September 24, 2019 / 2:23 AM / a month ago

PRECIOUS-Gold steady below 2-week peak, trade talks optimism weighs

Sept 24 (Reuters) - Gold prices were steady in early Asian trade on Tuesday, after rising to a more than two-week peak in the previous session on global slowdown fears and tensions in the Middle East, while an improved Sino-U.S. trade tone weighed on the yellow metal.

FUNDAMENTALS

* Spot gold was little changed at $1,521.01 per ounce, as of 0155 GMT. Prices had climbed to their highest level since Sept. 6 at $1,526.80 in the previous session.

* U.S. gold futures were down 0.3% at $1,527.1 per ounce.

* Against a basket of currencies, the dollar was up 0.1%, while U.S. stock futures gained in early Asian trade.

* U.S. Treasury Secretary Steven Mnuchin said on Monday that he and U.S. Trade Representative Robert Lighthizer would meet with Chinese Vice Premier Liu He for trade talks in two weeks.

* U.S. President Donald Trump on Monday questioned a decision by his top trade negotiators to ask Chinese officials to delay a planned trip to U.S. farming regions after trade talks last week, saying he wanted China to buy more American farm products.

* The Federal Reserve has delivered a boost to the economy this year not only with interest-rate cuts but also because it shifted away from its earlier view that it would need to raise rates in 2019, two Fed policymakers said on Monday.

* Britain, Germany and France backed the United States and blamed Iran on Monday for an attack on Saudi oil facilities, urging Tehran to agree to new talks with world powers on its nuclear and missile programs and regional security issues.

* Britain’s top court will rule on Tuesday whether Prime Minister Boris Johnson’s decision to suspend parliament was unlawful, a judgment that could lead to the recall of the legislature and give lawmakers more chance to obstruct his Brexit plans.

* Euro zone business growth stalled this month, a survey showed on Monday, dragged down by shrinking activity in powerhouse Germany, where a manufacturing recession deepened unexpectedly.

* Japanese manufacturing activity shrank at the fastest pace in seven months in September, underscoring the broadening economic impact of the Sino-U.S. trade dispute and keeping policymakers under pressure to step up stimulus.

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 1.61% to 908.52 tonnes on Monday.

DATA AHEAD 0645 France Business Climate Mfg Sept 0800 Germany Ifo Business Climate New Sept 0800 Germany Ifo Curr Conditions New Sept 0800 Germany Ifo Expectations New Sept 1000 UK CBI Trends - Orders Sept 1300 US CaseShiller 20 MM SA, YY July (Reporting by Eileen Soreng in Bengaluru; Editing by Subhranshu Sahu)

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