Gold steady on global growth, Sino-U.S. trade worries
Gold prices held steady on Wednesday, as mounting concerns over a slowing global economic growth and uncertainty around Sino-U.S. trade tensions dampened appetite for risk.FUNDAMENTALS
* Spot gold
* Spot gold rose 0.4 percent on Tuesday, its biggest one-day percentage gain in more than a week, as global stock markets fell on concerns over global growth. Asian stocks dipped further on Wednesday [MKTS/GLOB]
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* Investors shunned risky assets like equities as the International Monetary Fund warned of a dimmer outlook on Monday, China confirmed its slowest growth rate in nearly 30 years, and as Brexit uncertainty dragged on sentiment.
* The Trump administration has rejected an offer from China for preparatory trade talks this week ahead of high-level negotiations scheduled for next week, the Financial Times reported on Tuesday, citing people briefed on the talks.
* White House economic adviser Larry Kudlow told CNBC the report was not true.
* As much as U.S. President Donald Trump wants to boost markets through a trade pact with China, he will not soften his position that Beijing must make real structural reforms, including how it handles intellectual property, to reach a deal, advisers say.
* Recent economic data has made the situation more gloomy for investors.
* U.S. home sales tumbled to their lowest level in three years in December and house price increases slowed sharply, suggesting a further loss of momentum in the housing market.
* Morale among German investors improved slightly in January, but their assessment of the economy`s current condition deteriorated to a four-year low, a survey showed on Tuesday.
* Japan`s exports and imports also fell short of market expectations, with exports posting the biggest fall in more than two years.
* South Africa`s Gold Fields
* A South African union representing just under half of all workers at Sibanye-Stillwater`s
* The Shanghai Futures Exchange (ShFE), one of China`s biggest commodity derivatives markets, is to end its current system of determining margin requirements based on the size of an investor`s position, it said on Tuesday.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)