
on Tuesday as investors waited on more catalysts after the
European Union parliamentary elections showed a polarisation of
the 28-member block. USD/
* Pro-European parties retained a firm grip on the EU
parliament, provisional results from the bloc's elections showed
on Monday, though euroskeptic opponents saw strong
gains. * On Monday, U.S. President Donald Trump in a news
conference with Japanese President Shinzo Abe said he was "not
ready to make a deal with China", the latest blow to beliefs
that the two countries might reach a deal soon. * China on Friday denounced U.S. Secretary of State Mike
Pompeo for fabricating rumours after he said the chief executive
of China's Huawei Technologies Co Ltd was lying about his
company's ties to the Beijing government. * Furthermore, a weak U.S. manufacturing activity data
coupled with a dip in new orders for U.S.-made capital goods
last week ignited worries that the trade conflict may hurt the
world's largest economy, lifting investor expectations for a
U.S. rate cut. * On the contrary, Asian shares tracked European gains on
Tuesday, as relief over EU election results eased concerns about
political difficulties in the bloc and merger news supported
auto shares, although persistent concerns about trade capped
regional sentiment. MKTS/GLOB
* China's net gold imports via main conduit Hong Kong in
April rose 20.5% from the previous month to their highest levels
since July 2018, Hong Kong government data showed on Monday.
* Mali has suspended the informal practice of gold dredging
for one year and gold panning for three months for environmental
reasons, starting June 15, the mines ministry said on Monday.