June 28, 2018 / 1:38 AM / 3 months ago

PRECIOUS-Gold edges higher, but lingers near 6-month trough

    BENGALURU, June 28 (Reuters) - Gold prices inched up on
Thursday, but hovered close to an over six-month low hit in the
previous session, as the dollar failed to build on overnight
gains amid conflicting signals from Washington while the
U.S.-China trade row deepened.
    
    FUNDAMENTALS  
    * Spot gold        was up 0.1 percent at $1,253.20 an ounce,
as of 0127 GMT. In the prior session, it touched $1,250.30, its
lowest since mid-December.
    * U.S. gold futures         were down 0.1 percent at
$1,254.60 an ounce.
    * The dollar index against a basket of six major currencies
stood steady at 95.254       , though it failed to build on
overnight gains amid conflicting signals from Washington on a
proposal to restrict Chinese investment as the bitter U.S.-China
trade row kept financial markets on edge.       
    * U.S. President Donald Trump on Wednesday said he will use
a strengthened national security review process to thwart
Chinese acquisitions of sensitive American technologies, a
softer approach than imposing China-specific investment
restrictions.             
    * Tariffs on U.S. imports of Chinese goods imposed by the
Trump administration could hit up to 15 percent of goods moving
through the Port of Los Angeles once they go into effect, the
port's executive director Gene Seroka told Reuters.             
    * The rapidly deteriorating trade and investment
relationship between Washington and Beijing is sending a further
chill through Chinese dealmakers who have already seen the
number of Chinese acquisitions of American assets take a big
hit.             
    * Two major auto trade groups warned the Trump
administration that imposing up to 25 percent tariffs on
imported vehicles would cost hundreds of thousands of auto
jobs.            
    * Moscow and Washington struck a deal on Wednesday to hold a
summit soon between Russian President Vladimir Putin and U.S.
President Donald Trump, a move likely to worry some U.S. allies
and draw a fiery reaction from some of Trump's critics at home.
            
    * The Federal Reserve should continue to gradually raise
interest rates to lower the risk of a major policy error, Boston
Federal Reserve President Eric Rosengren said on Wednesday.
                         
    * The U.S. economy is growing at a 4.5 percent annualized
rate in the second quarter following the latest data on home
sales and advance trade balance released this week, the Atlanta
Fed's GDPNow forecast model showed.             
    * The Canadian government said it had rejected the proposed
Ajax open pit gold and copper mine in the Pacific province of
British Columbia, citing what it said were significant adverse
environmental effects.             
    * Holdings of SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund, said its holdings fell 0.36
percent to 821.69 tonnes on Wednesday.          
    
    DATA AHEAD (GMT)
    
    0600  Germany       GfK consumer sentiment        July
    0900  Euro zone     Business climate              June
    1200  Germany       Consumer prices               June
    1230  U.S.          Revised corporate profits     Q1
    1230  U.S.          Final GDP                     Q1
    1230  U.S.          Weekly jobless claims
    

 (Reporting by Karen Rodrigues in Bengaluru, Editing by Sherry
Jacob-Phillips)
  
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