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Gold dips on upbeat dollar, positive China data

Mon Dec 02 2019


Gold prices fell after hitting their highest in more than a week on Monday, as stocks gained on better-than-expected China factory data and the greenback strengthened, despite fresh uncertainty over a US-China trade truce.




Spot gold was down 0.3 per cent at $1,461.15 per ounce, as of 0059 GMT. Earlier in the session, prices touched their highest since Nov. 22.


US gold futures dropped 0.4 per cent to $1,467.30.


The dollarNSE -0.63 % rose, while the global shares ticked up as investors clung to hopes of a trade deal.


Factory activity in China unexpectedly returned to growth in November for the first time in seven months.


Bullion prices, however, failed to stay afloat despite news website Axios' report that a trade agreement between United States and China was now "stalled because of Hong Kong legislation".


Beijing's top priority in any "phase one" trade deal with the United States is the removal of existing tariffs on Chinese goods, China's Global Times newspaper reported on Sunday.


The US government may expand its power to stop more foreign shipments of products with US technology to China's Huawei, amid frustration the company's blacklisting has failed to cut off supplies to the world's largest telecoms equipment maker, two sources said.


China's central bank governor Yi Gang said in a signed article published on Sunday that Beijing should maintain "normal" monetary policy as long as possible since economic growth is still within a reasonable range and inflation is mild overall.


Japanese manufacturing activity contracted again in November, with export orders at their weakest in five months due to slowing foreign demand, including from China.


Russia's VTB bank has granted a loan for up to 470 million euros ($518 million) to a group of gold mining companies in Kazakhstan, it said in a statement on Friday.


Gold was sold at a premium last week in India as a dip in prices prompted purchases of the precious metal.


India will make hallmarking of gold jewellery and artefacts mandatory from mid-January, a senior government minister said on Friday.


Silver was unchanged at $16.98 per ounce, platinum shed 0.2 per cent to $898.43, while palladium dipped 0.2 per cent to $1,837.36.


Source: Reuters