PRECIOUS-Gold edges higher on political, trade uncertainty

Wed, 14th Aug 2019 02:25

Aug 14 (Reuters) - Gold prices inched up on Wednesday as markets eyed ongoing political and trade turbulence, even as a U.S. decision to delay tariffs on some Chinese goods boosted risk appetite.

FUNDAMENTALS

* Spot gold was up 0.1% at $1,502.03 per ounce at 0047 GMT.

* Gold fell as much as 2% in the previous session, before recovering to close at a loss of 0.7%.

* U.S. gold futures fell 0.1% to $1,513.10 an ounce.

* On Tuesday, U.S. President Donald Trump backed off his Sept. 1 deadline for 10% tariffs on some Chinese imports, boosting equity markets.

* The dollar index, which tracks the greenback against a basket of six major rivals, versus a basket of six major currencies advanced 0.4% on Tuesday.

* The 10-year U.S. Treasury note climbed 6 basis points overnight, pushing away from a three-year low touched a week ago.

* Protests in Hong Kong, uncertainty about Brexit, and the sustained Sino-U.S. trade war still trouble markets.

* Investors are focused on the Federal Reserve's annual symposium next week. Traders see a 91.2% chance of a 25 basis-point rate cut by the Fed this September.

* SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 1.31% to 836.66 tonnes on Tuesday from 847.77 tonnes on Monday.

DATA AHEAD (GMT)

* 0200 China Urban Investment y-to-d YY July

* 0200 China Industrial Output YY July

* 0200 China Retail Sales YY July

* 0630 India WPI Inflation YY July

* 0830 UK CPI YY July

* 0900 EU GDP Flash Estimate QQ, YY Q2

(Reporting by Harshith Aranya in Bengaluru; editing by Richard Pullin)

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