January 13, 2020 / 1:53 AM / a month ago

PRECIOUS-Gold dips on Sino-U.S. trade optimism, firm dollar

    Jan 13 (Reuters) - Gold prices fell on Monday as
expectations of an interim trade deal signing between the United
States and China boosted the dollar and dented some of bullion's
safe-haven appeal.
    
    FUNDAMENTALS
    * Spot gold        dipped 0.4% to $1,555.76 per ounce by
0131 GMT. U.S. gold futures        fell 0.2% at $1,556.30.
    * A Phase 1 trade deal between Washington and Beijing is due
to be signed at the White House on Wednesday, although
negotiations on a phase two deal could go on for months. 
    * U.S. Treasury Secretary Steven Mnuchin said on Sunday,
China's commitments in the Phase 1 trade deal were not changed
during a lengthy translation process and will be released this
week.             
    * A Wall Street Journal report said on Saturday Washington
and Beijing have agreed to having semi-annual talks aimed at
pushing for reforms in both countries and resolving disputes.
            
    * Gold prices had gained 18% last year on the backdrop of a
protracted trade tussle between the world's top two economies
and its impact on global growth.
    * Asian shares paused near 19-month peaks ahead of the
expected signing on a trade deal.            
    * The dollar index        nudged higher boosted by optimism
ahead of a trade agreement finalisation, making gold more
expensive for buyers using other currencies.       
    * Washington on Friday rejected Iraq's request to pull out
its troops, amid heightened U.S.-Iranian tensions.             
    * Physical gold demand improved in India in the second half
of last week as domestic prices slipped from a record high,
though demand in other Asian regions was dented by a spike in
global prices to their highest in nearly seven years.         
    * SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.86% to 874.52
tonnes on Friday from 882.12 tonnes on Thursday.          
    * Hedge funds and money managers increased their bullish
positions in COMEX gold and trimmed their positions in silver
contracts in the week to Jan. 7, data showed on Friday.        
    * Elsewhere, palladium        rose 0.2% to $2,121.95 an
ounce. Silver        was down 0.2% to $18.05 per ounce, while
platinum        edged 0.1% lower to $977.04.

DATA/EVENTS (GMT)
0930   UK   GDP Est 3M/3M             Nov
0930   UK   GDP Estimate MM, YY       Nov
0930   UK   Manufacturing Output MM   Nov

 (Reporting by Asha Sistla in Bengaluru; Editing by Shailesh
Kuber)
  
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