November 26, 2019 / 1:33 AM / 13 days ago

PRECIOUS-Gold dips as China-U.S. trade optimism dents safe-haven demand

    Nov 26 (Reuters) - Gold prices fell to a two-week low on
Tuesday as the dollar firmed and equities rose on increasing
optimism that China and the United States could seal an interim
trade deal by year-end.
                 
    FUNDAMENTALS
    * Spot gold        was down 0.1% to $1,453.24 per ounce by
0108 GMT, having fallen to its lowest since Nov. 12 earlier in
the session. U.S. gold futures        inched 0.2% lower to
$1,453.50.
    * China and the United States are "moving closer to
agreeing" on a "phase one" trade deal, the Global Times, a
tabloid run by the ruling Communist Party's official People's
Daily, reported on Sunday.             
    * Asian stocks rose on growing hopes that the world's top
two economies will reach an agreement soon.             
    * The dollar hit a one-week high versus the yen.       
    * China said on Sunday it would seek to improve protections
for intellectual property rights.             
    * Hong Kong's leader said on Monday she would listen to
public opinion after a landslide election victory by opponents
of Chinese rule.             
    * Tightening control over efforts to manage the upheaval in
Hong Kong, the Chinese leadership has set up a crisis command
center on the mainland side of the border and is considering
replacing its official liaison to the city, people familiar with
the matter said.             
    * Monetary policy is "well positioned" to support the strong
labor market, which is just now starting to benefit workers on
the margins, U.S. Federal Reserve Chair Jerome Powell said on 
Monday.             
    * U.S. House of Representatives Speaker Nancy Pelosi said a
version of the U.S.-Mexico-Canada trade agreement that House
Democrats could back was "within range" but that they needed to
conduct a final review.             
    * Poland could keep buying gold as the country's economy
grows, potentially doubling the proportion of total reserves
held in the metal, central bank governor Adam Glapinski said.
            
    * Holdings of the SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund, rose 0.5% to 896.48 tonnes on
Monday from Friday.          
    * Australia's Evolution Mining Ltd          agreed to buy
Canadian gold mining complex Red Lake from Newmont Goldcorp Corp
        for $375 million.             
    * Silver        shed 0.3% to $16.84 per ounce, palladium
       rose 0.2% to $1,799.96 per ounce and platinum        was
down 0.3% to $893.93.
    
DATA/EVENTS (GMT)
1500   US   Consumer Confidence    Nov
1500   US   New Home Sales-Units   Oct

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