Gold prices rebound to one-week high amid trade tensions
Gold prices rose to a one-week high early on Wednesday, rebounding from a seven-month low touched in the previous session, as the dollar weakened against the yen and an end-of-week deadline loomed for U.S. tariffs on Chinese imports. FUNDAMENTALS
* Spot gold
* U.S. gold futures
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* The dollar was down 0.2 percent against the yen at 110.3
* China is putting pressure on the European Union to issue a strong joint statement against President Donald Trump`s trade policies at a summit later this month but is facing resistance, European officials said.
* China`s leaders are confident the country can cope with major and external risks, they said at a high-level internal financial meeting, amid financial turbulence at home and rising trade tensions with the United States.
* China`s central bank moved to calm jittery financial markets on Tuesday after the yuan dropped through the psychologically significant 6.7 to the dollar mark, hitting its lowest in almost a year as anxieties over U.S. trade frictions deepened.
* U.S. Secretary of State Mike Pompeo will visit Mexico on July 13 to meet President-elect Andres Manuel Lopez Obrador and discuss immigration, trade, security and development, the U.S. and Mexican governments said on Tuesday.
* New orders for U.S.-made goods unexpectedly rose in May, pointing to a strengthening manufacturing sector, but business spending on equipment appeared to have slowed further in the second quarter.
* The Bank of Japan is likely to cut its price growth forecasts at a policy meeting later this month as long-term inflation expectations stall, sources said, highlighting the bank`s difficulty in hitting its elusive price target.
* The European Central Bank`s chief economist said on Tuesday he was confident inflation in the euro zone would continue accelerating towards the ECB`s target of just under 2 percent even after the end of its massive bond purchases.
* Holdings of SPDR Gold Trust
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)