August 9, 2019 / 1:56 AM / 4 months ago

PRECIOUS-Gold firms above $1,500/oz, on track for second weekly rise

Aug 9 (Reuters) - Gold prices rose on Friday, holding above the key $1,500 per ounce pivot, as fresh concerns about the U.S.-China trade dispute and worries over global economic slowdown lifted demand for the safe-haven metal.


* Spot gold was up 0.3% at $1,504.22 per ounce as of 0124 GMT.

* The metal has risen more than 4% so far this week, putting it on track for its second consecutive weekly gain.

* U.S. gold futures rose 0.4% to $1,515.10 an ounce.

* Trade tensions between the United States and China further escalated after a report that Washington is delaying a decision about licenses for U.S. firms to restart trade with Huawei Technologies..,

* Meanwhile, U.S. economic data pointed to a robust labour market as the number of Americans filing applications for unemployment benefits unexpectedly fell last week, allaying some worries about the potential for a recession and helping U.S. Treasury yields rise.

* Central banks in New Zealand, Thailand and India stunned financial markets on Wednesday with a series of surprising interest rate cuts and pointing to policymakers’ dwindling ammunition to fight off a downturn.

* On Thursday, the Philippine central bank joined the bandwagon and cut its key policy rates, whilst keeping the door open for further easing.

* The dollar index was down 0.1% and was heading for its first weekly decline in four.

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.66% to 839.85 tonnes on Thursday from 845.42 tonnes on Wednesday.

* Barrick Gold Corp, is looking to sell its Tongon gold mine in the Ivory Coast and is working with Bank of Nova Scotia to identify buyers, Bloomberg said on Thursday.


* 0130 China PPI YY July

* 0130 China CPI YY July

* 0830 UK Manufacturing Output MM June

* 0830 UK GDP Prelim QQ, YY Q2

* N/A China M2 Money Supply YY July

Reporting by Brijesh Patel in Bengaluru; editing by Uttaresh.V

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