January 15, 2020 / 1:41 AM / 3 days ago

PRECIOUS-Gold inches up as U.S. says China tariffs in place till Phase 2 deal

    Jan 14 (Reuters) - Gold edged up on Wednesday, after a top
U.S. official said tariffs on China would stay until a Phase 2
deal is completed, ahead of the signing of an interim trade deal
between the two countries, while palladium scaled a record peak.
        
    FUNDAMENTALS
    * Spot gold        rose 0.1% to $1,547.23 per ounce by 0117
GMT; prices had touched their lowest since Jan. 3 at $1,535.63
on Tuesday. U.S. gold futures        rose 0.2% to $1,547.80.
    * Palladium        was flat at $2,193.58 an ounce after
hitting a record peak of $2,204.29 earlier in the session. 
    * U.S. Treasury Secretary Steven Mnuchin said on Tuesday the
United States would keep in place tariffs on Chinese goods until
the completion of a Phase 2 trade deal.             
    * Mnuchin also said, the first phase of a trade agreement
will be fully enforceable, including a pledge by China to
refrain from manipulating its currency.             
    * China has pledged to buy almost $80 billion of additional
manufactured goods from the United States over the next two
years as part of a tariff war truce, according to a source,
though some U.S. trade experts call it an unrealistic target.
            
    * Asian stocks trod water as investors awaited signing of
the Phase 1 deal, although comments from Mnuchin on tariffs
somewhat cooled investor sentiment and triggered profit-taking.
           
    * U.S. consumer prices rose slightly in December even as
households paid more for healthcare, and monthly underlying
inflation slowed.             
    * The Federal Reserve Bank of New York said on Tuesday it
will continue to inject liquidity into the overnight lending
markets for cash until at least mid-February while slightly
reducing offerings on longer term loans.             
    * Resolute Mining Ltd said on Wednesday it will sell its
Ravenswood Gold mine for up to A$300 million ($207 million) to a
consortium led by resource-focused private equity firm EMR
Capital.             
    * Elsewhere, silver        shed 0.1% to $17.78 per ounce,
while platinum        advanced 0.2% to $985.00.

DATA/EVENTS (GMT)
0745   France   CPI (EU Norm) Final MM, YY   Dec
0930   UK       CPI YY                       Dec
1100   EU       Reserve Assets Total         Dec
1900   US       Federal Reserve issues the Beige Book

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