Spot gold was flat at $1,476.55 per ounce at 0354 GMT. US&nbsp;gold futures were little changed at $1,480.80.

"Gold is in sort of a <a href="https://www.wionews.com/business-economy/gold-holds-firm-as-optimism-fades-for-us-china-trade-talks-254716">holding pattern</a> and one of the key reasons behind this is that the macro picture has been positive on the trade deal and it has obviously capped gold prices," said ING analyst Warren Patterson.

"But the main issue is they are not saying anything significant on the back of this deal and details around the trade deal are still lacking, there's that element of uncertainty."

US&nbsp;Trade Representative Robert Lighthizer on Tuesday said details of Chinese purchases across various sectors in the United States in the "phase one" deal would be detailed in writing, but gave no further details about when the written agreement would be released.

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WATCH: WION Dispatch: US-China reach 'phase one' trade deal

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Bullion's upside remained capped by positive US&nbsp;economic data that underpinned the dollar and stock markets.

The dollar index hovered near a one-week high against a basket of rival currencies, while Asian shares camped out at 18-month peaks having climbed for five straight sessions.

US manufacturing production recovered in November and housing numbers rose beyond expectations with permits for future home construction soaring to a 12-1/2-year high on lower mortgage rates.

Meanwhile, two Federal Reserve policymakers on Tuesday upheld the central bank's stance on leaving interest rates steady and said the bar to cutting or raising them would be high.

"With the FOMC continually reminding us that rates are on hold indefinitely, it adds an element of support for gold but will not necessarily catapult prices higher. For that, we need a dovish Fed impulse," AxiTrader market strategist Stephen Innes said in a note.

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WATCH: US Fed keeps rates on hold, points to 'favourable' economic outlook next year

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Reflecting investor interest in bullion, holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.6% on Tuesday.

<a href="https://www.wionews.com/business-economy/deficit-hit-palladium-takes-aim-at-2000-ceiling-in-record-run-268725">Palladium</a> slipped 0.8% to $1,939.91 an ounce, retreating from an all-time peak of $1,998.43 hit in the previous session.

"The market set their sights on the key target, once we did that, we definitely did see some profit-taking - that's the reason we saw that price inflection," ING's Patterson said.

Silver edged 0.1% higher to $17.02 per ounce, while platinum fell 0.1% to $926.65.

Spot gold was flat at $1,476.55 per ounce at 0354 GMT. US gold futures were little changed at $1,480.80. "Gold is in sort of a holding pattern and one of the key reasons behind this is that the macro picture has been positive on the trade deal and it has obviously capped gold prices," said ING analyst Warren Patterson.

Spot gold was flat at $1,476.55 per ounce at 0354 GMT. US gold futures were little changed at $1,480.80. "Gold is in sort of a holding pattern and one of the key reasons behind this is that the macro picture has been positive on the trade deal and it has obviously capped gold prices," said ING analyst Warren Patterson. "But the main issue is they are not saying anything significant on the back of this deal and details around the trade deal are still lacking, there's that element of uncertainty." US Trade Representative Robert Lighthizer on Tuesday said details of Chinese purchases across various sectors in the United States in the "phase one" deal would be detailed in writing, but gave no further details about when the written agreement would be released. WATCH: WION Dispatch: US-China reach 'phase one' trade deal × Bullion's upside remained capped by positive US economic data that underpinned the dollar and stock markets. The dollar index hovered near a one-week high against a basket of rival currencies, while Asian shares camped out at 18-month peaks having climbed for five straight sessions. US manufacturing production recovered in November and housing numbers rose beyond expectations with permits for future home construction soaring to a 12-1/2-year high on lower mortgage rates. Meanwhile, two Federal Reserve policymakers on Tuesday upheld the central bank's stance on leaving interest rates steady and said the bar to cutting or raising them would be high. "With the FOMC continually reminding us that rates are on hold indefinitely, it adds an element of support for gold but will not necessarily catapult prices higher. For that, we need a dovish Fed impulse," AxiTrader market strategist Stephen Innes said in a note. WATCH: US Fed keeps rates on hold, points to 'favourable' economic outlook next year × Reflecting investor interest in bullion, holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.6% on Tuesday. Palladium slipped 0.8% to $1,939.91 an ounce, retreating from an all-time peak of $1,998.43 hit in the previous session. "The market set their sights on the key target, once we did that, we definitely did see some profit-taking - that's the reason we saw that price inflection," ING's Patterson said. Silver edged 0.1% higher to $17.02 per ounce, while platinum fell 0.1% to $926.65.

Gold prices subdued as investors await trade deal details; palladium dips

Scarce palladium soared on Tuesday, nearing a breach of the $2,000 an ounce level for the first time, with a "phase one" <a href="https://www.wionews.com/business-economy/gold-prices-steady-as-us-china-trade-deal-doubts-linger-263135">US-China trade deal</a> driving prospects of a pick-up in demand and helping the autocatalyst metal extend a record run.

Palladium was up 0.6 per cent&nbsp;at $1,989.58 an ounce at 1035 GMT, after hitting an all-time high of $1,998.43.

"Supply is tight in the palladium market and when you're adding the speculation about a potential pick-up in demand due to recovery in the global economy, you have a perfect storm of bullish news continuing to keep it supported," Saxo Bank analyst <a href="https://www.wionews.com/business-economy/oil-prices-rise-nearly-3-on-china-service-sector-expansion-247634">Ole Hansen</a> said.

However, he added: "Liquidity is poor, which means that if we see a correction, it can be quite brutal and could take palladium back down towards $1,850, although there are no signs of that right now."

The phase one trade deal has been "absolutely completed", a top White House adviser said on Monday. However, Chinese officials have been more cautious, emphasizing the dispute has not been completely settled.

Palladium, used mainly in vehicle catalytic converters, has gained more than 57 per cent&nbsp;so far this year because of a sustained supply crunch.

"We look set for an imminent test above $2,000," <a href="https://www.wionews.com/business-economy/gold-up-in-wake-of-weak-us-jobs-data-5941/amp">MKS PAMP</a> said in a note.

Elsewhere, gold prices rose due to uncertainty driven by a lack of concrete details about the interim trade deal.

Spot gold rose 0.2 per cent&nbsp;to $1,478.41 per ounce. US&nbsp;gold futures were also up 0.2 per cent, at $1,482.90.

The trade dispute will be an influencing factor for gold throughout next year, said Commerzbank analyst Daniel Briesemann, adding a phase two deal would be much more difficult since a lot of critical issues had been left out of the current agreement.

"We must be prepared for some volatility and uncertainty. It's not yet a done deal."

Gold, considered a safe investment during political and economic uncertainty, has gained about 15 per cent&nbsp;this year, mainly driven by the 17-month-long tariff war and its impact on the global economy.

Also helping bullion, European stocks slid from record highs on reports that Britain's prime minister was ready to play rough in Brexit talks, souring sentiment somewhat after a record rally during the Asian session on the trade optimism.

Silver was 0.2 per cent higher at $17.07 per ounce, while platinum gained 0.3 per cent&nbsp;to $932.32.

Scarce palladium soared on Tuesday, nearing a breach of the $2,000 an ounce level for the first time, with a "phase one" US-China trade deal driving prospects of a pick-up in demand and helping the autocatalyst metal extend a record run.

Scarce palladium soared on Tuesday, nearing a breach of the $2,000 an ounce level for the first time, with a "phase one" US-China trade deal driving prospects of a pick-up in demand and helping the autocatalyst metal extend a record run. Palladium was up 0.6 per cent at $1,989.58 an ounce at 1035 GMT, after hitting an all-time high of $1,998.43. "Supply is tight in the palladium market and when you're adding the speculation about a potential pick-up in demand due to recovery in the global economy, you have a perfect storm of bullish news continuing to keep it supported," Saxo Bank analyst Ole Hansen said. However, he added: "Liquidity is poor, which means that if we see a correction, it can be quite brutal and could take palladium back down towards $1,850, although there are no signs of that right now." The phase one trade deal has been "absolutely completed", a top White House adviser said on Monday. However, Chinese officials have been more cautious, emphasizing the dispute has not been completely settled. Palladium, used mainly in vehicle catalytic converters, has gained more than 57 per cent so far this year because of a sustained supply crunch. "We look set for an imminent test above $2,000," MKS PAMP said in a note. Elsewhere, gold prices rose due to uncertainty driven by a lack of concrete details about the interim trade deal. Spot gold rose 0.2 per cent to $1,478.41 per ounce. US gold futures were also up 0.2 per cent, at $1,482.90. The trade dispute will be an influencing factor for gold throughout next year, said Commerzbank analyst Daniel Briesemann, adding a phase two deal would be much more difficult since a lot of critical issues had been left out of the current agreement. "We must be prepared for some volatility and uncertainty. It's not yet a done deal." Gold, considered a safe investment during political and economic uncertainty, has gained about 15 per cent this year, mainly driven by the 17-month-long tariff war and its impact on the global economy. Also helping bullion, European stocks slid from record highs on reports that Britain's prime minister was ready to play rough in Brexit talks, souring sentiment somewhat after a record rally during the Asian session on the trade optimism. Silver was 0.2 per cent higher at $17.07 per ounce, while platinum gained 0.3 per cent to $932.32.

Deficit-hit palladium takes aim at $2,000 ceiling in record run

Gold held steady on Tuesday, after hitting its highest since November&nbsp;7 earlier in the session, as doubts about a trade deal between the United States and China dented risk sentiment.

Spot gold was little changed at $1,471.90 per ounce as of 0559 GMT.

US&nbsp;gold futures inched up 0.07 per cent&nbsp;to $1,472.90 per ounce.

"We're not seeing any big moves at the moment and given the proximity to the $1,490-level, movements will be sideways in the short term, unless Beijing or Washington come and say that a trade deal is unlikely," said Michael McCarthy, chief market strategist at CMC Markets.

Asian share markets were mixed as another day awaiting clearer news on the progress of the trade negotiations left investors bereft of trading motivation.

Overnight, CNBC had reported the mood in Beijing was pessimistic about the prospects of sealing an agreement.

"The to and fro between the two parties surrounding the first phase of the deal is keeping prices in a tight range," ANZ analyst Daniel Hynes said.

"Lingering global economic scenario and a weaker dollar is providing some support to gold."

The dollar held near a two-week low.

Market participants also kept a close eye on the unrest in<a href="https://www.wionews.com/.../china-appoints-new-police-chief-in-hong-kong- 263113"> Hong Kong</a>, with dozens of protesters in the financial hub staging a dramatic escape from a university campus sealed off by police on Monday.

Gold is considered a safe store of value during economic or political uncertainties.

The focus now shifts to minutes from the US&nbsp;Federal Reserve's last policy meeting this year, due on Wednesday.

The Fed cut rates three times this year in part to offset what it views as damage done by the <a href="https://www.wionews.com/.../china-us-had-constructive-phone-call-on-trade- report-262656">tariff war</a>. But after their meeting in October, policymakers signalled they would lower rates no further unless the economy took a serious turn for the worse.

"It is worth noting that recent gains (in gold) have been led by fast-money interest in the face of (exchange traded fund) ETF outflows, positioning that is fickle amid price volatility," according to MKS PAMP.

Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.6 per cent&nbsp;to 891.79 tonnes on Monday from Friday.

Elsewhere, silver rose 0.6 per cent&nbsp;to $17.12 per ounce, while palladium fell 0.3 per cent&nbsp;to $1,732.93 per ounce.

Platinum advanced 0.5 per cent to $898.10 per ounce.

Gold held steady on Tuesday, after hitting its highest since November 7 earlier in the session, as doubts about a trade deal between the United States and China dented risk sentiment.

Gold held steady on Tuesday, after hitting its highest since November 7 earlier in the session, as doubts about a trade deal between the United States and China dented risk sentiment. Spot gold was little changed at $1,471.90 per ounce as of 0559 GMT. US gold futures inched up 0.07 per cent to $1,472.90 per ounce. "We're not seeing any big moves at the moment and given the proximity to the $1,490-level, movements will be sideways in the short term, unless Beijing or Washington come and say that a trade deal is unlikely," said Michael McCarthy, chief market strategist at CMC Markets. Asian share markets were mixed as another day awaiting clearer news on the progress of the trade negotiations left investors bereft of trading motivation. Overnight, CNBC had reported the mood in Beijing was pessimistic about the prospects of sealing an agreement. "The to and fro between the two parties surrounding the first phase of the deal is keeping prices in a tight range," ANZ analyst Daniel Hynes said. "Lingering global economic scenario and a weaker dollar is providing some support to gold." The dollar held near a two-week low. Market participants also kept a close eye on the unrest in Hong Kong, with dozens of protesters in the financial hub staging a dramatic escape from a university campus sealed off by police on Monday. Gold is considered a safe store of value during economic or political uncertainties. The focus now shifts to minutes from the US Federal Reserve's last policy meeting this year, due on Wednesday. The Fed cut rates three times this year in part to offset what it views as damage done by the tariff war. But after their meeting in October, policymakers signalled they would lower rates no further unless the economy took a serious turn for the worse. "It is worth noting that recent gains (in gold) have been led by fast-money interest in the face of (exchange traded fund) ETF outflows, positioning that is fickle amid price volatility," according to MKS PAMP. Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.6 per cent to 891.79 tonnes on Monday from Friday. Elsewhere, silver rose 0.6 per cent to $17.12 per ounce, while palladium fell 0.3 per cent to $1,732.93 per ounce. Platinum advanced 0.5 per cent to $898.10 per ounce.

