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Metals Headlines

PRECIOUS-Gold dips on revived hopes of U.S.-N.Korea summit

Gold prices fell for a second straight session on Monday as political tensions eased after U.S. President Donald Trump revived hopes of a U.S.-North Korea summit. Spot gold declined 0.4 percent to $1,296.20 per ounce at 0700 GMT, while U.S. gold futures for June delivery fell 0.6 percent to $1,295.60 per ounce. "It looks like there is some chance of a meeting between the U.S. and North Korea leaders, that would lower the geopolitical risks and lessen the appeal of gold," said John Sharma, an economist with National Australia Bank, adding that a strong dollar was also pressuring prices. The dollar index , which measures the greenback against a basket of six major currencies, stood at 93.961, not far from 94.298 hit on Friday, its highest since Nov. 14. Trump on Thursday called off a planned summit with North Korean leader Kim Jong Un, which lifted gold above $1,300 an ounce level. The yellow metal gained about 0.7 percent last week, in its biggest weekly gain since the week ended April 13. However, Trump on Sunday said that a U.S. team had arrived in North Korea to prepare for the summit between him and Kim Jong Un. "Risk sentiment has opened in a much friendly place this morning as a relief rally has ensued with the Trump-Kim summit back on, while the EU is in the midst of a relief rally after Paolo Savona was not endorsed for finance minister in Italy," said Stephen Innes, APAC trading head at OANDA. Efforts to form a coalition government in Italy collapsed on Sunday after its president rejected a eurosceptic pick for the key economy ministry, triggering a possible constitutional crisis and opening the prospect of fresh elections. Meanwhile, holdings of SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, fell 0.42 percent to 848.50 tonnes on Friday. Speculators trimmed their net long position in COMEX gold by 3,800 contracts to 27,527 contracts in the week to May 22, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday. This was the smallest position since July 2017. Silver speculators cut net short position by 15,620 contracts to 432 contracts, according to the data. This was the smallest position since February 2014. Spot silver was down 0.1 percent at $16.47 per ounce. Platinum gained 0.8 percent to $903.70 per ounce, while palladium was up 0.2 percent at $981.50. Trading volumes are expected to be low as the New York and London markets are closed on Monday for public holidays. (Reporting by Swati Verma in Bengaluru Editing by Joseph Radford and Subhranshu Sahu)

MIDEAST - Factors to watch - May 28

Here are some factors that may affect Middle East stock markets on Monday. Reuters has not verified the press reports and does not vouch for their accuracy.