December 24, 2019 / 1:22 AM / a month ago

PRECIOUS-Gold holds ground on weak U.S. data, trade deal concerns

    Dec 24 (Reuters) - Gold prices on Tuesday held steady near a
more than one-week high hit in the previous session, as
disappointing U.S. data and concerns about an interim Sino-U.S.
trade deal supported the safe-haven metal in holiday-thinned
trade.
        
    FUNDAMENTALS
    * Spot gold        was unchanged at $1,485.20 per ounce by
0047 GMT. Prices hit their highest since Dec. 12 at $1,485.91 on
Monday. U.S. gold futures        were flat at $1,489.20 per
ounce.
    * New orders for key U.S.-made capital goods barely rose in
November and shipments fell, suggesting business investment will
probably remain a drag on economic growth in the fourth quarter,
data on Monday showed.              
    * Canada's economy unexpectedly shrank by 0.1% in October,
the first monthly decline since February, partly because of a
U.S. auto strike that hit manufacturing, Statistics Canada data
indicated on Monday.             
    * Ratcheting up trade concerns, a top diplomat from China
said on Monday U.S. trade, economic and scientific restrictions
on China and "smears" against its sovereignty were impacting
global stability and development.             
    * China will lower tariffs on products ranging from frozen
pork and avocado to some types of semiconductors next year as
Beijing looks to boost imports amid a slowing economy and a
tariff dispute with the United States.             
    * Mining company AngloGold Ashanti and its joint venture
partner IAMGOLD plan to sell their stake in the Sadiola project
in Mali for $105 million, as the South African company looks to
streamline its portfolio.             
    * Gold production in Russia rose 19.5% in the first eight
months of 2019 to 232.16 tonnes from 194.23 tonnes a year
earlier, Russia's finance ministry said.             
    * Elsewhere, palladium        fell 0.3% to $1,870.38 per
ounce. Silver        was flat at $17.42 per ounce, while
platinum        shed 0.7% to $929.53.
    
DATA/EVENTS (GMT)
1330 U.S. Federal Reserve Bank of Philadelphia issues
non-manufacturing business outlook survey for December

 (Reporting by Sumita Layek in Bengaluru; Editing by Subhranshu
Sahu)
  
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