Gold prices steady as US-China trade deal doubts linger

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India's&nbsp;gold&nbsp;demand&nbsp;is expected to fall to its&nbsp;lowest level in&nbsp;three&nbsp;years in 2019, the&nbsp;World&nbsp;Gold&nbsp;Council&nbsp;(WGC) said on Tuesday, as domestic&nbsp;prices&nbsp;climb to a&nbsp;record&nbsp;against a backdrop of falling earnings in rural areas, a key source of custom for the precious metal.

Gold&nbsp;demand&nbsp;in 2019 could drop 8 per cent&nbsp;from a&nbsp;year&nbsp;ago to around 700 tonnes, the&nbsp;lowest since 2016, said Somasundaram PR, the managing director of WGC's&nbsp;Indian operations. In a report, the WGC said&nbsp;India's&nbsp;gold&nbsp;consumption in the quarter ended September slumped nearly a third from a&nbsp;year&nbsp;ago to 123.9 tonnes.

The fall in consumption in the&nbsp;world's second-biggest market of the metal could brake global&nbsp;prices, up 17 per cent&nbsp;so far in 2019, but a drop in imports could also help ease the country's trade deficit, supporting the rupee.

"Along with higher&nbsp;prices,&nbsp;gold&nbsp;demand&nbsp;is getting affected by weak rural sentiment," said WGC official Somasundaram. "Excess monsoon rains have damaged crops," the official noted.

Two-thirds of&nbsp;India's&nbsp;gold&nbsp;demand&nbsp;comes from rural areas, where jewellery is a traditional store of wealth.

India&nbsp;received its highest monsoon rainfall in 25&nbsp;years during the June-September season, with rains continuing even in October, damaging summer-sown crops such as cotton, soybeans and pulses ready for harvesting.

In September, local&nbsp;gold&nbsp;futures&nbsp;hit&nbsp;an all-time high of 39,885 rupees&nbsp;per 10 grams. They have risen about 22 per cent&nbsp;so far in 2019, tracking a rally in global&nbsp;prices&nbsp;as well as reflecting a depreciation in the rupee.

A spike in domestic&nbsp;gold&nbsp;prices&nbsp;and a hike in the import duty slashed&nbsp;demand&nbsp;during the July-September, the WGC said. In the first week of July,&nbsp;India&nbsp;raised the import duty on&nbsp;gold&nbsp;to 12.5 per cent&nbsp;from 10 per cent.

In the key quarter ending December&nbsp;31,&nbsp;demand&nbsp;is likely to be&nbsp;lower than last&nbsp;year's 236.5 tonnes, Somasundaram said, but the drop is unlikely to be as steep as in the July-September quarter.

Demand&nbsp;usually rises in the October-December quarter due to the wedding season and festivals such as Diwali, when buying bullion is considered auspicious.

Many&nbsp;Indians are using the rally in&nbsp;prices&nbsp;to liquidate their&nbsp;gold&nbsp;ornaments, the WGC official said, forecasting scrap&nbsp;gold&nbsp;supplies in&nbsp;India&nbsp;could jump 38 per cent&nbsp;in 2019 to around 120 tonnes.

India's gold demand is expected to fall to its lowest level in three years in 2019, the World Gold Council (WGC) said on Tuesday, as domestic prices climb to a record against a backdrop of falling earnings in rural areas, a key source of custom for the precious metal.

India's gold demand is expected to fall to its lowest level in three years in 2019, the World Gold Council (WGC) said on Tuesday, as domestic prices climb to a record against a backdrop of falling earnings in rural areas, a key source of custom for the precious metal. Gold demand in 2019 could drop 8 per cent from a year ago to around 700 tonnes, the lowest since 2016, said Somasundaram PR, the managing director of WGC's Indian operations. In a report, the WGC said India's gold consumption in the quarter ended September slumped nearly a third from a year ago to 123.9 tonnes. The fall in consumption in the world's second-biggest market of the metal could brake global prices, up 17 per cent so far in 2019, but a drop in imports could also help ease the country's trade deficit, supporting the rupee. "Along with higher prices, gold demand is getting affected by weak rural sentiment," said WGC official Somasundaram. "Excess monsoon rains have damaged crops," the official noted. Two-thirds of India's gold demand comes from rural areas, where jewellery is a traditional store of wealth. India received its highest monsoon rainfall in 25 years during the June-September season, with rains continuing even in October, damaging summer-sown crops such as cotton, soybeans and pulses ready for harvesting. In September, local gold futures hit an all-time high of 39,885 rupees per 10 grams. They have risen about 22 per cent so far in 2019, tracking a rally in global prices as well as reflecting a depreciation in the rupee. A spike in domestic gold prices and a hike in the import duty slashed demand during the July-September, the WGC said. In the first week of July, India raised the import duty on gold to 12.5 per cent from 10 per cent. In the key quarter ending December 31, demand is likely to be lower than last year's 236.5 tonnes, Somasundaram said, but the drop is unlikely to be as steep as in the July-September quarter. Demand usually rises in the October-December quarter due to the wedding season and festivals such as Diwali, when buying bullion is considered auspicious. Many Indians are using the rally in prices to liquidate their gold ornaments, the WGC official said, forecasting scrap gold supplies in India could jump 38 per cent in 2019 to around 120 tonnes.

India gold demand to hit three-year low as prices surge to record: World Gold Council

Gold prices were little changed on Monday as investors waited for more clarity on US-China trade negotiations, and Brexit after British parliamentarians delayed a crucial vote on the divorce deal.

Spot gold was flat at $1,490.03 per ounce as of 0519 GMT. US&nbsp;gold futures dipped slightly to $1,493.50.

Asian shares edged higher, limiting bullion's gains, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.2 per cent.

"The markets are quite long, and people are worried about the trade war. Investors are waiting for pullbacks in gold to step in again," AxiTrader market strategist Stephen Innes said.

"What has been supportive for gold are recessionary fears, and provided that remains in the headlines, it is a significant reason to stay long gold. Right now, there is no major catalyst to drive it any direction."

The long-standing Sino-US&nbsp;trade war has taken a toll on economies around the world with Japan's exports down for a 10th straight month, South Korean exports plunging 19.5 per cent&nbsp;in October, and Thai exports missing expectations.

In China, new home prices grew at a steady pace in September, a relief for policymakers who remain wary of high debt and bubble risk, and are refraining from stimulating the sector as the economy cools.

Providing little comfort to market sentiment, British Lawmakers on Saturday voted to withhold a decision on Prime Minister Boris Johnson's deal, a move that forced him to seek from the EU the third postponement of Britain's departure from the bloc.

The vote for an extension dealt a blow to optimism that a deal agreed last week would ensure Brexit happens with little economic disruption.

Spot gold looks neutral in a range of $1,479-$1,502 per ounce, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.

Among other precious metals, silver rose 0.2 per cent&nbsp;to $17.57 per ounce, and platinum rose 0.4 per cent&nbsp;to $892.64.

Meanwhile, palladium gained 0.9 per cent&nbsp;to $1,770.07 an ounce, slightly lower than a high of $1,783.21 it struck on Thursday.

"Sell rates for palladium reached the highest level since January. This suggests the recent rally has been driven by fundamentals, rather than speculative interest," ANZ Bank said in a note.

"And with the market likely to remain tight for the foreseeable future, we believe there is plenty more upside for (palladium) prices."

Gold prices were little changed on Monday as investors waited for more clarity on US-China trade negotiations, and Brexit after British parliamentarians delayed a crucial vote on the divorce deal.

Gold prices were little changed on Monday as investors waited for more clarity on US-China trade negotiations, and Brexit after British parliamentarians delayed a crucial vote on the divorce deal. Spot gold was flat at $1,490.03 per ounce as of 0519 GMT. US gold futures dipped slightly to $1,493.50. Asian shares edged higher, limiting bullion's gains, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.2 per cent. "The markets are quite long, and people are worried about the trade war. Investors are waiting for pullbacks in gold to step in again," AxiTrader market strategist Stephen Innes said. "What has been supportive for gold are recessionary fears, and provided that remains in the headlines, it is a significant reason to stay long gold. Right now, there is no major catalyst to drive it any direction." The long-standing Sino-US trade war has taken a toll on economies around the world with Japan's exports down for a 10th straight month, South Korean exports plunging 19.5 per cent in October, and Thai exports missing expectations. In China, new home prices grew at a steady pace in September, a relief for policymakers who remain wary of high debt and bubble risk, and are refraining from stimulating the sector as the economy cools. Providing little comfort to market sentiment, British Lawmakers on Saturday voted to withhold a decision on Prime Minister Boris Johnson's deal, a move that forced him to seek from the EU the third postponement of Britain's departure from the bloc. The vote for an extension dealt a blow to optimism that a deal agreed last week would ensure Brexit happens with little economic disruption. Spot gold looks neutral in a range of $1,479-$1,502 per ounce, and an escape could suggest a direction, Reuters technical analyst Wang Tao said. Among other precious metals, silver rose 0.2 per cent to $17.57 per ounce, and platinum rose 0.4 per cent to $892.64. Meanwhile, palladium gained 0.9 per cent to $1,770.07 an ounce, slightly lower than a high of $1,783.21 it struck on Thursday. "Sell rates for palladium reached the highest level since January. This suggests the recent rally has been driven by fundamentals, rather than speculative interest," ANZ Bank said in a note. "And with the market likely to remain tight for the foreseeable future, we believe there is plenty more upside for (palladium) prices."

Gold flat as markets eye trade talk cues, Brexit deal

<a href="https://www.wionews.com/business-economy/gold-prices-steady-as-market-awaits-united-states-employment-report-253433">Gold prices on Wednesday</a> held on to the previous session's gains, as fading hopes for progress in US-China trade talks hit risk appetite, while markets also awaited clues on monetary easing by the US&nbsp;Federal Reserve.

Spot gold rose 0.4 per cent&nbsp;to $1,510.50 per ounce as of 0723 GMT, and stood its ground above $1,500 after jumping as much as 1 per cent&nbsp;in the previous session. US&nbsp;gold futures gained 0.8 per cent&nbsp;to $1,516.20 per ounce.

"The market is holding back, and looking at what's going to happen in the US-China trade talks on Thursday... If the trade dispute turns worse, we are going to expect some strong risk-off trade," said Phillip Futures analyst Benjamin Lu.

"The players who were short, rolled back on their positions. We are also seeing some weakness on the equity side."

The United States on Tuesday imposed visa restrictions on Chinese officials for the detention or abuse of Muslim minorities, angering Beijing ahead of high-level trade talks on Thursday and Friday, and sending Asian stocks lower.

The dollar was a shade lower against a basket of major currencies.

US&nbsp;President Donald Trump has said tariffs on Chinese imports will rise on October&nbsp;15 if no progress is made in the negotiations.

The US&nbsp;Treasury yield curve steepened in Asia after Federal Reserve Chair Jerome Powell signalled further interest rate cuts and the resumption of bond purchases to address a recent spike in money market rates.

Lower interest rates generally reduce the opportunity cost of holding non-yielding gold and weigh on the dollar.

"With the latest QE-lite measures, we expect in flow of funds into gold-backed ETFs to continue, which is likely to push gold prices higher. We maintain that gold prices may test as high as $1,600/oz in this period of uncertainty," OCBC Bank said in a research note.

<a href="https://www.wionews.com/business-economy/gold-prices-dip-as-fears-of-widening-trade-war-ease-252730">Signals are mixed for spot gold, as it failed to break a support at $1,488 per ounce</a>, said Reuters market analyst, Wang Tao.

"The psychological $1,500 pivot looms as the first key support for gold, however expect to see interest extend as far as $1,485," MKS PAMP said in a note.

Meanwhile, silver gained 1.2 per cent&nbsp;to $17.91 an ounce, while platinum rose 0.4 per cent&nbsp;to $892.99. Palladium declined 0.2 per cent&nbsp;to $1,673.17 an ounce.

Gold prices on Wednesday held on to the previous session's gains, as fading hopes for progress in US-China trade talks hit risk appetite, while markets also awaited clues on monetary easing by the US Federal Reserve.

