December 2, 2019 / 1:46 AM / 6 days ago

PRECIOUS-Gold dips on upbeat dollar, positive China data

    Dec 2 (Reuters) - Gold prices fell after hitting their
highest in more than a week on Monday, as stocks gained on
better-than-expected China factory data and the greenback
strengthened, despite fresh uncertainty over a U.S.-China trade
truce. 
                                 
    FUNDAMENTALS
    * Spot gold        was down 0.3% at $1,461.15 per ounce, as
of 0059 GMT. Earlier in the session, prices touched their
highest since Nov. 22. 
    * U.S. gold futures         dropped 0.4% to $1,467.30.
    * The dollar rose, while the global shares ticked up as
investors clung to hopes of a trade deal.                   
    * Factory activity in China unexpectedly returned to growth
in November for the first time in seven months.             
    * Bullion prices, however, failed to stay afloat despite
news website Axios' report that a trade agreement between United
States and China was now "stalled because of Hong Kong
legislation".             
    * Beijing's top priority in any "phase one" trade deal with
the United States is the removal of existing tariffs on Chinese
goods, China's Global Times newspaper reported on Sunday.
            
    * The U.S. government may expand its power to stop more
foreign shipments of products with U.S. technology to China's
Huawei, amid frustration the company's blacklisting has failed
to cut off supplies to the world's largest telecoms equipment
maker, two sources said.             
    * China's central bank governor Yi Gang said in a signed
article published on Sunday that Beijing should maintain
"normal" monetary policy as long as possible since economic
growth is still within a reasonable range and inflation is mild
overall.             
    * Japanese manufacturing activity contracted again in
November, with export orders at their weakest in five months due
to slowing foreign demand, including from China.                
    * Russia's VTB bank has granted a loan for up to 470 million
euros ($518 million) to a group of gold mining companies in
Kazakhstan, it said in a statement on Friday.             
    * Gold was sold at a premium last week in India as a dip in
prices prompted purchases of the precious metal.             
    * India will make hallmarking of gold jewellery and
artefacts mandatory from mid-January, a senior government
minister said on Friday.             
    * Silver        was unchanged at $16.98 per ounce, platinum
       shed 0.2% to $898.43, while palladium        dipped 0.2%
to $1,837.36.

    
DATA/EVENTS (GMT)
0145   China       Caixin Mfg PMI Final       Nov
0500   India       IHS Markit Mfg PMI         Nov
0850   France      Markit Mfg PMI             Nov
0855   Germany     Markit/BME Mfg PMI         Nov
0900   EU          Markit Mfg Final PMI       Nov
0930   UK          Markit/CIPS Mfg PMI Final  Nov
1445   US          Markit Mfg PMI Final       Nov
1500   US          ISM Manufacturing PMI      Nov

 (Reporting by Sumita Layek in Bengaluru, Editing by Sherry
Jacob-Phillips)
  
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