June 28, 2019 / 1:37 AM / 25 days ago

PRECIOUS-Gold rises ahead Trump-Xi meeting; set to post 6th weekly gain

June 28 (Reuters) - Gold prices rose on Friday, heading for a sixth weekly gain in a row, as investors await a meeting between U.S. President Donald Trump and Chinese President Xi Jinping this weekend for any developments on trade.

FUNDAMENTALS

* Spot gold was up 0.6% at $1,418.21 per ounce as of 0115 GMT. Gold prices touched $1,438.63 earlier this week, their highest since May 14, 2013.

* The metal has risen more than 1% so far this week to be up 11% over the past six weeks.

* U.S. gold futures climbed 0.7% to $1,422.20 an ounce.

* Trump has agreed to no preconditions for his high-stakes meeting with Xi this weekend and is maintaining his threat to impose new tariffs on Chinese goods, White House economic adviser Larry Kudlow said.

* Meanwhile, the Wall Street Journal reported that Xi plans to present Trump with a set of terms the United States should meet before Beijing is ready to settle their trade dispute.

* On Thursday, The South China Morning Post, reported that Washington and Beijing were laying out an agreement that would help avert the next round of tariffs on an additional $300 billion of Chinese imports.

* The dollar index, against a basket of major currencies, was steady on Friday after hitting a near one-week high in the previous session.

* Share markets in Asia edged higher early on Friday morning, but the gains were small and underscored uncertainty over whether the talks will produce definitive progress in ending the year-long trade war between the world’s two largest economies.

* U.S. Treasury yields fell on Thursday on concerns that trade discussions between the United States and China on Saturday may be more complicated than previously expected.

* Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.26% to 795.80 tonnes on Thursday from 797.85 tonnes on Wednesday.

* 0830 UK GDP QQ YY Q1

* 0900 EU HICP Flash YY June

* 0900 EU HICP-X E&E Flash YY June

* 1230 US Consumption Adjusted MM May

* 1400 US U Mich Sentiment Final June (Reporting by Brijesh Patel in Bengaluru; editing by Richard Pullin)

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