Gold edges lower as fears of all-out U.S.-China trade war ease
Gold prices fell on Thursday, after hitting a one-week high in the previous session, as the dollar steadied and equities recovered on the United States`s willingness to negotiate on tariffs with China, easing fears of a full-blown trade war.FUNDAMENTALS
* Spot gold
* Retaliation from China, the world`s largest gold consumer, lifted spot gold prices to a one-week high of $1,348.06 per ounce on Wednesday as the U.S. dollar tumbled against the yen and equities dipped.
* The dollar held steady against the yen on Thursday after recovering against the safe-haven Japanese currency as stocks bounced back from a sell-off triggered by an escalating U.S.-China trade spat.
* The United States voiced willingness on Wednesday to negotiate a resolution to an escalating trade fight with China after Beijing retaliated against proposed U.S. tariffs on $50 billion in Chinese goods by targeting key American imports, but the Chinese ambassador to Washington said it "takes two to tango."
* The United States and China should avoid a trade war, China`s Ambassador to the United States Cui Tiankai said on Wednesday, stressing that Beijing`s preference was to resolve the dispute through negotiations.
* U.S. private payrolls increased solidly in March as hiring rose across the board, pointing to a robust labour market that continues to underpin economic growth.
* The U.S. Federal Reserve does not need to raise its benchmark interest rate much further given how close it is to the neutral rate, St. Louis Fed President James Bullard said on Wednesday.
* Investors gashed U.S.-based stock funds, withdrawing billions of dollars for the second straight week, Investment Company Institute (ICI) data showed on Wednesday.
* Holdings of SPDR Gold Trust
* Canada`s Eldorado Gold Corp
* Ghana plans to review its process for granting corporate tax exemptions to mining and oil companies as part of measures to eliminate fraud and boost revenues, its vice president said on Wednesday.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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