December 27, 2019 / 2:16 AM / 24 days ago

PRECIOUS-Gold eases as stocks gain; set for best weekly jump in over 4 months

    Dec 26 (Reuters) - Gold prices edged lower on Friday on
rising risk appetite buoyed by optimism over an interim
U.S.-China trade deal, but bullion was still set to register its
best week in more than four months.
    
    FUNDAMENTALS
    * Spot gold        fell 0.1% to $1,509.56 per ounce by 0136
GMT. Prices peaked to their highest since Nov. 4 at $1,512.30 in
the previous session. U.S. gold futures        were unchanged at
$1,514.40 per ounce.
    * For the week, spot gold was on track to post a jump of 2%,
its best weekly rise since early August.
    * Asian shares climbed to 18-month peaks supported by
positive trade ties between U.S. and China on the soon to be
signed interim trade deal.            
    * China's Commerce Ministry said on Thursday that Beijing
and Washington were still in the process of completing necessary
procedures while maintaining close communication to sign the
deal.             
    * Gold has risen nearly 18% so far this year owing to a
17-month long tariff war.
    * Weighing on gold, data on Friday showed profits at China's
industrial firms in November grew 5.4% from a year earlier,
while data on Thursday showed U.S. jobless claims fell last week
indicating ongoing labour market strength.             
            
    * The Nasdaq crossed the 9,000-point mark for the first time
on Thursday as all three major Wall Street indexes posted record
closing highs.             
    * Zambia plans to make copper mining companies account for
the gold they produce as it seeks to boost revenue from its
mineral resources, a senior ministry of mines official said on
Thursday.             
    * The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust      , said its holdings rose 0.4% to 892.37 tonnes
on Thursday from 888.86 tonnes on Tuesday.          
    * Elsewhere, silver        was flat at $17.88 per ounce,
while platinum        rose 0.2% to $949.19. Both the metals were
poised to register their best week since late August. 
    * Palladium        edged 0.1% lower to $1,899.90 per ounce.

 (Reporting by Asha Sistla in Bengaluru; Editing by Rashmi Aich)
  
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