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APRIL 16 (Reuters) – Gold lost for a fourth consecutive session on Tuesday, the optimism sparked by US-Chinese trade talks helping investors retain their appetite for risk despite Wall's dismal quarterly results Street.
FUNDAMENTALS
* Spot gold was down 0.1% to $ 1,286.38 an ounce, at 1:20 GMT. In the previous session, the bullion had dropped to $ 1,281.96, its lowest since April 4.
* The gold futures in the US lost about 0.2% to $ 1,289.20 an ounce.
* The US-China trade dispute, signs of slower corporate profits and corporate investment all put pressure on riskier badets over the past year. Investors quickly announced positive news.
* Asian stocks stabilized below a nine-month high on Tuesday after disappointing bank profits weighed on Wall Street, although recent signs that the global economy should avoid further declines have limited losses.
* The widest MSCI index of Asia-Pacific equities outside Japan had peaked since July 2018 on Monday, after strong data from China and expectations that US and US trade negotiators Chinese could conclude an agreement.
* US Treasury Secretary Steve Mnuchin told Fox Business Network on Monday that trade talks between Washington and their Chinese counterparts "are making a lot of progress."
* The United States "will win one way or another", regardless of their trade negotiations with China, said President Donald Trump on Monday.
* The major currencies remained confined to well-known forks on Tuesday, as markets turn to European and Chinese data to better prove that the worst may have pbaded for the global economy.
* According to a Reuters poll, China's economic growth in the first quarter would likely have slowed to the slowest pace in at least 27 years, and stimulus measures should improve the economic mood in the future.
* SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.50% to 754.03 tonnes on Monday from 757.85 tonnes on Friday.
* Kazakhstan increased its gold holdings by 5.38 tons to 361.68 tons in March, according to data from the International Monetary Fund.
* Canadian company Lundin Mining Corp is looking to buy more mining badets, chief executive Marie Inkster told Reuters on Monday after the company announced the purchase of Yamana Gold Inc.'s Brazilian gold-copper mine more than a billion dollars.
* Indian gold smugglers slowed their operations, fearing that their shipments would be swallowed up by seizures of cash, bullion, alcohol and drugs to limit vote-buying in national elections, said to Reuters industry officials.
DATA AHEAD (GMT)
* 0830 UK Unemployment rate of the ILO (February)
* 0900 Germany ZEW Economic feeling (April)
* 0900 Germany ZEW Current conditions (April)
* 1315, US Industrial Production MM (March) (Arijit Bose report to Bengaluru, edited by Sherry Jacob-Phillips)
Warning: The opinions expressed in this article are those of the author and may not reflect those of the author. Kitco Metals Inc. The author has endeavored to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes. It is not a solicitation to exchange products, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept any liability for losses and / or damages resulting from the use of this publication.
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