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Feb. 11 (Reuters) – Gold prices remained flat on Monday, fueled by uncertainties surrounding the Sino-US trade war and concerns about slowing global economic growth, while a strong dollar weighed on the precious metal.
FUNDAMENTALS
* Spot gold remained stable at $ 1313 / oz at 00:59 GMT.
* The gold futures in the United States were also firm at $ 1,317 an ounce.
* Global stocks ended last week in the red, against a backdrop of uncertainty over global economic growth and trade tensions, recording their first weekly decline this year.
* Investors are preparing for trade talks this week with a delegation of US representatives visiting China for the next round of talks. US President Donald Trump said last week that he was not planning to meet Chinese President Xi Jinping before the March 1 deadline for the conclusion of a trade agreement.
* Trump has promised to increase US tariffs on Chinese imports to $ 200 billion, from 10% to 25% currently, if the two parties can reach an agreement before March 2 at 12:01 (0501 GMT).
* Trade tensions between the two largest economies in the world have rocked the financial markets since last year.
* Investor worries have also been the collapse of talks between US, Democratic and Republican lawmakers over the weekend, after a clash over the immigration detention policy, raising fears of a new government closure .
* The European Commission has significantly downgraded euro area growth this year and next year.
Mary Daly, president of the San Francisco Federal Reserve, said Friday that interest rate increases seemed much less needed than a few months ago.
* Federal Reserve Chairman Jerome Powell is expected to testify Wednesday before the House's Financial Services Committee on US monetary policy and the US economy.
* The dollar index was slightly on the rise and was near the one-month highs reached in the previous session.
* A stronger greenback makes gold in dollars more expensive for holders of other currencies.
* The demand for physical gold in India rose last week as jewelers sourced for a major exhibition, allowing dealers to reduce their discounts to a new low in two months, while New Year's holidays Lunar have limited activity in other major Asian centers.
* The supply of scrap gold in India, the world's second largest consumer of ingots, could increase during the quarter, as local gold prices prompted consumers to sell old jewelery and jewelery .
* SPDR Gold Trust, the largest gold-backed exchange-traded fund in the world, had net outflows for five consecutive sessions last week.
* Venezuela's most successful financial transactions in recent years have not been on Wall Street, but in primitive gold mining mining camps in the south of the country. (Report by Nallur Sethuraman in Bengaluru, edited by Subhranshu Sahu)
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