December 17, 2019 / 1:30 AM / 2 months ago

PRECIOUS-Gold on hold as Sino-U.S. trade uncertainty persists

    Dec 17 (Reuters) - Gold prices were little changed on
Tuesday as differing views of Chinese and U.S. officials on the
interim trade deal announced last week kept investors on the
sidelines. 
    
    FUNDAMENTALS
    * Spot gold        was trading at $1,475.74 per ounce by
0044 GMT. U.S. gold futures        were flat at $1,480.20.
    * The "Phase One" trade deal has been "absolutely
completed", a top White House adviser said on Monday, adding
that U.S. exports to China will double under the agreement.
However, Beijing remained cautious ahead of the signing of the
agreement.             
    * Under the agreement, Washington will reduce some tariffs
on Chinese imports in exchange for Chinese purchases of
agricultural, manufactured and energy products increasing by
about $200 billion over the next two years.             
    * Asian shares climbed but a lack of detail about the
preliminary deal capped gains.            
    * Gold, considered a safe investment in times of political
and economic uncertainty, has gained about 15% this year, mainly
driven by the 17-month-long tariff war and its impact on the
global economy.
    * Gold miners Endeavour and Centamin have agreed to assess
the feasibility of a merger, following a weekend meeting between
top managers of the two companies.             
    * Elsewhere, palladium        rose 0.2% to $1,981.54 an
ounce. Prices hit an all-time peak of $1,991.38 in the previous
session.
    * Silver        rose 0.1% to $17.04 per ounce, while
platinum        was unchanged at $928.93.
    
DATA/EVENTS (GMT)
0930   UK         Claimant Count Unem Chng   Nov
0930   UK         ILO Unemployment Rate      Oct
1330   US         Housing Starts Number      Nov
1415   US         Industrial Production MM   Nov

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