Gold prices on Wednesday held on to the previous session's gains, as fading hopes for progress in US-China trade talks hit risk appetite, while markets also awaited clues on monetary easing by the US Federal Reserve. Spot gold rose 0.4 per cent to $1,510.50 per ounce as of 0723 GMT, and stood its ground above $1,500 after jumping as much as 1 per cent in the previous session. US gold futures gained 0.8 per cent to $1,516.20 per ounce. "The market is holding back, and looking at what's going to happen in the US-China trade talks on Thursday... If the trade dispute turns worse, we are going to expect some strong risk-off trade," said Phillip Futures analyst Benjamin Lu. "The players who were short, rolled back on their positions. We are also seeing some weakness on the equity side." The United States on Tuesday imposed visa restrictions on Chinese officials for the detention or abuse of Muslim minorities, angering Beijing ahead of high-level trade talks on Thursday and Friday, and sending Asian stocks lower. The dollar was a shade lower against a basket of major currencies. US President Donald Trump has said tariffs on Chinese imports will rise on October 15 if no progress is made in the negotiations. The US Treasury yield curve steepened in Asia after Federal Reserve Chair Jerome Powell signalled further interest rate cuts and the resumption of bond purchases to address a recent spike in money market rates. Lower interest rates generally reduce the opportunity cost of holding non-yielding gold and weigh on the dollar. "With the latest QE-lite measures, we expect in flow of funds into gold-backed ETFs to continue, which is likely to push gold prices higher. We maintain that gold prices may test as high as $1,600/oz in this period of uncertainty," OCBC Bank said in a research note. Signals are mixed for spot gold, as it failed to break a support at $1,488 per ounce, said Reuters market analyst, Wang Tao. "The psychological $1,500 pivot looms as the first key support for gold, however expect to see interest extend as far as $1,485," MKS PAMP said in a note. Meanwhile, silver gained 1.2 per cent to $17.91 an ounce, while platinum rose 0.4 per cent to $892.99. Palladium declined 0.2 per cent to $1,673.17 an ounce.

Gold holds firm as optimism fades for US-China trade talks

Spot gold was down 0.2 per cent at $1,494.30 per ounce, as of 0104 GMT. In the previous session, prices fell to their lowest since September&nbsp;18 at $1,486.60.

US&nbsp;gold futures were 0.2 per cent&nbsp;lower at $1,503.3 per ounce.

China hopes Beijing and Washington will resolve their trade dispute "with a calm and rational attitude", Vice Commerce Minister Wang Shouwen said on Sunday, ahead of talks in two weeks between the two sides.

President Donald Trump's administration is considering delisting Chinese companies from US&nbsp;stock exchanges, three sources briefed on the matter said on Friday, in what would be a radical escalation of US-China trade tensions.

The United States does not currently plan to stop Chinese companies from listing on US&nbsp;exchanges, Bloomberg reported on Saturday, citing a US&nbsp;Treasury official.

US&nbsp;consumer spending barely rose in August and business investment remained subdued amid lingering trade tensions, prompting economists to slash their economic growth estimates for the third quarter.

Philadelphia Federal Reserve Bank President Patrick Harker said in New York on Friday he opposed the central bank's September rate cut and thinks the Fed should "hold firm" on interest rates.

Boris Johnson said on Sunday <a href="https://www.wionews.com/world/british-pm-boris-johnson-vows-to-stay-put-to-hit-october-31-brexit-deadline-252702">he would not quit as Britain's Prime Minister</a> even if he fails to secure a deal to leave the European Union, insisting only his Conservative government can deliver Brexit on October 31.

Saudi Arabia's crown prince warned in an interview broadcast on Sunday that oil prices could spike to "unimaginably high numbers" if the world does not come together to deter Iran, but said he would prefer a political solution to a military one.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.22 per cent&nbsp;to 922.88 tonnes on Friday.

Hedge funds and money managers raised their bullish positions in COMEX gold and reduced bullish bets on silver contracts in the week to September&nbsp;24, the US&nbsp;Commodity Futures Trading Commission (CFTC) said on Friday.

Spot gold was down 0.2 per cent at $1,494.30 per ounce, as of 0104 GMT. In the previous session, prices fell to their lowest since September 18 at $1,486.60. US gold futures were 0.

Spot gold was down 0.2 per cent at $1,494.30 per ounce, as of 0104 GMT. In the previous session, prices fell to their lowest since September 18 at $1,486.60. US gold futures were 0.2 per cent lower at $1,503.3 per ounce. China hopes Beijing and Washington will resolve their trade dispute "with a calm and rational attitude", Vice Commerce Minister Wang Shouwen said on Sunday, ahead of talks in two weeks between the two sides. President Donald Trump's administration is considering delisting Chinese companies from US stock exchanges, three sources briefed on the matter said on Friday, in what would be a radical escalation of US-China trade tensions. The United States does not currently plan to stop Chinese companies from listing on US exchanges, Bloomberg reported on Saturday, citing a US Treasury official. US consumer spending barely rose in August and business investment remained subdued amid lingering trade tensions, prompting economists to slash their economic growth estimates for the third quarter. Philadelphia Federal Reserve Bank President Patrick Harker said in New York on Friday he opposed the central bank's September rate cut and thinks the Fed should "hold firm" on interest rates. Boris Johnson said on Sunday he would not quit as Britain's Prime Minister even if he fails to secure a deal to leave the European Union, insisting only his Conservative government can deliver Brexit on October 31. Saudi Arabia's crown prince warned in an interview broadcast on Sunday that oil prices could spike to "unimaginably high numbers" if the world does not come together to deter Iran, but said he would prefer a political solution to a military one. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.22 per cent to 922.88 tonnes on Friday. Hedge funds and money managers raised their bullish positions in COMEX gold and reduced bullish bets on silver contracts in the week to September 24, the US Commodity Futures Trading Commission (CFTC) said on Friday.

Gold prices dip as fears of widening trade war ease

In three separate cases read over Sunday and Monday, customs officials at Chennai airport seized 5.1 kg of gold worth 2 crores that were hidden by passengers&nbsp;in their personal effects.

Five members have been arrested in connection with these cases, including a person who was waiting outside the arrival lounge to collect the goods.&nbsp;

On Monday, based on information Salim, 40, of Ernakulam(Kerala) who had arrived by AirAsia flight FD 153 from Bangkok was intercepted at the exit on suspicion of carrying gold. He appeared to be walking in a suspicious manner and when questioned he gave evasive replies. On frisking him and his baggage, two gold cut bars which were wrapped with adhesive tape weighing 1 Kg, valued at Rs. 39 lakhs were found concealed in his socks. The bars were recovered and seized under the Customs Act 1962.

On questioning, he informed that the gold was to be handed over to an unknown person outside the airport. He was taken out of the airport and when one person approached him to take delivery, he was apprehended.

A senior customs official told WION, “People who come to collect the goods tend to escape, but this time around we have nabbed him. We have also learnt that the kingpin is based out of Kerala and are working on nabbing him as well. We have seized gold in larger volume as well, but this is higher than the usual recovery which amounts to a few lakhs."

In another case on Monday, based on inputs, a family of three Ashraf Ali, 59, Saira Banu, 50 and their son Mohammed Salih, 23, from Chennai who had arrived by same flight were intercepted at the exit. On personal search, 10 zip lock pouches containing rubbery material were recovered, concealed inside their innerwear. On extraction 2.5 gold valued at Rs. 97 lakhs was recovered and seized under Customs Act 1962 and the parents were arrested.

On Sunday, based on an information one Saidalavi Kunnathodi, 51 of Malappuram (Kerala), who arrived from Abu Dhabi by Etihad Airways Flight EY238 was intercepted at the exit. His checked-in baggage was taken up for examination. A water motor pump was found inside his baggage. On dismantling the pump a cylindrical gold bar weighing 1.64 Kg valued at Rs 64 lakhs was found concealed inside the rotor portion of the motor. The gold was recovered and seized under Customs Act 1962 and the passenger was arrested. 
&nbsp;

In three separate cases read over Sunday and Monday, customs officials at Chennai airport seized 5.1 kg of gold worth 2 crores that were hidden by passengers in their personal effects.

In three separate cases read over Sunday and Monday, customs officials at Chennai airport seized 5.1 kg of gold worth 2 crores that were hidden by passengers in their personal effects. Five members have been arrested in connection with these cases, including a person who was waiting outside the arrival lounge to collect the goods. On Monday, based on information Salim, 40, of Ernakulam(Kerala) who had arrived by AirAsia flight FD 153 from Bangkok was intercepted at the exit on suspicion of carrying gold. He appeared to be walking in a suspicious manner and when questioned he gave evasive replies. On frisking him and his baggage, two gold cut bars which were wrapped with adhesive tape weighing 1 Kg, valued at Rs. 39 lakhs were found concealed in his socks. The bars were recovered and seized under the Customs Act 1962. On questioning, he informed that the gold was to be handed over to an unknown person outside the airport. He was taken out of the airport and when one person approached him to take delivery, he was apprehended. A senior customs official told WION, “People who come to collect the goods tend to escape, but this time around we have nabbed him. We have also learnt that the kingpin is based out of Kerala and are working on nabbing him as well. We have seized gold in larger volume as well, but this is higher than the usual recovery which amounts to a few lakhs." In another case on Monday, based on inputs, a family of three Ashraf Ali, 59, Saira Banu, 50 and their son Mohammed Salih, 23, from Chennai who had arrived by same flight were intercepted at the exit. On personal search, 10 zip lock pouches containing rubbery material were recovered, concealed inside their innerwear. On extraction 2.5 gold valued at Rs. 97 lakhs was recovered and seized under Customs Act 1962 and the parents were arrested. On Sunday, based on an information one Saidalavi Kunnathodi, 51 of Malappuram (Kerala), who arrived from Abu Dhabi by Etihad Airways Flight EY238 was intercepted at the exit. His checked-in baggage was taken up for examination. A water motor pump was found inside his baggage. On dismantling the pump a cylindrical gold bar weighing 1.64 Kg valued at Rs 64 lakhs was found concealed inside the rotor portion of the motor. The gold was recovered and seized under Customs Act 1962 and the passenger was arrested.

5.1 kg gold worth 2 crore hidden in socks, innerwear, motor pump seized in Chennai airport; 5 arrested

Gold rose to its highest in more than a week on Monday, supported by Middle East tensions and uncertainty over US-China trade talks, while palladium hit an all-time high.

Spot gold rose 0.2 per cent to $1,519.56 per ounce at 0818 GMT per ounce, touching a high since September 12.

US gold futures rose 0.8 &nbsp;per cent to $1,527.20.

"No significant news is coming out of the trade war until and unless we have some clarity on the negotiations, gold will be supported," said Hareesh V, head of commodity research at Geojit Financial Services.

A US-China trade breakthrough seemed unlikely after President Donald Trump told reporters on Friday he was "not looking" for a partial deal and Chinese officials cancelled goodwill visits to US farmers.

But both sides later published positive statements. The US Trade Representative's office described last week's talks as "productive" and China's Commerce Ministry called them "constructive." October's high-level talks remain on track.

"On an immediate basis, gold is trading between the range of$1,465-$1,550. If the trade talks fail gold may rally to $1,660 or even higher," Hareesh said.

The bullion has risen about 18 per cent so far this year.

Tensions remained elevated in the Middle East after Washington ordered more troops to the Gulf region to strengthen Saudi Arabia's air and missile defences, following an attack on the kingdom's oil facilities. The United States has imposed more sanctions on Iran, penalizing Iran's central bank.

Saudi Arabia will appeal to a global gathering in New York this week for concerted action to punish and deter Iran after the strikes.

The dollar was nearly flat against a basket of currencies, while most Asian share markets slipped on Monday.

Holdings at SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 1.2 per cent to 894.15 tonnes on Friday.

COMEX gold speculators raised net long position by 14,150 contracts to 261,878 in the week to September 17, according to the US Commodity Futures Trading Commission data.

Spot palladium rose 0.8 per cent to $1,655 per ounce, after hitting a record high at $1,664.34 earlier in the session.

"Healthy demand, constrained supply and challenging liquidity conditions are likely driving prices higher," UBS strategist Joni Teves wrote in a note.

"A breakdown of US-China trade talks, deterioration in economic data and a pullback inequity from the highs present downside risks for palladium over the remainder of the year."

Silver nearly 2 per cent to $18.33 per ounce and platinum rose 0.8 per cent to $953.05 per ounce.

Gold rose to its highest in more than a week on Monday, supported by Middle East tensions and uncertainty over US-China trade talks, while palladium hit an all-time high.

