October 15, 2018 / 1:15 AM / a month ago

PRECIOUS-Gold rises as Asian shares dip amid China concerns

BENGALURU, Oct 15 (Reuters) - Gold prices rose early on Monday as Asian stocks eased due to concerns about a potential decline in China’s economic growth amid an ongoing trade war and signs of tighter monetary policy by the U.S. Federal Reserve.

FUNDAMENTALS

* Spot gold was up 0.3 percent at $1,220.66 an ounce at 0102 GMT. Gold rose 1.3 percent last week in its biggest weekly percentage gain in seven weeks.

* U.S. gold futures were up 0.2 percent at $1,224.1 an ounce.

* Asian shares slipped on Monday with MSCI’s broadest index of Asia-Pacific shares outside Japan down 0.7 percent.

* China central bank governor Yi Gang said on Sunday he still sees plenty of room for adjustment in interest rates and the reserve requirement ratio (RRR), as downside risks from trade tensions with the United States remain significant.

* The United States sought to make currency a central part of any solution to a bruising trade fight with China, keeping the pressure on Beijing to speed up economic reforms at a gathering of world policy makers who pledged to do more to safeguard global growth.

* Brussels, the political heart of Europe, could prove the centre of global market focus this week as Italy’s budget and Brexit talks overshadow economic data and central banks.

* The stubborn problem of Britain’s land border with Ireland thwarted a drive to clinch a Brexit deal before a European Union summit this week, as negotiators admitted defeat after marathon talks and pressed pause for the coming days.

* Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.76 percent to 744.64 tonnes on Friday.

* Gold speculators extended their net short position on Comex gold contracts by 29,881 contracts to 103,009 contracts in the week to Oct. 9, the U.S. Commodity Futures Trading Commission said on Friday.

* Physical gold demand in India was subdued last week as a rally in domestic prices curbed retail purchases going into a key festival season, while buying remained lacklustre in other major Asian hubs. (Reporting by Vijaykumar Vedala in Bengaluru; editing by Richard Pullin)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below