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Gold eases as stocks gain; set for best weekly jump in over four months

Gold has risen nearly 18 percent so far this year owing to a 17-month long tariff war.

December 27, 2019 / 09:13 AM IST

Gold prices edged lower on December 27 on rising risk appetite buoyed by optimism over an interim US-China trade deal, but bullion was still set to register its best week in more than four months.

FUNDAMENTALS

* Spot gold fell 0.1% to $1,509.56 per ounce by 0136 GMT. Prices peaked to their highest since Nov. 4 at $1,512.30 in the previous session. U.S. gold futures were unchanged at $1,514.40 per ounce.

* For the week, spot gold was on track to post a jump of 2 percent, its best weekly rise since early August.

* Asian shares climbed to 18-month peaks supported by positive trade ties between U.S. and China on the soon to be signed interim trade deal. [MKTS/GLOB]

Close

* China's Commerce Ministry said on December 26 that Beijing and Washington were still in the process of completing necessary procedures while maintaining close communication to sign the deal.

* Gold has risen nearly 18 percent so far this year owing to a 17-month long tariff war.

* Weighing on gold, data on Friday showed profits at China's industrial firms in November grew 5.4% from a year earlier, while data on Thursday showed US jobless claims fell last week indicating ongoing labour market strength.

* The Nasdaq crossed the 9,000-point mark for the first time on December 26 as all three major Wall Street indexes posted record closing highs.

* Zambia plans to make copper mining companies account for the gold they produce as it seeks to boost revenue from its mineral resources, a senior ministry of mines official said on December 26.

* The world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings rose 0.4% to 892.37 tonnes on December 26 from 888.86 tonnes on Tuesday. [GOL/ETF]

* Elsewhere, silver was flat at $17.88 per ounce, while platinum rose 0.2 percent to $949.19. Both the metals were poised to register their best week since late August.

* Palladium edged 0.1 percent lower to $1,899.90 per ounce.
Reuters
first published: Dec 27, 2019 09:05 am

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