Gold rose to its highest in more than a week on Monday, supported by Middle East tensions and uncertainty over US-China trade talks, while palladium hit an all-time high. Spot gold rose 0.2 per cent to $1,519.56 per ounce at 0818 GMT per ounce, touching a high since September 12. US gold futures rose 0.8 per cent to $1,527.20. "No significant news is coming out of the trade war until and unless we have some clarity on the negotiations, gold will be supported," said Hareesh V, head of commodity research at Geojit Financial Services. A US-China trade breakthrough seemed unlikely after President Donald Trump told reporters on Friday he was "not looking" for a partial deal and Chinese officials cancelled goodwill visits to US farmers. But both sides later published positive statements. The US Trade Representative's office described last week's talks as "productive" and China's Commerce Ministry called them "constructive." October's high-level talks remain on track. "On an immediate basis, gold is trading between the range of$1,465-$1,550. If the trade talks fail gold may rally to $1,660 or even higher," Hareesh said. The bullion has risen about 18 per cent so far this year. Tensions remained elevated in the Middle East after Washington ordered more troops to the Gulf region to strengthen Saudi Arabia's air and missile defences, following an attack on the kingdom's oil facilities. The United States has imposed more sanctions on Iran, penalizing Iran's central bank. Saudi Arabia will appeal to a global gathering in New York this week for concerted action to punish and deter Iran after the strikes. The dollar was nearly flat against a basket of currencies, while most Asian share markets slipped on Monday. Holdings at SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 1.2 per cent to 894.15 tonnes on Friday. COMEX gold speculators raised net long position by 14,150 contracts to 261,878 in the week to September 17, according to the US Commodity Futures Trading Commission data. Spot palladium rose 0.8 per cent to $1,655 per ounce, after hitting a record high at $1,664.34 earlier in the session. "Healthy demand, constrained supply and challenging liquidity conditions are likely driving prices higher," UBS strategist Joni Teves wrote in a note. "A breakdown of US-China trade talks, deterioration in economic data and a pullback inequity from the highs present downside risks for palladium over the remainder of the year." Silver nearly 2 per cent to $18.33 per ounce and platinum rose 0.8 per cent to $953.05 per ounce.

Gold hits more than one-week high on Gulf tensions

Gold prices edged higher on Friday and are set for their first weekly gain in one month, supported by a softer Dollar and developments in the Sino-US&nbsp;trade talks.

Spot gold was up 0.3% at $1,503.20 per ounce, as of 03.53 GMT, and was on track for its first weekly gain, having risen nearly by 1% so far this week.

US&nbsp;gold futures were also up by 0.3% at $1,510.9 per ounce.

"A weaker US&nbsp;Dollar is giving gold a little bit of an upward drift", Michael McCarthy, Chief Market Strategist at CMC Markets said, adding that "prices are still very much in the middle of a trading range and pinned to $1,500 level".

The Dollar nursed losses against most major currencies on Friday, as central banks in Switzerland and the UK refrained from cutting rates, while risk appetite ebbed on caution about US-China trade talks.

"Investors are all waiting on any further developments in the trade negotiations as they move towards October meeting and that may provide [the] next big driver for gold prices," McCarthy said.

American and Chinese deputy trade negotiators resumed face-to-face talks for the first time in nearly two months on Thursday, trying to lay the groundwork for high-level talks in early October.

Gold prices have risen about 17% this year mainly on the back of the US-China trade tensions, concerns over the outlook for the global economy, and the prospect of monetary easing by central banks.

The Fed had cut interest rates for the second time this year on Wednesday to help sustain economic expansion but gave mixed signals on future rate cuts.

"The precious metal will remain supported as investors deliberate heightened market risks and accommodative economic policies for the near term", Phillip Futures' Analyst Benjamin Lu said in a note.

On the technical front, signals are mixed for spot gold as it is stuck in a narrow range of $1,488-$1,514 per ounce, according to Reuters' Technical Analyst Wang Tao.

Elsewhere, palladium gained 0.7% to $1,634.74 per ounce, having earlier climbed to a fresh record peak of $1,635.55.

Platinum rose by 0.5% to $942.00 per ounce and silver was up by 0.6% at $17.88.

Gold prices edged higher on Friday and are set for their first weekly gain in one month, supported by a softer Dollar and developments in the Sino-US trade talks.

Gold prices edged higher on Friday and are set for their first weekly gain in one month, supported by a softer Dollar and developments in the Sino-US trade talks. Spot gold was up 0.3% at $1,503.20 per ounce, as of 03.53 GMT, and was on track for its first weekly gain, having risen nearly by 1% so far this week. US gold futures were also up by 0.3% at $1,510.9 per ounce. "A weaker US Dollar is giving gold a little bit of an upward drift", Michael McCarthy, Chief Market Strategist at CMC Markets said, adding that "prices are still very much in the middle of a trading range and pinned to $1,500 level". The Dollar nursed losses against most major currencies on Friday, as central banks in Switzerland and the UK refrained from cutting rates, while risk appetite ebbed on caution about US-China trade talks. "Investors are all waiting on any further developments in the trade negotiations as they move towards October meeting and that may provide [the] next big driver for gold prices," McCarthy said. American and Chinese deputy trade negotiators resumed face-to-face talks for the first time in nearly two months on Thursday, trying to lay the groundwork for high-level talks in early October. Gold prices have risen about 17% this year mainly on the back of the US-China trade tensions, concerns over the outlook for the global economy, and the prospect of monetary easing by central banks. The Fed had cut interest rates for the second time this year on Wednesday to help sustain economic expansion but gave mixed signals on future rate cuts. "The precious metal will remain supported as investors deliberate heightened market risks and accommodative economic policies for the near term", Phillip Futures' Analyst Benjamin Lu said in a note. On the technical front, signals are mixed for spot gold as it is stuck in a narrow range of $1,488-$1,514 per ounce, according to Reuters' Technical Analyst Wang Tao. Elsewhere, palladium gained 0.7% to $1,634.74 per ounce, having earlier climbed to a fresh record peak of $1,635.55. Platinum rose by 0.5% to $942.00 per ounce and silver was up by 0.6% at $17.88.

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Gold&nbsp;prices scaled their highest in more than&nbsp;six&nbsp;years on Tuesday, as concerns around protests in Hong Kong and an Argentine currency crash amid fears of global economic slowdown, prompted investors to move away from&nbsp;riskier assets.

Spot&nbsp;gold&nbsp;rose 0.7 per cent to $1,521.98 per ounce as of 0715 GMT, its highest since April 2013.

US&nbsp;gold&nbsp;futures rose 1 per cent to $1,533 an ounce.

"It is a pretty straight forward case of&nbsp;risk&nbsp;aversion. Crisis in Argentina and <a href="https://www.wionews.com/opinions/hong-kong-protestors-have-made-their-point-to-china-241289">political deterioration in Hong Kong</a>; underlying all of this, global growth is slowing," said Ilya Spivak, senior currency strategist with DailyFx.

"Central banks can only do so much because a lot of them are at near record-low interest rates. There is not a lot of ammunition to deploy as countermeasures to the slowdown in global growth."

Protesters managed to shut down Hong Kong's airport, the world's busiest cargo airport, on Monday.&nbsp;

The protests, which started as an opposition to an extradition bill to mainland China, have expanded into wider calls for democracy.

On the other side of the globe, fears of a possible return to interventionist policies gripped the Argentine market after market-friendly President Mauricio Macri lost by a much bigger-than-expected margin in presidential primaries.

These uncertainties alongside fears of a drawn-out Sino-US trade war rattled financial markets, spurring investors to safe-haven assets.

Bullion, along with the Japanese yen and US Treasuries, is seen as a relatively safe investment in times of political and financial uncertainty.&nbsp;

The yen stood near a seven-month high against the dollar.

Investors are focused on the Federal Reserve's annual symposium next week.&nbsp;

Traders see a 74 per cent chance of a 25 basis-point rate cut by the Fed this September.

Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar, making&nbsp;gold&nbsp;cheaper for investors holding other currencies.

"Heightened geopolitical&nbsp;risks from Hong Kong protests along with global growth concerns remain largely supportive towards safe-haven flows," brokerage Phillip Futures said in a note.

"Gold&nbsp;prices must hold above $1,500 for an extension of the bullish wave in the current term."

Reflecting increased investor interest in&nbsp;gold, holdings of SPDR&nbsp;Gold&nbsp;Trust, the world's largest&nbsp;gold-backed exchange-traded fund, jumped 0.9 per cent to 847.77 tonnes on Monday from Friday.

Spot&nbsp;gold&nbsp;may test a resistance at $1,524 per ounce, a break above which could lead to a gain to $1,546, said Reuters technical analyst Wang Tao.

Among other precious metals, silver climbed 1.8 per cent to $17.36 per ounce. During the session, it hit its highest since January 2018 at $17.42. Platinum rose 1.3 per cent to $863.83 and palladium gained 0.7 per cent to $1,437.98 an ounce.

Gold prices scaled their highest in more than six years on Tuesday, as concerns around protests in Hong Kong and an Argentine currency crash amid fears of global economic slowdown, prompted investors to move away from riskier assets.

Gold prices scaled their highest in more than six years on Tuesday, as concerns around protests in Hong Kong and an Argentine currency crash amid fears of global economic slowdown, prompted investors to move away from riskier assets. Spot gold rose 0.7 per cent to $1,521.98 per ounce as of 0715 GMT, its highest since April 2013. US gold futures rose 1 per cent to $1,533 an ounce. "It is a pretty straight forward case of risk aversion. Crisis in Argentina and political deterioration in Hong Kong; underlying all of this, global growth is slowing," said Ilya Spivak, senior currency strategist with DailyFx. "Central banks can only do so much because a lot of them are at near record-low interest rates. There is not a lot of ammunition to deploy as countermeasures to the slowdown in global growth." Protesters managed to shut down Hong Kong's airport, the world's busiest cargo airport, on Monday. The protests, which started as an opposition to an extradition bill to mainland China, have expanded into wider calls for democracy. On the other side of the globe, fears of a possible return to interventionist policies gripped the Argentine market after market-friendly President Mauricio Macri lost by a much bigger-than-expected margin in presidential primaries. These uncertainties alongside fears of a drawn-out Sino-US trade war rattled financial markets, spurring investors to safe-haven assets. Bullion, along with the Japanese yen and US Treasuries, is seen as a relatively safe investment in times of political and financial uncertainty. The yen stood near a seven-month high against the dollar. Investors are focused on the Federal Reserve's annual symposium next week. Traders see a 74 per cent chance of a 25 basis-point rate cut by the Fed this September. Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar, making gold cheaper for investors holding other currencies. "Heightened geopolitical risks from Hong Kong protests along with global growth concerns remain largely supportive towards safe-haven flows," brokerage Phillip Futures said in a note. "Gold prices must hold above $1,500 for an extension of the bullish wave in the current term." Reflecting increased investor interest in gold, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, jumped 0.9 per cent to 847.77 tonnes on Monday from Friday. Spot gold may test a resistance at $1,524 per ounce, a break above which could lead to a gain to $1,546, said Reuters technical analyst Wang Tao. Among other precious metals, silver climbed 1.8 per cent to $17.36 per ounce. During the session, it hit its highest since January 2018 at $17.42. Platinum rose 1.3 per cent to $863.83 and palladium gained 0.7 per cent to $1,437.98 an ounce.

Gold hits over the six-year peak on risk-off sentiment

Gold&nbsp;prices jumped more than 1per cent to their highest in more than six years on Monday, as the escalating trade war between the United States and China along with global growth worries drove investors towards safe haven assets. 
&nbsp; 
Spot gold was up 1.1per cent at $1,456.51 per ounce as of 0725 GMT,&nbsp;after hitting its highest since May 2013 at $1,459.47 earlier in the session. 
&nbsp; 
US gold&nbsp;futures rose 0.8 per cent to $1,468.50 an ounce. 
&nbsp; 
"Gold&nbsp;is certainly benefiting from the global concerns about the outlook for growth, and central banks are likely to maintain their accommodative stance, so safe havens like&nbsp;gold&nbsp;are in demand," said Michael McCarthy, chief market strategist, CMC Markets. 
&nbsp; 
"<a href="https://www.wionews.com/business-economy/hong-kong-stocks-fall-amid-us-china-trade-tensions-protests-in-city-239117">Trade tensions between the US and China</a> are an important factor, the potential for escalation is very high ... we might not get what markets are fearing, but it is all adding to the real concerns about the outlook for growth assets." 
&nbsp; 
On Friday, China said it will fight back against US President Donald Trump's decision to impose an additional 10% tariff on $300 billion worth of Chinese imports. 
&nbsp; 
The tariffs may force<a href="https://www.wionews.com/business-economy/nasdaq-ends-at-record-high-dollar-falls-as-us-fed-signals-possible-rate-cut-234814"> the Federal Reserve </a>to cut interest rates more than it had hoped was necessary to protect the US&nbsp;economy from trade policy risks. 
&nbsp; 
Meanwhile, recent economic readings from the US cemented expectations that the Fed will cut interest rates again in September after it delivered its first rate reduction in more than a decade last month. 
&nbsp; 
Lower interest rates decrease the opportunity cost of holding on yielding bullion and weigh on the dollar. 
&nbsp; 
Helping the bullion's appeal, the dollar index touched a one week low, making&nbsp;gold&nbsp;cheaper for investors holding other currencies. 
&nbsp; 
Adding to the global economic gloom, China's services sector expanded at the slowest pace in five months in July despite a sharp upturn of new export orders, a private survey showed on Monday. 
&nbsp; 
"Near-term outlook for&nbsp;gold&nbsp;looks positive. All this volatility, growth fears, persistent weakness in economic data will be good enough for risk off environment," said Benjamin Lu, an analyst at Phillip Futures. 
&nbsp; 
Further helping&nbsp;gold's allure, Asian shares slid to 6 1/2 month lows on Monday. 
&nbsp; 
On the technical front, spot&nbsp;gold&nbsp;may climb to a range of $1,461 $1,474 per ounce, said Reuters technical analyst Wang Tao. 
&nbsp; 
Holdings of SPDR&nbsp;Gold&nbsp;Trust, the world's largest&nbsp;gold backed exchange traded fund, rose 0.36per cent to 830.76 tonnes on Friday from Thursday. 
&nbsp; 
Hedge funds and money managers raised their bullish stance in COMEX&nbsp;gold&nbsp;and silver contracts in the week to July 30, the U.S. Commodity Futures Trading Commission said on Friday. 
&nbsp; 
Elsewhere, silver gained 1.9 per cent to $16.51 per ounce and platinum climbed 1.4per cent to $854.33. 
&nbsp; 
Palladium rose 1per cent to $1,420.60 an ounce.

