May 28, 2018 / 1:09 AM / in 3 months

PRECIOUS-Gold prices ease on renewed U.S.-N.Korea summit hopes

    BENGALURU, May 28 (Reuters) - Gold prices eased on Monday,
following their biggest weekly gain in six weeks, as U.S.
President Donald Trump revived hopes of his summit with North
Korean leader Kim Jong-un, after cancelling the meeting last
week.
    
    FUNDAMENTALS  
    * Spot gold        was down 0.2 percent at $1,298.74 per
ounce at 0044 GMT, while U.S. gold futures         for June
delivery fell 0.4 percent to $1,298.30 per ounce.
    * The metal gained about 0.7 percent last week, registering
its biggest weekly gain since the week ending April 13.
    * Donald Trump said on Sunday that a U.S. team had arrived
in North Korea to prepare for a proposed summit between him and
Kim Jong Un, which Trump pulled out of last week before
reconsidering.             
    * The euro crawled off a 6-1/2-month low against the dollar
on Monday, catching its breath after last week's steep decline,
although broader concerns about political turmoil in Italy
limited the currency's recovery.       
    * Italy's president is expected to ask a former
International Monetary Fund official on Monday to head a stopgap
government amid the political and constitutional turmoil, with
early elections looking inevitable.             
    * U.S. Commerce Secretary Wilbur Ross will visit China early
next month for another round of talks amid ongoing trade
frictions between the world's two largest economies.
            
    * SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.42 percent to
848.50 tonnes on Friday from 852.04 tonnes on Thursday.
         
    * Hedge funds and money managers cut their net long position
in COMEX gold contracts to the smallest in 10 months in the week
to May 22, U.S. Commodity Futures Trading Commission (CFTC) data
showed on Friday.        
    * Physical gold demand remained subdued last week in most
Asian hubs as prices rebounded following an initial dip, while
dealers in India offered bigger discounts to spur buying amid
high domestic prices.         
    * Trading volumes are expected to be low as the New York and
London markets are closed for public holidays on Monday.

 (Reporting by Swati Verma in Bengaluru
Editing by Joseph Radford)
  
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