November 27, 2019 / 1:29 AM / 13 days ago

PRECIOUS-Gold eases as Trump's remarks boost trade deal hopes

    Nov 27 (Reuters) - Gold prices inched lower on Wednesday
after U.S. President Donald Trump said an interim trade deal
with China is close, boosting demand for riskier assets.
                         
    FUNDAMENTALS
    * Spot gold        was down 0.1% at $1,459.91 per ounce by
0103 GMT. Prices touched a two-week low of $1,450.30 in the
previous session. U.S. gold futures        were unchanged at
$1,460.60.
    * Washington and Beijing are close to an agreement on the
first phase of a trade deal, Trump said on Tuesday, after top
negotiators from the two countries spoke by telephone and agreed
to keep working on remaining issues.            
    * Asian shares rose after Wall Street crawled to new record
closing highs on hopes for a U.S.-China trade deal.            
    * U.S. consumer confidence fell for a fourth straight month
in November amid worries about current business conditions and
employment prospects.             
    * Sales of new U.S. single-family homes unexpectedly fell in
October following recent strong gains.             
    * The U.S. goods trade deficit fell sharply in October as
both exports and imports declined, pointing to a continued
reduction in trade flows.             
    * It is "essential" that the U.S. Federal Reserve lift
inflation to its 2% target over time in order to avoid the sort
of "downward spiral" of low interest rates and growth that
central banks in Europe and Japan have struggled with, Fed
Governor Lael Brainard said.             
    * China's October net gold imports via Hong Kong fell to
their lowest level since July, Hong Kong Census and Statistics
Department data showed.             
    * Russia's RDIF sovereign wealth fund said it planned to
attract China Gold as a strategic partner for a mining and
processing project in the Krasnoyarsk region in Siberia.
            
    * Silver        fell 0.1% to $17.05 per ounce, palladium
       shed 0.2% to $1,805.90 per ounce and platinum        was
down 0.2% to $905.36.
    
DATA/EVENTS (GMT)
1330  US    Durable Goods             Oct
1330  US    GDP 2nd Estimate          Q3
1330  US    Initial Jobless Claims    Weekly
1500  US    Consumption, Adjusted MM  Oct  
1900  US    Federal Reserve issues Beige Book of economic
condition

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