Gold prices jumped more than 1per cent to their highest in more than six years on Monday, as the escalating trade war between the United States and China along with global growth worries drove investors towards safe haven assets.

Gold prices jumped more than 1per cent to their highest in more than six years on Monday, as the escalating trade war between the United States and China along with global growth worries drove investors towards safe haven assets. Spot gold was up 1.1per cent at $1,456.51 per ounce as of 0725 GMT, after hitting its highest since May 2013 at $1,459.47 earlier in the session. US gold futures rose 0.8 per cent to $1,468.50 an ounce. "Gold is certainly benefiting from the global concerns about the outlook for growth, and central banks are likely to maintain their accommodative stance, so safe havens like gold are in demand," said Michael McCarthy, chief market strategist, CMC Markets. "Trade tensions between the US and China are an important factor, the potential for escalation is very high ... we might not get what markets are fearing, but it is all adding to the real concerns about the outlook for growth assets." On Friday, China said it will fight back against US President Donald Trump's decision to impose an additional 10% tariff on $300 billion worth of Chinese imports. The tariffs may force the Federal Reserve to cut interest rates more than it had hoped was necessary to protect the US economy from trade policy risks. Meanwhile, recent economic readings from the US cemented expectations that the Fed will cut interest rates again in September after it delivered its first rate reduction in more than a decade last month. Lower interest rates decrease the opportunity cost of holding on yielding bullion and weigh on the dollar. Helping the bullion's appeal, the dollar index touched a one week low, making gold cheaper for investors holding other currencies. Adding to the global economic gloom, China's services sector expanded at the slowest pace in five months in July despite a sharp upturn of new export orders, a private survey showed on Monday. "Near-term outlook for gold looks positive. All this volatility, growth fears, persistent weakness in economic data will be good enough for risk off environment," said Benjamin Lu, an analyst at Phillip Futures. Further helping gold's allure, Asian shares slid to 6 1/2 month lows on Monday. On the technical front, spot gold may climb to a range of $1,461 $1,474 per ounce, said Reuters technical analyst Wang Tao. Holdings of SPDR Gold Trust, the world's largest gold backed exchange traded fund, rose 0.36per cent to 830.76 tonnes on Friday from Thursday. Hedge funds and money managers raised their bullish stance in COMEX gold and silver contracts in the week to July 30, the U.S. Commodity Futures Trading Commission said on Friday. Elsewhere, silver gained 1.9 per cent to $16.51 per ounce and platinum climbed 1.4per cent to $854.33. Palladium rose 1per cent to $1,420.60 an ounce.

Gold  hits six year high as trade, growth concerns boost demand

<a href="https://www.wionews.com/business-%26-economy/gold-prices-slip-for-sixth-session-as-dollar-trades-near-1-year-high-153068">Gold prices</a> firmed on Tuesday ahead of a meeting of the <a href="https://www.wionews.com/business-economy/nasdaq-ends-at-record-high-dollar-falls-as-us-fed-signals-possible-rate-cut-234814">US Federal Reserve</a> where it is expected to signal how big an interest rate cut the world's biggest economy could take.

Spot gold was up 0.1 per cent to1,427.85 dollars per ounce as of 0954 GMT. US gold futures were up 0.6 per cent at1,428.30 dollars per ounce.

"The big question is what the tone of the Fed will be tomorrow. Interest rates are overwhelmingly likely to be cut. It's just a question of by how much," said Mitsubishi analyst Jonathan Butler.&nbsp;

"Gold is still at 6-year highs. Although it has been close to1,450 dollars recently, it seems to have found a level around1,425 dollars."

Investors awaited cues on the Fed's two-day monetary policy meeting beginning later in the session, which is expected to result in a 25-basis point cut in interest rates. If implemented, it would be the central bank's first rate cut in a decade.

The bank would be joining peers such as the European Central Bank in signalling the need for rate cuts. The <a href="https://www.wionews.com/business-economy/asia-stocks-higher-ahead-of-fed-pound-pressured-by-fresh-brexit-pain-239341">Bank of Japan</a> has also said it would ease "without hesitation" if the economy lost momentum in order to achieve its inflation target.

Gains in the dollar index, which touched a two-month high of 98.206 on the back of a weaker sterling, helped cap the rise in bullion.

"Liquidity is still thin as traders seem to be holding back before the Fed gives its views on monetary policy," said Benjamin Lu, an analyst at Phillip Futures, adding that a firm dollar was putting pressure on gold prices.&nbsp;

US-China trade negotiations, which begin in Shanghai on Tuesday, were also in the spotlight, although expectations for progress during the two-day meeting are low, with the markets hoping the two sides can at least detail commitments for goodwill gestures.&nbsp;

On the technical side, spot gold remains neutral in a range of 1,412-1,427 dollars per ounce, and an escape could suggest a direction, according to Reuters technical analyst Wang Tao.&nbsp;

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.83 per cent to 824.89 tonnes on Monday from Friday.

Among other precious metals, silver rose 0.2 per cent to16.49 dollars, while platinum edged 0.2 per cent higher to 877.29dollars.

Palladium dropped 0.5 per cent to1,545.31 dollars per ounce, after touching a near two-week high in the previous session.

Gold prices firmed on Tuesday ahead of a meeting of the US Federal Reserve where it is expected to signal how big an interest rate cut the world's biggest economy could take.

Gold prices firmed on Tuesday ahead of a meeting of the US Federal Reserve where it is expected to signal how big an interest rate cut the world's biggest economy could take. Spot gold was up 0.1 per cent to1,427.85 dollars per ounce as of 0954 GMT. US gold futures were up 0.6 per cent at1,428.30 dollars per ounce. "The big question is what the tone of the Fed will be tomorrow. Interest rates are overwhelmingly likely to be cut. It's just a question of by how much," said Mitsubishi analyst Jonathan Butler. "Gold is still at 6-year highs. Although it has been close to1,450 dollars recently, it seems to have found a level around1,425 dollars." Investors awaited cues on the Fed's two-day monetary policy meeting beginning later in the session, which is expected to result in a 25-basis point cut in interest rates. If implemented, it would be the central bank's first rate cut in a decade. The bank would be joining peers such as the European Central Bank in signalling the need for rate cuts. The Bank of Japan has also said it would ease "without hesitation" if the economy lost momentum in order to achieve its inflation target. Gains in the dollar index, which touched a two-month high of 98.206 on the back of a weaker sterling, helped cap the rise in bullion. "Liquidity is still thin as traders seem to be holding back before the Fed gives its views on monetary policy," said Benjamin Lu, an analyst at Phillip Futures, adding that a firm dollar was putting pressure on gold prices. US-China trade negotiations, which begin in Shanghai on Tuesday, were also in the spotlight, although expectations for progress during the two-day meeting are low, with the markets hoping the two sides can at least detail commitments for goodwill gestures. On the technical side, spot gold remains neutral in a range of 1,412-1,427 dollars per ounce, and an escape could suggest a direction, according to Reuters technical analyst Wang Tao. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.83 per cent to 824.89 tonnes on Monday from Friday. Among other precious metals, silver rose 0.2 per cent to16.49 dollars, while platinum edged 0.2 per cent higher to 877.29dollars. Palladium dropped 0.5 per cent to1,545.31 dollars per ounce, after touching a near two-week high in the previous session.

Gold firms ahead of expected Federal interest rate cut

The perils of taking social media on face value are known to all, yet the rush to be seen doing the right thing often blurs the line between fact and fiction. The last few days have seen a tremendous outpouring of support for Indian athlete Hima Das who has won five consecutive gold medals at athletic meets across eastern Europe and has raised social media hopes of a first Olympic medal in the sport for India. Today, we add a dash of reality to those claims.

Decoding Hima Das' golden streak: Special achievement or merely hype?

Gold rose on Friday and was on track to post a weekly gain, supported by an easing dollar and weaker than expected Chinese trade data which stoked global growth concerns.

Spot gold was up 0.3% at $1,408.27 per ounce at 1136 GMT.

<a href="https://www.wionews.com/entertainment/bollywood-celebrities-applaud-dutee-chand-for-winning-gold-in-world-university-235221">Gold</a> has risen about 0.6% so far this week.

<a href="https://www.wionews.com/business-economy/us-delegation-to-discuss-indias-new-e-commerce-rules-during-trade-talks-235262">US</a> gold futures rose 0.2% to $1,409.8 an ounce.

"We have <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/opinions/us-china-trade-war-is-making-china-stronger-234526&amp;sa=U&amp;ved=2ahUKEwiN-qTzsK_jAhXVfd4KHd9NDEsQFjAJegQIABAC&amp;usg=AOvVaw2mZbA9dK8Er7gAUzoNsiFc">(China's) trade</a> data out this morning which disappointed mainly on the import side, suggesting the Chinese economy is still struggling," said Julius Baer analyst Carsten Menke.

"This provided fuel to the growth worries, so that's why gold as a haven is benefiting."

China's exports fell in June as the United States ramped up trade pressure, while imports shrank more than expected, pointing to further strains on the world's second-largest economy.

Also helping gold was the dollar index, which eased for a third straight session as stronger-than-expected US <a href="https://www.wionews.com/business-economy/euro-zone-growth-inflation-outlook-cut-as-risks-from-us-trade-grow-234720/amp">inflation</a> data failed to shake convictions that the Federal Reserve will start cutting interest rates this month.

Despite the robust core US consumer price index data, money markets still indicated one rate cut at the end of July and a cumulative 64 basis points in cuts by the end of 2019.

"The comments from the Fed and the minutes this week were on the dovish side and have given the market hope that there might be a chance of a 50 basis point cut," said ABN Amro analyst Georgette Boele.

Fed Chair Jerome Powell indicated on Thursday that a rate cut is likely at the Fed's next meeting as businesses slow investment due to trade disputes and their impact on global growth.

Spot gold has risen more than 11% since it touched the year's low of $1,265.85 per ounce in May, mainly on expectations of aggressive monetary policy easing and growth worries.

"The market is clearly more aggressive than we are, so there is some potential for disappointment on the rate side," Menke said.

"So, if we don't get three rate cuts by the end of the year this could be a trigger for a little bit of a short-term correction in gold."

In the physical market, gold buying stalled in top Asian hubs this week as consumers sold back bullion to cash in on the steep price rally.

A recent import duty hike further dented waning interest in an Indian market hit by a surge in local rates.

Elsewhere, silver and platinum were up 0.1% at $15.13 and $821 per ounce respectively.

Palladium fell 0.2% to $1,557.50 an ounce, edging away from a 16-week peak of $1,605.52 touched in the previous session.

Gold rose on Friday and was on track to post a weekly gain, supported by an easing dollar and weaker than expected Chinese trade data which stoked global growth concerns.

