PRECIOUS-Gold firms as Sino-US trade concerns dampen risk appetite

Might eight (Reuters) – Gold costs firmed on Wednesday as renewed issues on U.S.-China commerce dispute upset threat urge for food, boosting demand for safe-haven belongings.

FUNDAMENTALS

* Spot gold was up zero.1 p.c at $1,285.76 per ounce as of 0109 GMT.

* U.S. gold futures edged zero.1 p.c greater to $1,287.40 an oz.

* Chinese language Vice Premier Liu He’ll journey to Washington for 2 days of commerce talks this week, China mentioned on Tuesday, establishing a last-ditch bid for a deal that may keep away from a pointy enhance in tariffs on Chinese language items ordered by U.S. President Donald Trump.

* Asian equities tracked Wall Road’s slide on Wednesday as the newest developments within the U.S.-China commerce battle fanned contemporary fears about international development, driving help for safe-haven authorities bonds.

* Rising fears concerning the influence on international development from a worsening U.S.-Sino commerce battle stored the Japanese yen, which like gold can also be a safe-haven asset, close to its highest since late March.

* Indians may purchase at the least 10 p.c extra gold throughout the annual Hindu and Jain holy competition of Akshaya Tritiya than a 12 months in the past, business officers mentioned, as a current dip in costs prompted shoppers to extend purchases.

* SPDR Gold Belief, the world’s largest gold-backed exchange-traded fund, mentioned its holdings rose zero.04 p.c to 739.94 tonnes on Tuesday from 739.64 tonnes on Monday.

* Worldwide sanctions may very well be reimposed on Iran if it reneges on commitments below its nuclear deal, sources on the French presidency mentioned on Tuesday, after Tehran mentioned it will reduce its compliance a 12 months after Washington pulled out.

* Russia’s Norilsk Nickel (Nornickel), the world’s largest palladium and refined nickel producer, says it expects palladium demand to exceed provide for one more three to 4 years.

DATA AHEAD (GMT)

* 0600 Germany Industrial Output MM March

* N/A China Exports YY April

* N/A China Imports YY April

* N/A China Commerce Steadiness USD April (Reporting by Arijit Bose in Bengaluru; Enhancing by Shreejay Sinha)

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