November 7, 2019 / 1:46 AM / 9 days ago

PRECIOUS-Gold little changed as investors seek clarity on trade negotiations

Nov 6 (Reuters) - Worries that a long-awaited trade deal between the United States and China could be delayed until December made investors cautious, keeping gold prices steady on Thursday.

FUNDAMENTALS

* Spot gold edged 0.06% higher to 1,490.89 per ounce by 0107 GMT, while U.S. gold futures were down 0.1% at $1,491.70 per ounce.

* A senior official of the Trump administration told Reuters on Wednesday a meeting between U.S. President Donald Trump and Chinese President Xi Jinping to sign a long-awaited interim trade deal could be delayed until December as discussions continue over terms and venue.

* China was pushing Trump to remove more tariffs imposed in September as part of a “phase one” trade deal, people familiar with U.S.-China trade talks said this week.

* The 16-month-long trade war between the United States and China has roiled financial markets and sparked fears of a global economic slowdown, pushing the safe-haven bullion more than 16% higher this year.

* Asian shares paused near multi-month peaks on Thursday, while bonds gained as reports of delays in Sino-U.S. trade talks left investors frustrated at the lack of concrete progress.

* Yields on benchmark U.S. 10-year notes fell back to 1.82% from a two-month top of 1.87%.

* Latest economic data from the U.S. showed nonfarm productivity fell at a 0.3% annualized rate between July and September. Analysts had expected productivity growth of 0.9% during the quarter.

* However, Chicago Federal Reserve President Charles Evans said on Wednesday that the U.S. economy is in a good place but the path of inflation will be important in deciding the future path of interest rates.

* The Fed cut interest rates for the third time this year last week in a bid to boost the economy amid fears of a global slowdown.

* Euro zone economic growth is set to slow more than expected as the bloc’s manufacturing crisis could spill over to the larger services sector under protracted global trade tensions, the International Monetary Fund said on Wednesday. DATA/EVENTS 0030 Australia Trade Balance G&S (A$) Sept 0700 Germany Industrial Output MM Sept 0830 UK Halifax House Prices MM Oct 1200 UK BOE Bank Rate Nov 1200 UK GB BOE QE Corp Nov 1330 US Initial Jobless Claims Weekly (Reporting by Diptendu Lahiri in Bengaluru; Editing by Aditya Soni)

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