Gold rose on Friday and was on track to post a weekly gain, supported by an easing dollar and weaker than expected Chinese trade data which stoked global growth concerns. Spot gold was up 0.3% at $1,408.27 per ounce at 1136 GMT. Gold has risen about 0.6% so far this week. US gold futures rose 0.2% to $1,409.8 an ounce. "We have (China's) trade data out this morning which disappointed mainly on the import side, suggesting the Chinese economy is still struggling," said Julius Baer analyst Carsten Menke. "This provided fuel to the growth worries, so that's why gold as a haven is benefiting." China's exports fell in June as the United States ramped up trade pressure, while imports shrank more than expected, pointing to further strains on the world's second-largest economy. Also helping gold was the dollar index, which eased for a third straight session as stronger-than-expected US inflation data failed to shake convictions that the Federal Reserve will start cutting interest rates this month. Despite the robust core US consumer price index data, money markets still indicated one rate cut at the end of July and a cumulative 64 basis points in cuts by the end of 2019. "The comments from the Fed and the minutes this week were on the dovish side and have given the market hope that there might be a chance of a 50 basis point cut," said ABN Amro analyst Georgette Boele. Fed Chair Jerome Powell indicated on Thursday that a rate cut is likely at the Fed's next meeting as businesses slow investment due to trade disputes and their impact on global growth. Spot gold has risen more than 11% since it touched the year's low of $1,265.85 per ounce in May, mainly on expectations of aggressive monetary policy easing and growth worries. "The market is clearly more aggressive than we are, so there is some potential for disappointment on the rate side," Menke said. "So, if we don't get three rate cuts by the end of the year this could be a trigger for a little bit of a short-term correction in gold." In the physical market, gold buying stalled in top Asian hubs this week as consumers sold back bullion to cash in on the steep price rally. A recent import duty hike further dented waning interest in an Indian market hit by a surge in local rates. Elsewhere, silver and platinum were up 0.1% at $15.13 and $821 per ounce respectively. Palladium fell 0.2% to $1,557.50 an ounce, edging away from a 16-week peak of $1,605.52 touched in the previous session.

Gold edges up on weaker dollar, China data fuels growth concerns

Sprinter Dutee Chand won the 100m gold medal on Tuesday in the ongoing World University Games in Napoli.

<a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/sports/sprinter-dutee-chand-faces-expulsion-from-family-after-revealing-same-sex-relationship-219884&amp;sa=U&amp;ved=2ahUKEwjHtNDylKrjAhVjH48KHbNvBMsQFjADegQIDxAC&amp;usg=AOvVaw1RcYd-kmicSvl3fA1ttuTO">Chand </a>won the gold medal in just 11.32 seconds.

She also holds the 100m national record with 11.24 seconds.

"With years of hard work and your blessings, I have yet again broken the record by winning the Gold in the 100m dash in 11.32 seconds at The World University Games, Napoli. In the pictures, are the winners too, with a heart of Gold from Germany and Sweden. @Napoli2019_ita," Chand tweeted.

She posted a picture of her with the gold medal and captioned it "Picked it up".

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Pull me down, I will come back stronger! <a href="https://t.co/PHO86ZrExl">pic.twitter.com/PHO86ZrExl</a>
— Dutee Chand (@DuteeChand) <a href="https://twitter.com/DuteeChand/status/1148683305975345152?ref_src=twsrc%5Etfw">July 9, 2019</a></blockquote>
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"Pull me down, I will come back stronger," she wrote in another tweet.

Chand recently made headlines as she disclosed that she's in a <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/sports/dutee-chand-my-own-sister-is-blackmailing-me-she-asked-me-for-rs-25-lakh-220416&amp;sa=U&amp;ved=2ahUKEwjHtNDylKrjAhVjH48KHbNvBMsQFjABegQIEhAC&amp;usg=AOvVaw15FWyPs67U6lxkauNAvulv">same-sex relationship</a>.

Also read :&nbsp;<a href="https://www.wionews.com/sports/dutee-chand-indias-first-openly-gay-athelete-turns-cover-girl-for-a-fashion-magazine-234275">Dutee Chand, India's first openly-gay athlete, turns cover girl for a fashion magazine</a>

"This is my personal matter. I am sure everything will be fine in a month or two. On the international level, there are several athletes (who are in a same-sex relationship). To live, everybody needs a partner who understands your heart. We like each other so we decided to live together. She gives me motivation for my sport. My focus on sports will be intact," she had said.

"Problem will come and go in future, nobody can take guarantee of that. But I think there won't be any problem. If it won't happen, I'll be able to focus more on my training. My focus is on Olympics 2020 (to be held in Tokyo). I am training to qualify and participate in the Olympics," she added.

Prime Minister Narendra Modi&nbsp;hailed sprinter <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/entertainment/ellen-degeneres-hails-dutee-chands-courage-says-shes-proud-of-the-athlete-220464&amp;sa=U&amp;ved=2ahUKEwjHtNDylKrjAhVjH48KHbNvBMsQFjAEegQIABAC&amp;usg=AOvVaw3UcgACEFGdOXzpfBLJ0x7E">Dutee Chand</a> for winning the women`s 100 m gold in the World University Games.

<div class="ui-state-default" contenteditable="false">
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Exceptional achievement of an exceptional athlete! 
 
Congratulations <a href="https://twitter.com/DuteeChand?ref_src=twsrc%5Etfw">@DuteeChand</a> for winning a hard earned and well deserved Gold in the Women’s 100 m finals. 
 
You make India proud! <a href="https://twitter.com/hashtag/Universiade?src=hash&amp;ref_src=twsrc%5Etfw">#Universiade</a> <a href="https://twitter.com/FISU?ref_src=twsrc%5Etfw">@FISU</a> <a href="https://t.co/LVSkbsPZOP">https://t.co/LVSkbsPZOP</a>
— Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/1148831303678119936?ref_src=twsrc%5Etfw">July 10, 2019</a></blockquote>
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"Exceptional achievement of an exceptional athlete! Congratulations @DuteeChand for winning a hard-earned and well-deserved Gold in the Women's 100 m finals. You make India proud! #Universiade FISU," Modi tweeted.

President Ram Nath Kovind also congratulated Chand.

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Congratulations <a href="https://twitter.com/DuteeChand?ref_src=twsrc%5Etfw">@DuteeChand</a> for winning the 100m sprint at the Universiade, the World University Games, in Naples. This is India’s first such gold and a moment of immense pride for our country. Please keep up the effort, and look to greater glory at the Olympics <a href="https://twitter.com/hashtag/PresidentKovind?src=hash&amp;ref_src=twsrc%5Etfw">#PresidentKovind</a>
— President of India (@rashtrapatibhvn) <a href="https://twitter.com/rashtrapatibhvn/status/1148755453439950849?ref_src=twsrc%5Etfw">July 10, 2019</a></blockquote>
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"Congratulations @DuteeChand for winning the 100m sprint at the Universiade, the World University Games, in Naples. This is India's first such gold and a moment of immense pride for our country. Please keep up the effort, and look to greater glory at the Olympics #PresidentKovind," read a tweet on the President's official Twitter handle.

Sprinter Dutee Chand won the 100m gold medal on Tuesday in the ongoing World University Games in Napoli. Chand won the gold medal in just 11.32 seconds. She also holds the 100m national record with 11.

Sprinter Dutee Chand won the 100m gold medal on Tuesday in the ongoing World University Games in Napoli. Chand won the gold medal in just 11.32 seconds. She also holds the 100m national record with 11.24 seconds. "With years of hard work and your blessings, I have yet again broken the record by winning the Gold in the 100m dash in 11.32 seconds at The World University Games, Napoli. In the pictures, are the winners too, with a heart of Gold from Germany and Sweden. @Napoli2019_ita," Chand tweeted. She posted a picture of her with the gold medal and captioned it "Picked it up". Pull me down, I will come back stronger! pic.twitter.com/PHO86ZrExl — Dutee Chand (@DuteeChand) July 9, 2019 × "Pull me down, I will come back stronger," she wrote in another tweet. Chand recently made headlines as she disclosed that she's in a same-sex relationship. Also read : Dutee Chand, India's first openly-gay athlete, turns cover girl for a fashion magazine "This is my personal matter. I am sure everything will be fine in a month or two. On the international level, there are several athletes (who are in a same-sex relationship). To live, everybody needs a partner who understands your heart. We like each other so we decided to live together. She gives me motivation for my sport. My focus on sports will be intact," she had said. "Problem will come and go in future, nobody can take guarantee of that. But I think there won't be any problem. If it won't happen, I'll be able to focus more on my training. My focus is on Olympics 2020 (to be held in Tokyo). I am training to qualify and participate in the Olympics," she added. Prime Minister Narendra Modi hailed sprinter Dutee Chand for winning the women`s 100 m gold in the World University Games. Exceptional achievement of an exceptional athlete! Congratulations @DuteeChand for winning a hard earned and well deserved Gold in the Women’s 100 m finals. You make India proud! #Universiade @FISU https://t.co/LVSkbsPZOP — Narendra Modi (@narendramodi) July 10, 2019 × "Exceptional achievement of an exceptional athlete! Congratulations @DuteeChand for winning a hard-earned and well-deserved Gold in the Women's 100 m finals. You make India proud! #Universiade FISU," Modi tweeted. President Ram Nath Kovind also congratulated Chand. Congratulations @DuteeChand for winning the 100m sprint at the Universiade, the World University Games, in Naples. This is India’s first such gold and a moment of immense pride for our country. Please keep up the effort, and look to greater glory at the Olympics #PresidentKovind — President of India (@rashtrapatibhvn) July 10, 2019 × "Congratulations @DuteeChand for winning the 100m sprint at the Universiade, the World University Games, in Naples. This is India's first such gold and a moment of immense pride for our country. Please keep up the effort, and look to greater glory at the Olympics #PresidentKovind," read a tweet on the President's official Twitter handle.

Dutee Chand wins gold in World University Games, earns PM Modi, President Kovind's praise

<a href="https://www.wionews.com/business-economy/gold-rises-as-focus-returns-to-growth-concerns-fed-rate-cut-233960/amp">Gold prices</a> ticked lower on Tuesday, as the dollar scaled to multi-week highs on reduced expectations of an aggressive US rate cut, although softer share markets capped the metal's losses.

Spot gold was down 0.2% at $1,393.03 per ounce as of 0740 GMT.

US&nbsp;gold futures fell 0.3% to $1,395.70 an ounce.

"Weakness in gold prices is largely due to an easing of rate cut expectations and bond yields are recovering. Markets continue to price in a 25 basis point cut but it looks like sentiment is easing and the dollar has rebounded," said Benjamin Lu, an analyst at Phillip Futures.

The dollar index hit a near three-week peak, making bullion expensive for holders of other currencies. The US Treasury yield curve hit its flattest level in more than a month after investors rolled back expectations for a sharp U.S. rate cut at the end of July. [USD/] [US/]

A week ago, the market forecast an 80.1% chance of a 25-basis-point cut, and a 19.9% chance of a 50-basis-point cut, according to CME Group's FedWatch tool. The chances are now 98% and 2%, respectively.

Adding to the reduced expectations for a larger cut, U.S. consumers in June lifted their inflation expectations for the first time in three months, New York Fed data showed on Monday.

However, the decline in gold prices was limited by weaker financial markets, with <a href="https://www.wionews.com/business-economy/asian-stocks-hobbled-by-fading-expectations-for-aggressive-fed-rate-cut-234146">Asian stocks</a> falling to their lowest in two-and-a-half weeks on Tuesday.

"We're seeing a lot of Fed policy uncertainty leak into the equation across risk assets in general. Equity markets falling is the most poignant example supporting gold prices," said Stephen Innes, managing partner at Vanguard Markets.

Market participants now await Fed Chairman Jerome Powell's two-day testimony before Congress, which starts on Wednesday for clues about a rate decrease.

Meanwhile, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.15% to 795.80 tonnes on Monday from 796.97 tonnes on Friday.

Hedge funds and money managers raised their bullish stance in COMEX gold in the week to July 2, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday in a report delayed because of the US Independence Day holiday.

On the technical side, spot gold may end its correction around a support at $1,387 and then retest a resistance at $1,421 per ounce, according to Reuters technical analyst Wang Tao.

Among other precious metals, silver gained 0.1% to $15.04 per ounce.

Palladium slipped 0.4% to $1,555.32, and platinum fell 0.2% to $812.23

Gold prices ticked lower on Tuesday, as the dollar scaled to multi-week highs on reduced expectations of an aggressive US rate cut, although softer share markets capped the metal's losses.

