December 24, 2019
Gold holds ground on weak U.S. data, trade deal concerns
(Reuters) - Gold prices on Tuesday held steady near a more than one-week high hit in the previous session, as disappointing U.S. data and concerns about an interim Sino-U.S. trade deal supported the safe-haven metal in holiday-thinned trade.
Spot gold was unchanged at $1,485.20 per ounce by 0047 GMT. Prices hit their highest since Dec. 12 at $1,485.91 on Monday. U.S. gold futures were flat at $1,489.20 per ounce.
New orders for key U.S.-made capital goods barely rose in November and shipments fell, suggesting business investment will probably remain a drag on economic growth in the fourth quarter,
data on Monday showed.
Canada's economy unexpectedly shrank by 0.1% in October, the first monthly decline since February, partly because of a U.S. auto strike that hit manufacturing, Statistics Canada data indicated on Monday.
Ratcheting up trade concerns, a top diplomat from China said on Monday U.S. trade, economic and scientific restrictions on China and "smears" against its sovereignty were impacting global stability and development.
China will lower tariffs on products ranging from frozen pork and avocado to some types of semiconductors next year as Beijing looks to boost imports amid a slowing economy and a
tariff dispute with the United States.
Mining company AngloGold Ashanti and its joint venture partner IAMGOLD plan to sell their stake in the Sadiola project in Mali for $105 million, as the South African company looks to streamline its portfolio.
Gold production in Russia rose 19.5% in the first eight months of 2019 to 232.16 tonnes from 194.23 tonnes a year earlier, Russia's finance ministry said.
* Elsewhere, palladium fell 0.3% to $1,870.38 per
ounce. Silver was flat at $17.42 per ounce, while
platinum shed 0.7% to $929.53.