November 29, 2019 / 1:49 AM / 14 days ago

PRECIOUS-Gold eyes worst month in 3 years amid trade deal hopes

    Nov 29 (Reuters) - Gold slipped on Friday and was set for
its worst month in three years as hopes for a U.S.-China trade
deal supported demand for riskier assets and the dollar,
weighing on the safe-haven metal.
                             
    FUNDAMENTALS
    * Spot gold        fell 0.1% to $1,456.30 per ounce by 0116
GMT. Prices are down almost 4% this month, on track for their
biggest monthly decline since November 2016. 
    * U.S. gold futures        rose 0.1% to $1,462.30.
    * Palladium        was little changed at $1,840.67 per
ounce, after touching an all-time peak of $1,844.50 on a supply
deficit. The autocatalyst metal was headed for its
fourth-consecutive month of gains.
    * The dollar was set for its highest weekly finish against
the yen since May, as data showing the U.S. economy on a firm
footing prompted investors to scale back rate-cut bets.        
    * Global shares ticked up, but hesitated to test an all-time
peak as investors worried a new U.S. law backing Hong Kong
protests could derail efforts to end the U.S.-China trade war.
            
    * U.S. President Donald Trump on Wednesday signed into law
congressional legislation backing protesters in Hong Kong
despite angry objections from Beijing.             
    * China warned the United States on Thursday that it would
take "firm counter measures" in response to the U.S.
legislation.             
    * Japan's industrial output slipped at the fastest pace
since early last year in October.             
    * China reiterated its pledge to further widen market access
for foreign capital and lower non-tariff trade barriers, as it
aims to boost flagging trade amid a slowing economy and a tariff
dispute with the United States.             
    * Platinum        shed 0.9% to $893.33 and silver       
rose 0.4% to $16.93 per ounce.

    
DATA/EVENTS (GMT)
0700   UK       Nationwide House Price MM  YY   Nov
0745   France   GDP QQ Final                    Q3
0745   France   CPI (EU Norm) Prelim YY         Nov
0855   Germany  Unemployment Chg, Rate SA       Nov
1000   EU       HICP Flash YY                   Nov
1000   EU       HICP-X F&E Flash YY             Nov
1000   EU       Unemployment Rate               Oct
1200   India    GDP Quarterly YY                Q2

 (Reporting by Sumita Layek in Bengaluru; Editing by Aditya
Soni)
  
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