April 6, 2017 / 1:19 AM / in 7 months

PRECIOUS-Gold up on risk-averse sentiment ahead of Trump-Xi meeting

    April 6 (Reuters) - Gold prices edged up on Thursday on a
weaker dollar and as appetite for risky assets such as equities
waned ahead of a tense meeting between U.S. President Donald
Trump and his Chinese counterpart.
      
    FUNDAMENTALS
    * Spot gold        rose 0.1 percent to $1,256 per ounce by
0100 GMT. U.S. gold futures         climbed as much as 1 percent
to $1,260.80 and was last up 0.7 percent at $1,257.
    * On Tuesday, spot gold hit its highest since Feb. 27 at
$1,261.15.
    * Investors were cautious ahead of a potentially tense
meeting between Trump and Chinese President Xi Jinping on
Thursday, the first between the world's two most powerful
leaders.
    * Topping the agenda at Trump's Mar-a-Lago resort in Florida
will be whether he makes good on his threat to use U.S.-China
trade ties to pressure Beijing to do more to rein in its
nuclear-armed neighbour North Korea.             
    * Lingering fears of a possible trade war kept Asian markets
on edge.            
    * The dollar index        fell 0.1 percent to 100.450.
       
    * U.S. Federal Reserve's March minutes on Wednesday showed
most policymakers think the central bank should take steps to
begin trimming its $4.5 trillion balance sheet later this year
as long as the economic data holds up.             
    * The ADP National Employment Report showed that U.S.
private employers added 263,000 jobs in March, beating
economists' forecasts of 187,000 additions.             
    * Euro zone businesses enjoyed their best quarter in six
years at the start of 2017 and although growth was not quite as
fast as a flash estimate, the upturn was broad-based, a survey
suggested on Wednesday.             
    * Greece and its international lenders remained at odds in
talks to release fresh bailout loans to Athens on Wednesday as
Prime Minister Alexis Tsipras said a deal was needed this week
and accused creditors of 'playing games' and causing delays.
            
    * China's Shandong Gold Mining Co Ltd             is in
advanced talks to buy a 50 percent stake in Barrick Gold Corp's
                 Veladero gold mine in Argentina, people
familiar with the process told Reuters even as the Canadian
miner grappled with a pipe rupture at the site.              
    * ABN AMRO said on Wednesday it sees 2017 average gold price
forecast at $1,254 per ounce and the 2017 average silver price
forecast at $18.3 per ounce.             
    * UBS on Wednesday tempered its gold price expectations. It
expects gold to average $1,300 per ounce for 2017 from $1,350
previously and $1,325 for 2018 from $1,450 previously.
             
    
    
    DATA AHEAD  (GMT)
     0145  China     Caixin services PMI      Mar 
     0600  Germany   Industrial orders        Feb 
     1130  U.S.      Challenger layoffs       Mar 
     1230  U.S.      Weekly jobless claims     
     

 (Reporting By Nallur Sethuraman in Bengaluru; Editing by Biju
Dwarakanath)
  

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