April 3, 2018 / 1:05 AM / in 24 days

PRECIOUS-Gold edges up on rising trade war fears

    BENGALURU, April 3 (Reuters) - Gold prices rose slightly in
early Asian trade on Tuesday after a more than 1 percent gain in
the previous session, as mounting global trade tensions fuelled
demand for the safe-haven bullion.
    
    FUNDAMENTALS  
    * Spot gold        was up 0.1 percent at $1,341.68 per ounce
as of 0045 GMT. It climbed 1.3 percent on Monday in its biggest
one-day percentage rise in a week.
    * U.S. gold futures         eased 0.1 percent to $1,345.70
an ounce.
    * The dollar index       , which measures the greenback
against six other major currencies, was down 0.1 percent at
90.009.
    * Asian stocks extended a global selloff and the yen rose as
investors fled for safety as an escalating trade spat between
the United States and China and a renewed slump in tech shares
such as Amazon.com          sapped investor
confidence.           
    * The White House on Monday accused China of distorting
global markets and said the country should not target "fairly
traded U.S. exports" after Beijing increased tariffs on 128 U.S.
products in response to U.S. duties on imports of aluminum and
steel.                          
    * The Trump administration this week will unveil a list of
advanced technology Chinese imports targeted for U.S. tariffs to
punish Beijing over technology transfer policies, a move
expected to intensify trade tensions between the world's two
largest economies.             
    * U.S. factory activity slowed in March amid shortages of
skilled workers and rising capacity constraints, but growth in
the manufacturing sector remains underpinned by strong domestic
and global economies.             
    * SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings rose 0.73 percent to
852.31 tonnes on Monday from 846.12 tonnes on Thursday.
         
    * Sales in March of U.S. Mint American Eagle gold fell to
their lowest for the month, and silver coins dropped to their
lowest in 11 years, government data showed.             

 (Reporting by Swati Verma in Bengaluru; Editing by Subhranshu
Sahu)
  
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