Gold prices ticked lower on Tuesday, as the dollar scaled to multi-week highs on reduced expectations of an aggressive US rate cut, although softer share markets capped the metal's losses. Spot gold was down 0.2% at $1,393.03 per ounce as of 0740 GMT. US gold futures fell 0.3% to $1,395.70 an ounce. "Weakness in gold prices is largely due to an easing of rate cut expectations and bond yields are recovering. Markets continue to price in a 25 basis point cut but it looks like sentiment is easing and the dollar has rebounded," said Benjamin Lu, an analyst at Phillip Futures. The dollar index hit a near three-week peak, making bullion expensive for holders of other currencies. The US Treasury yield curve hit its flattest level in more than a month after investors rolled back expectations for a sharp U.S. rate cut at the end of July. [USD/] [US/] A week ago, the market forecast an 80.1% chance of a 25-basis-point cut, and a 19.9% chance of a 50-basis-point cut, according to CME Group's FedWatch tool. The chances are now 98% and 2%, respectively. Adding to the reduced expectations for a larger cut, U.S. consumers in June lifted their inflation expectations for the first time in three months, New York Fed data showed on Monday. However, the decline in gold prices was limited by weaker financial markets, with Asian stocks falling to their lowest in two-and-a-half weeks on Tuesday. "We're seeing a lot of Fed policy uncertainty leak into the equation across risk assets in general. Equity markets falling is the most poignant example supporting gold prices," said Stephen Innes, managing partner at Vanguard Markets. Market participants now await Fed Chairman Jerome Powell's two-day testimony before Congress, which starts on Wednesday for clues about a rate decrease. Meanwhile, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.15% to 795.80 tonnes on Monday from 796.97 tonnes on Friday. Hedge funds and money managers raised their bullish stance in COMEX gold in the week to July 2, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday in a report delayed because of the US Independence Day holiday. On the technical side, spot gold may end its correction around a support at $1,387 and then retest a resistance at $1,421 per ounce, according to Reuters technical analyst Wang Tao. Among other precious metals, silver gained 0.1% to $15.04 per ounce. Palladium slipped 0.4% to $1,555.32, and platinum fell 0.2% to $812.23

Gold edges lower as dollar firms; weaker equities limit losses

<a href="https://www.wionews.com/business-economy/gold-prices-subdued-on-firmer-dollar-fed-meeting-in-focus-227905">Gold prices</a> rose on Monday, shaking off early losses to consolidate above the $1,400 pivot, as focus shifted to global growth concerns and interest rate cuts by major central banks.

Spot gold was up 0.5% at $1,406.79 per ounce, as of 0721 GMT. US &nbsp;gold futures climbed 0.6% to $1,408.90 an ounce.

Also helping gold, the dollar eased from multi-week highs and global stock markets were in red, helping the metal reverse course following a more than 1% fall on Friday after strong US jobs data lowered the likelihood of an aggressive rate cut by the US Federal Reserve.

"Despite the strong (US jobs) numbers, the market is expecting a rate cut, just not as aggressive it would have been. We are still in a rate easing cycle right now," said Howie Lee, an economist at OCBC Bank.

"Additionally, $1,400 is a pretty strong support level for gold. Also, growth remains weak globally and we have geopolitical tension between the <a href="https://www.wionews.com/opinions/us-iran-tensions-and-why-india-needs-to-step-up-its-game-230035">US and Iran</a>. Overall factors are still supportive of higher gold prices," he added.

US non-farm payrolls rebounded in June to 224,000, the most in five months, data showed on Friday, beating economists' consensus estimate of 160,000.

Fed Chairman Jerome Powell is expected to provide further cues on the near-term outlook for monetary policy this week at his semi-annual testimony to the US Congress on the economy.

However, persistent moderate wage gains and mounting evidence the economy was losing momentum could still encourage the Fed to cut interest rates this month.

A rate cut by the Fed could also prompt China's central bank to cut its benchmark policy rate for the first time in four years to support the slowing economy, analysts say.

Lower interest rates would support gold because they reduce the opportunity cost of holding non-yielding bullion.

Also on investors' radar is US-Iran tensions, with Tehran saying on Sunday it will shortly boost its uranium enrichment above a cap set by a landmark 2015 nuclear deal, prompting a warning 'to be careful' from US President Donald Trump.

Meanwhile, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.18% to 796.97 tonnes on Friday from 798.44 tonnes on Wednesday.

On the technical front, spot gold may retest a resistance at $1,439 per ounce and as long as the metal stays above the support at $1,387, it may resume its uptrend towards $1,497, according to Reuters technical analyst Wang Tao.

Among other precious metals, silver gained 0.6% to $15.06 per ounce, while palladium dipped 0.3% to $1,562.41.

Platinum rose 0.7% to $809.26, edging away from a more than one-week low touched in the previous session.

Gold prices rose on Monday, shaking off early losses to consolidate above the $1,400 pivot, as focus shifted to global growth concerns and interest rate cuts by major central banks.

Gold prices rose on Monday, shaking off early losses to consolidate above the $1,400 pivot, as focus shifted to global growth concerns and interest rate cuts by major central banks. Spot gold was up 0.5% at $1,406.79 per ounce, as of 0721 GMT. US gold futures climbed 0.6% to $1,408.90 an ounce. Also helping gold, the dollar eased from multi-week highs and global stock markets were in red, helping the metal reverse course following a more than 1% fall on Friday after strong US jobs data lowered the likelihood of an aggressive rate cut by the US Federal Reserve. "Despite the strong (US jobs) numbers, the market is expecting a rate cut, just not as aggressive it would have been. We are still in a rate easing cycle right now," said Howie Lee, an economist at OCBC Bank. "Additionally, $1,400 is a pretty strong support level for gold. Also, growth remains weak globally and we have geopolitical tension between the US and Iran. Overall factors are still supportive of higher gold prices," he added. US non-farm payrolls rebounded in June to 224,000, the most in five months, data showed on Friday, beating economists' consensus estimate of 160,000. Fed Chairman Jerome Powell is expected to provide further cues on the near-term outlook for monetary policy this week at his semi-annual testimony to the US Congress on the economy. However, persistent moderate wage gains and mounting evidence the economy was losing momentum could still encourage the Fed to cut interest rates this month. A rate cut by the Fed could also prompt China's central bank to cut its benchmark policy rate for the first time in four years to support the slowing economy, analysts say. Lower interest rates would support gold because they reduce the opportunity cost of holding non-yielding bullion. Also on investors' radar is US-Iran tensions, with Tehran saying on Sunday it will shortly boost its uranium enrichment above a cap set by a landmark 2015 nuclear deal, prompting a warning 'to be careful' from US President Donald Trump. Meanwhile, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.18% to 796.97 tonnes on Friday from 798.44 tonnes on Wednesday. On the technical front, spot gold may retest a resistance at $1,439 per ounce and as long as the metal stays above the support at $1,387, it may resume its uptrend towards $1,497, according to Reuters technical analyst Wang Tao. Among other precious metals, silver gained 0.6% to $15.06 per ounce, while palladium dipped 0.3% to $1,562.41. Platinum rose 0.7% to $809.26, edging away from a more than one-week low touched in the previous session.

Gold rises as focus returns to growth concerns, Fed rate cut

The gold rally continues. In India, on the Multi Commodity Exchange (MCX), gold for delivery in August contracts traded higher by over 1% to ₹34,810 per 10 gram. The gold for delivery in October contracts, too, rose by over 1% to ₹35,020 per 10 gram.

India Watch: Global gold prices at 6-year highs

The Pashupatinath Temple in Kathmandu owns 9.276 kg of gold and 1.3 billion rupees in cash, a report has revealed.

The data was made public on Wednesday, for the first time in history, by a committee formed by the government to investigate the assets owned by the shrine.

The committee had carried out a study and survey on the basis of prevailing data over a period of 10 months.

After analysing the record from Pashupati Area Development Trusts` (PADT) Financial Department, the committee found out that a total of 1.3 billion rupees has been deposited in banks.

Built in the 5th century, the shrine is one of the four most important religious sites in Asia for devotees of Shiva.&nbsp;

The lands, rest houses and sattals of the temple fall under the unmovable properties of the temple. Currently, 994.14 hectares land is covered by three offices which fall under the PADT.

Apart from it, the record of utensils in "Bombe Treasury" owned by temple and property of various Guthis which falls under the temple is yet to be surveyed.&nbsp;

However, the committee did not count the gold, silvers, currencies, ornaments and other pieces of jewellery offered to the temple that is kept in the main treasury of the temple.

The Supreme Court of Nepal had passed an order to keep the treasury closed.&nbsp;

The Pashupatinath Temple in Kathmandu owns 9.276 kg of gold and 1.3 billion rupees in cash, a report has revealed. The data was made public on Wednesday, for the first time in history, by a committee formed by the government to investigate the assets owned by the shrine.

The Pashupatinath Temple in Kathmandu owns 9.276 kg of gold and 1.3 billion rupees in cash, a report has revealed. The data was made public on Wednesday, for the first time in history, by a committee formed by the government to investigate the assets owned by the shrine. The committee had carried out a study and survey on the basis of prevailing data over a period of 10 months. After analysing the record from Pashupati Area Development Trusts` (PADT) Financial Department, the committee found out that a total of 1.3 billion rupees has been deposited in banks. Built in the 5th century, the shrine is one of the four most important religious sites in Asia for devotees of Shiva. The lands, rest houses and sattals of the temple fall under the unmovable properties of the temple. Currently, 994.14 hectares land is covered by three offices which fall under the PADT. Apart from it, the record of utensils in "Bombe Treasury" owned by temple and property of various Guthis which falls under the temple is yet to be surveyed. However, the committee did not count the gold, silvers, currencies, ornaments and other pieces of jewellery offered to the temple that is kept in the main treasury of the temple. The Supreme Court of Nepal had passed an order to keep the treasury closed.

Nepal: Pashupatinath temple owns over 9kg gold, 1.3 billion rupees cash

&nbsp;Global gold demand grew to 1,053.3 tonnes in the first quarter of 2019, up by seven per cent as compared to the last corresponding period, the World Gold Council (WGC) said on Thursday.

The increase was largely due to continued growth in central bank buying as well as growth in gold-backed<a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/sensex-nifty-fall-as-jet-airways-stocks-bleed-211510&amp;sa=U&amp;ved=2ahUKEwjVmoPzyPzhAhXErY8KHU8yB3k4HhAWMAV6BAgAEAI&amp;usg=AOvVaw1RpazSNyU0lJTfkqHit415"> exchange traded funds</a> (ETFs), WGC said in its latest report on gold demand trends.

&nbsp;India`s demand for gold jewellery hit a four-year high during January to March.

"A lower local rupee gold price in late February and early March coincided with the traditional gold buying wedding season, lifting jewellery demand to 125.4 tonnes, a 5 per cent increase on the same period last year and the highest Q1 since 2015.

"This helped the overall gold demand for jewellery at global level inch nearly one per cent higher to 530.3 tonnes despite two per cent decline in China`s demand for gold jewellery estimated at 184.1 tonnes, said WGC.

Central banks bought 145.5 tonnes of gold in Q1, up 68 per cent as compared to the corresponding period in 2018 and representing the strongest start to a year since 2013.

Diversification and a desire for safe, liquid assets were again the main drivers of the purchases.

On a rolling four-quarter basis, gold buying reached a record high for our series of 715.7 tonnes, said the WGC.

ETFs and similar products added 40.3 tonnes in Q1, up 49 per cent on last year.

Funds listed in the United States and Europe benefitted from the largest inflows, although the former was more erratic while the latter was underpinned by continued geopolitical instability.

Bar and coin investment softened slightly, down one per cent to 257.8 tonnes.

This was purely due to a fall in demand for<a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/india-news/lok-sabha-poll-2019-madhya-pradesh-cm-kamal-naths-son-nakul-assets-worth-over-rs-660-crore-209093&amp;sa=U&amp;ved=2ahUKEwim_LugyfzhAhUa8HMBHWTlAI4QFjAGegQIBBAC&amp;usg=AOvVaw1POZz8vduaMJkpdu7I4SKo"> gold bars</a>, as official gold coin buying grew 12 per cent to 56.1 tonnes.

China and Japan were the main contributors to the decline.

In Japan, net investment turned negative on profit-taking following a surge in the local price in February.

Gold used in applications such as electronics, wireless and LED lighting fell three per cent to 79.3 tonnes.

Trade frictions, sluggish sales of consumer electronics and global economic headwinds hit the technology sector.

"The beginning of 2019 saw a sharp recovery in investor sentiment in both the equity and debt markets, but the appetite for gold remained solid," said Alistair Hewitt, WGC`s Head of Market Intelligence.

The total supply of gold was largely unchanged in Q1 at 1,150 tonnes.

Modest growth in mine production and recycling was offset by a decline in net hedging.

Mine production and recycling levels saw small increases compared with Q1 2018, rising to 852.4 tonnes and 287.6 tonnes, said WGC in a statement.

&nbsp;

Global gold demand grew to 1,053.3 tonnes in the first quarter of 2019, up by seven per cent as compared to the last corresponding period, the World Gold Council (WGC) said on Thursday.

