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Gold steadies, on track for second week of gains

Reuters  |  BENGALURU 

BENGALURU (Reuters) - Gold edged up on Friday after posting its biggest percentage fall in over two weeks in the previous session, and was set to post a small gain for a second week running amid tensions over and a U.S.-trade stand-off.

FUNDAMENTALS

* Spot gold rose 0.2 percent to $1,337.17 an ounce as of 0046 GMT, and was set for a weekly gain of 0.3 percent. U.S. gold futures fell 0.2 percent to $1,339.90 an ounce.

* Gold prices dropped 1.3 percent on Thursday, the biggest one-day percentage fall since March 28, a day after bullion climbed to its highest in 11-weeks.

* and his national security aides on Thursday discussed U.S. options on Syria, where he has threatened missile strikes in response to a suspected poison gas attack, as a Russian voiced fears of wider conflict between and

* British summoned her senior ministers to a special cabinet meeting on Thursday to discuss joining the and in possible military action against after a on civilians.

* World trade in goods is maintaining a robust recovery, but it still might falter if trade tensions escalate further, the said in its annual forecast on Thursday.

* China's commerce ministry said on Thursday trade negotiations with the would be impossible as Washington's attempts at dialogue were not sincere, and vowed to retaliate if U.S. escalates current tensions.

* New applications for U.S. unemployment benefits fell last week, pointing to sustained labour market strength despite a sharp slowdown in job growth in March.

* Holdings of SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, rose 0.69 percent to 865.89 tonnes on Thursday.

* Global silver physical demand dropped to its lowest level in five years during 2017, led largely by a steep decline in coin and bar demand, even as industrial demand increased, according to GFMS.

* South Africa's gold output dropped 7.1 percent year on year in February, showed on Thursday.

(Reporting by in Bengaluru; editing by Richard Pullin)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, April 13 2018. 06:52 IST
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