November 12, 2019 / 4:08 PM / 24 days ago

PRECIOUS-Gold prices dip on upbeat appetite for riskier assets

(Adds details, updates prices)

* Gold on track for fourth straight daily decline

* Platinum touches lowest since Aug. 28

* Palladium recovers slightly from Monday’s one-month low

By K. Sathya Narayanan

Nov 12 (Reuters) - Gold slipped on Tuesday to its lowest in more than three months on increased appetite for riskier assets, while U.S. President Donald Trump failed to provide any information on the trade deal with China in his speech.

Spot gold slipped 0.1% to $1,453.70 per ounce as of 1:47 p.m. EST (1847 GMT), having touched its lowest since Aug. 5 earlier.

U.S. gold futures settled down 0.2% at $1,453.70 per ounce.

“The problem for gold right now is (Treasury) yields have risen, the probability that the Federal Reserve will tighten (monetary policy) has dropped and the equities market has returned very well,” said Bart Melek, head of commodity strategies at TD Securities.

Any reduction in aggressive behaviour on the trade front would drive investors away from bullion, he said.

World shares and benchmark government bond yields inched up, while the S&P 500 and Nasdaq indexes rose to record highs.

Meanwhile, the market was looking out for any reassurances on the Sino-U.S. trade agreement and for any delay in a decision on European car tariffs from Trump’s address at the Economic Club of New York.

“There is guarded optimism (in the market) and we are tilting to the idea that there’ll be some deal done, may be not as comprehensive as both the side were arguing,” Melek added.

However, Trump took aim once again at the Fed for its interest rate policy in a highly anticipated speech that offered no fresh details on his administration’s long-running trade war with China.

Gold, considered a safe store of value during economic and political uncertainties, has risen about 13% so far this year on concerns regarding the U.S.-China trade resolution and monetary policy easing by global central banks.

“The precious metals bulls are trying to stabilize their markets after recent strong selling pressure has driven prices to three-month lows,” Kitco Metals senior analyst Jim Wyckoff said in a note.

Bullion fell 3.6% in the previous week and extended declines into a fourth straight session on Tuesday.

Also on investors’ radar was continuing unrest in Hong Kong, with a senior officer saying the protests had brought the city to “the brink of total breakdown.”

Among other precious metal, palladium gained 0.8% to $1,700.60 per ounce, having touched a one-month low in the previous session.

Silver dropped 0.7% to $16.74 an ounce, and platinum fell 0.8% to $868.86, after touching its lowest since Aug. 28 earlier in the session. (Reporting by K. Sathya Narayanan in Bengaluru; Editing by Bernadette Baum and Lisa Shumakmer)

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