December 3, 2019 / 2:00 AM / 8 days ago

PRECIOUS-Gold inches up as Trump's Latin American tariffs curb risk appetite

    Dec 3 (Reuters) - Gold prices edged up on Tuesday, hovering
near the one-week high hit in the previous session, after U.S.
President Donald Trump's move to slap tariffs on Brazil and
Argentina stoked fresh concerns around global trade and hit risk
appetite.
    
    FUNDAMENTALS
    * Spot gold        rose 0.1% to $1,463.42 per ounce by 0134
GMT. U.S. gold futures         were unchanged at $1,469.20.
    * Trump ambushed Brazil and Argentina, announcing tariffs on
U.S. steel and aluminium imports from the two countries in a
measure that shocked South American officials.             
    * The dollar traded near a one-week low against the yen,
while Asian shares slumped.                   
    * U.S. factory activity contracted for a fourth straight
month in November as new orders slumped back to around their
lowest level since 2012, while construction spending fell in
October.             
    * A senior adviser to U.S. President Donald Trump said a
U.S.-China trade deal was still possible before the end of the
year, adding that the first phase of the agreement was being put
to paper.             
    * Trump on Monday said U.S. legislation backing protesters
in Hong Kong did not make trade negotiations with China easier,
but added he believes Beijing still wants a deal.             
    * China on Monday banned U.S. military ships and aircraft
from visiting Hong Kong and slapped sanctions on several U.S.
non-government organisations for allegedly encouraging
anti-government protesters in the city to commit violent acts.
            
    * Speculators cut their bullish positions in COMEX gold and
raised them in silver contracts in the week to Nov. 26, data
showed.             
    * Canadian gold miner Semafo Inc said it does not expect to
restart operations at its Boungou Mine in Burkina Faso this year
after a deadly attack on a convoy of buses carrying its
employees last month forced it to suspend operations.
            
    * Holdings of the world's largest gold-backed
exchange-traded fund, SPDR Gold Trust      , fell 0.72% to
889.16 tonnes on Monday from Friday.             
    * Palladium        fell 0.1% to $1,850.66 per ounce, after
scaling an all-time peak in the previous session at $1,861.71.
Silver        rose 0.1% to $16.92 per ounce, while platinum
       was down 0.1% to $896.91.
    
DATA/EVENTS (GMT)
0330  Australia  RBA Cash Rate             Dec
1100  Brazil     GDP YY, QQ                Q3

 (Reporting by Sumita Layek in Bengaluru; editing by Uttaresh.V)
  
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