June 1, 2018 / 1:34 AM / 23 days ago

PRECIOUS-Gold prices inch up on trade war fears

    BENGALURU, June 1 (Reuters) - Gold prices edged higher on
Friday as concerns over a global trade war increased after the
United States imposed tariffs on steel and aluminum imports from
Canada, Mexico and the European Union.
    
    FUNDAMENTALS  
    * Spot gold        was up 0.1 percent at $1,299.51 per ounce
by 0110 GMT. 
    * U.S. gold futures         for June delivery were down 0.1
percent at $1,298.60 per ounce.
    * Canada and Mexico retaliated against the U.S. decision on
Thursday to impose tariffs on steel and aluminum imports and the
European Union had its own reprisals ready to go.             
    * U.S. President Donald Trump on Thursday played down the
chances of a quick deal in getting North Korea to abandon its
nuclear arms as a delegation from Pyongyang headed to meet him
with a letter from North Korean leader Kim Jong Un, suggesting a
proposed summit may be back on.             
    * Italy's anti-establishment parties revived coalition plans
on Thursday, ending three months of political turmoil by
announcing a government that promises to increase spending,
challenge EU fiscal rules and crack down on immigration.
            
    * U.S. consumer spending posted its biggest gain in five
months in April, a further sign that economic growth was
regaining momentum early in the second quarter, while inflation
continued to rise steadily.             
    * Euro zone inflation jumped far more than expected in May
on higher energy costs, offering relief to the European Central
Bank after market turbulence that has jeopardised its planned
exit from a lavish stimulus programme.             
    * Holdings of SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund, fell 0.52 percent to 847.03
tonnes on Thursday.          
    * Sales of American Eagle gold coins in May increased by 433
percent from April, and were the highest May sales since 2015,
U.S. data showed on Thursday.             
    * Russia produced 15.67 tonnes of gold in January, up from
14.16 tonnes in the same period in 2017, the finance ministry
said on Thursday.             
    
    DATA AHEAD (GMT)
    
    0145  China       Caixin manufacturing PMI final    May
    0750  France      Markit manufacturing PMI          May
    0755  Germany     Markit/BME manufacturing PMI      May
    0800  Euro zone   Markit manufacturing PMI final    May
    1230  U.S.        Nonfarm payrolls                  May
    1230  U.S.        Unemployment rate                 May
    1400  U.S.        ISM manufacturing PMI             May
    1400  U.S.        Construction spending             April

 (Reporting by Karen Rodrigues in Bengaluru
Editing by Joseph Radford)
  
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