Global gold demand grew to 1,053.3 tonnes in the first quarter of 2019, up by seven per cent as compared to the last corresponding period, the World Gold Council (WGC) said on Thursday. The increase was largely due to continued growth in central bank buying as well as growth in gold-backed exchange traded funds (ETFs), WGC said in its latest report on gold demand trends. India`s demand for gold jewellery hit a four-year high during January to March. "A lower local rupee gold price in late February and early March coincided with the traditional gold buying wedding season, lifting jewellery demand to 125.4 tonnes, a 5 per cent increase on the same period last year and the highest Q1 since 2015. "This helped the overall gold demand for jewellery at global level inch nearly one per cent higher to 530.3 tonnes despite two per cent decline in China`s demand for gold jewellery estimated at 184.1 tonnes, said WGC. Central banks bought 145.5 tonnes of gold in Q1, up 68 per cent as compared to the corresponding period in 2018 and representing the strongest start to a year since 2013. Diversification and a desire for safe, liquid assets were again the main drivers of the purchases. On a rolling four-quarter basis, gold buying reached a record high for our series of 715.7 tonnes, said the WGC. ETFs and similar products added 40.3 tonnes in Q1, up 49 per cent on last year. Funds listed in the United States and Europe benefitted from the largest inflows, although the former was more erratic while the latter was underpinned by continued geopolitical instability. Bar and coin investment softened slightly, down one per cent to 257.8 tonnes. This was purely due to a fall in demand for gold bars, as official gold coin buying grew 12 per cent to 56.1 tonnes. China and Japan were the main contributors to the decline. In Japan, net investment turned negative on profit-taking following a surge in the local price in February. Gold used in applications such as electronics, wireless and LED lighting fell three per cent to 79.3 tonnes. Trade frictions, sluggish sales of consumer electronics and global economic headwinds hit the technology sector. "The beginning of 2019 saw a sharp recovery in investor sentiment in both the equity and debt markets, but the appetite for gold remained solid," said Alistair Hewitt, WGC`s Head of Market Intelligence. The total supply of gold was largely unchanged in Q1 at 1,150 tonnes. Modest growth in mine production and recycling was offset by a decline in net hedging. Mine production and recycling levels saw small increases compared with Q1 2018, rising to 852.4 tonnes and 287.6 tonnes, said WGC in a statement.

Gold demand up 7 pc to 1,053 tonnes, India's gold jewellery demand highest since 2015

Venezuela's opposition leader Juan Guaido told a crowd of supporters on Thursday that the government of Nicolas Maduro had paid <a href="https://www.wionews.com/world/russian-troops-in-venezuela-not-linked-to-any-military-operations-foreign-ministry-206267">Russia</a> "in gold" for military presence in the oil-producing nation.

"A small group of troops who still support him (Venezuelan President Nicolas Maduro) it's (Russian military presence) to make that small group of troops who still support him, believe - and I repeat it again so that it's clear - 'Look, look, we have the support of the Russians!' That's a lie! They had to pay ahead - because they have a reputation (for not paying) - with gold so that (troops) would be sent in an irresponsible way, requested by this regime," Guaido said.

US President Donald Trump on Wednesday&nbsp;called on Russia to<a href="https://www.wionews.com/world/trump-tells-russia-to-get-its-troops-out-of-venezuela-206097"> pull its troops from Venezuela</a> and said that "all options" were open to make that happen.

The arrival of two Russian air force planes outside Caracas on Saturday believed to be carrying nearly 100 Russian special forces and cybersecurity personnel has escalated the political crisis in Venezuela.

Russia said on Thursday they were "specialists" sent to Venezuela under a military cooperation agreement and were staying put.

Venezuela's opposition leader Juan Guaido told a crowd of supporters on Thursday that the government of Nicolas Maduro had paid Russia "in gold" for military presence in the oil-producing nation.

Venezuela's opposition leader Juan Guaido told a crowd of supporters on Thursday that the government of Nicolas Maduro had paid Russia "in gold" for military presence in the oil-producing nation. "A small group of troops who still support him (Venezuelan President Nicolas Maduro) it's (Russian military presence) to make that small group of troops who still support him, believe - and I repeat it again so that it's clear - 'Look, look, we have the support of the Russians!' That's a lie! They had to pay ahead - because they have a reputation (for not paying) - with gold so that (troops) would be sent in an irresponsible way, requested by this regime," Guaido said. US President Donald Trump on Wednesday called on Russia to pull its troops from Venezuela and said that "all options" were open to make that happen. The arrival of two Russian air force planes outside Caracas on Saturday believed to be carrying nearly 100 Russian special forces and cybersecurity personnel has escalated the political crisis in Venezuela. Russia said on Thursday they were "specialists" sent to Venezuela under a military cooperation agreement and were staying put.

Guaido says Maduro paid Russia with gold for military presence

While fashion has no bounds, a Mumbai-based optometrist is making contact lenses out of pure gold, silver and diamond. The never seen before trend comes at an exorbitant price but the glitterati of Mumbai are eager to sport dazzling gold eyes.

Dr Chandrashekhar Chawan has received a patent for the gold, silver, diamond lenses. And he has been selling these abroad as well.

He filed for the patent from India. So, he is the only one who introduced the lenses to India and overseas.&nbsp;

Customers have so far haven't complained of any discomfort as the gold does not touch the sensitive eye tissue.

Dr&nbsp;Chawan&nbsp;also makes designer lenses for Bollywood movies.

Mrunal Gaikwad, a model based out of Mumbai said, "I have been using the gold contact lenses for four years and I love how they look on me, without any safety issues."

India is the world's second-biggest consumer of gold. Be it for weddings or investment, the golden metal is an invaluable commodity for millions of people in Asia's third-largest economy.&nbsp;

While many have adapted gold in the form of jewellery, clothing to even tooth implants, fashionistas in Mumbai are taking it a notch higher.

The latest to pick trend are gold plated, diamond studded contact lenses.&nbsp;

Dr Chawan has invented these gold plated contact lenses that use a very minimum amount of gold nanoparticles of 24 carats in a specialised paste form and is surface coated on soft lenses with an extra layer of ''Tetrafilcon A'' to set it together.

Prices for these sparkling contact lenses go up to $11,000.&nbsp;

"Indians love gold tremendously and on every social occasion, they wear gold jewellery. I wanted to put the glitter of gold in the eyes of India and so invented, Golden View. I believe this is a great fashion statement," said Dr Chawan.&nbsp;

Customers can opt for gold, silver, diamond studs or even customize patterns to bring the desired sparkle to the eye.

For anybody who wears regular cosmetic contact lenses, these designer soft contacts can be the next big thing.&nbsp;

While fashion has no bounds, a Mumbai-based optometrist is making contact lenses out of pure gold, silver and diamond. The never seen before trend comes at an exorbitant price but the glitterati of Mumbai are eager to sport dazzling gold eyes.

While fashion has no bounds, a Mumbai-based optometrist is making contact lenses out of pure gold, silver and diamond. The never seen before trend comes at an exorbitant price but the glitterati of Mumbai are eager to sport dazzling gold eyes. Dr Chandrashekhar Chawan has received a patent for the gold, silver, diamond lenses. And he has been selling these abroad as well. He filed for the patent from India. So, he is the only one who introduced the lenses to India and overseas. Customers have so far haven't complained of any discomfort as the gold does not touch the sensitive eye tissue. Dr Chawan also makes designer lenses for Bollywood movies. Mrunal Gaikwad, a model based out of Mumbai said, "I have been using the gold contact lenses for four years and I love how they look on me, without any safety issues." India is the world's second-biggest consumer of gold. Be it for weddings or investment, the golden metal is an invaluable commodity for millions of people in Asia's third-largest economy. While many have adapted gold in the form of jewellery, clothing to even tooth implants, fashionistas in Mumbai are taking it a notch higher. The latest to pick trend are gold plated, diamond studded contact lenses. Dr Chawan has invented these gold plated contact lenses that use a very minimum amount of gold nanoparticles of 24 carats in a specialised paste form and is surface coated on soft lenses with an extra layer of ''Tetrafilcon A'' to set it together. Prices for these sparkling contact lenses go up to $11,000. "Indians love gold tremendously and on every social occasion, they wear gold jewellery. I wanted to put the glitter of gold in the eyes of India and so invented, Golden View. I believe this is a great fashion statement," said Dr Chawan. Customers can opt for gold, silver, diamond studs or even customize patterns to bring the desired sparkle to the eye. For anybody who wears regular cosmetic contact lenses, these designer soft contacts can be the next big thing.

For your eyes only - Patented gold, silver & diamond contact lenses

Pakistan's military is taking a key role in the development of one of the world`s biggest untapped copper and gold deposits, which is currently stalled by a multi-billion dollar legal wrangle with foreign mining firms, multiple sources familiar with the situation said.

The Reko Diq mine has become a test case for Prime Minister Imran Khan's ability to attract serious foreign investment to Pakistan as it struggles to stave off an economic crisis that has forced it to seek an International Monetary Fund bailout.

Ten current and former provincial and federal government officials and mining sources familiar with the project in the Baluchistan region say the military has become the most important voice on the future of Reko Diq, which it sees as a strategic national asset.

The military will not only be in a position to decide which investors develop the deposit, but an army-controlled engineering firm, Frontier Works Organization (FWO), is positioning itself to be a member of any consortium involved, these people said.

"This has been taken over by GHQ," said a senior Baluchistan government official, referring to the Pakistan army`s General Headquarters in the garrison city of Rawalpindi.

In a statement in response to Reuters` questions about its role in Reko Diq, the military spokesman`s office said: "(The military) may only participate in government`s plan of development of Reko Diq, as per national requirements."

But it acknowledged that FWO, best known for building roads through Pakistan`s rugged and lawless border regions, has developed "substantial" mining capability in recent years and would be interested in taking a role in the project.

"If an opportunity arises of participating in developing Reko Diq, FWO may work at par with other competitors (or) companies provided the project is financially viable (or) suitable," the statement said. When asked, a spokesman declined to elaborate on the statement.

Pakistan`s Information Minister Fawad Chaudhry said civilian authorities in the insurgency-hit southwestern province of Baluchistan were in charge of Reko Diq and, along with Khan, would take a decision, but added that the military "and all other stakeholders are obviously important players".

FWO referred questions to the military spokesman`s office. Khan`s spokesman Iftikhar Durrani said Baluchistan province was in charge of Reko Diq, and referred questions to the provincial government and the military spokesman`s office.

The manoeuvring behind the project shows how the military, which has historically dictated Pakistan`s security and foreign policy, is leveraging its sway over the civilian government at federal and provincial level to carve a growing role in the nation`s business affairs.

The army has ruled the nuclear-armed nation for nearly half its history and is considered to have a major influence over Khan`s recently elected government. A military spokesman declined to comment.

"The military has taken a front seat," said Ayesha Siddiqa, author of the book "Military Inc.", which analyses the army`s business interests and influence in Pakistan.&nbsp;

"They`ve understood that the economy is important for having a strong military," she said. "Control of the economy also gives the military a handle over expanding their business interests."

TALKS

Buried at the foot of an extinct volcano near the frontier with Iran and Afghanistan, the mine`s development has long been delayed by a dispute with previous investors in the project, Canada`s Barrick Gold and Chile`s Antofagasta.

The government is urgently trying to settle the dispute as a World Bank arbitration tribunal, which ruled against Pakistan in 2017, is in the next few months expected to announce how much in damages the country must pay to the foreign firms, who are claiming more than $11 billion.

The dispute relates to the withholding of a mining lease.

Islamabad is also trying to find new partners to invest in the project.

But any new investors will need the blessing of Pakistan`s military, according to government officials and mining sources.&nbsp;

State-run companies from resource-hungry China have long coveted Reko Diq and more recently Saudi Arabia has shown interest, according to Pakistani officials.

&nbsp;Some Western diplomats say the Reko Diq dispute has been a significant foreign investment deterrent, with international businesses unnerved at how Pakistan dealt with the companies that had pledged to invest $3.3 billion to develop the country`s then-biggest mining project.

Barrick Gold and Antofagasta, whose joint venture Tethyan Copper Company (TCC) discovered vast mineral wealth in Reko Diq, say they had invested more than $220 million by the time the Baluchistan government, in 2011, unexpectedly refused to grant them the critical mining lease needed to keep operating.

Pakistan argued its move was legitimate because TCC`s feasibility study was incomplete and the country`s Supreme Court voided the deal in 2013. But in 2017 the World Bank`s International Centre for Settlement of Investment Disputes (ICSID) ruled against Pakistan.

TCC did not respond to requests for comment and Antofagasta and Barrick Gold both declined to comment. Reuters could not determine whether either company would be willing to return to the project.

FOREIGN INVESTORS

The last serious attempt at settling the Reko Diq case was scuppered in 2016 by the military, which vetoed paying hundreds of millions of dollars to TCC, according to a senior Baluchistan official and two former senior officials in Islamabad.

But the military has since changed its stance and is more open to a settlement with TCC, according to a lawmaker close to the military and a source close to Prime Minister Khan. The military was also involved in appointing Pakistan`s current legal team.

In response to a Reuters question about blocking the previous settlement effort, the military said: "Let`s see how the case progresses." It did not elaborate or comment on whether it was playing any role in the latest negotiations.

Some mining experts say a likely solution would be for a new investment consortium to pay the settlement fee on behalf of cash-strapped Pakistan in exchange for future royalty fees or mining rights.&nbsp;

Information Minister Chaudhry said Pakistan was engaged in negotiations with "both" the current investors about a settlement and also potential new investors, with interest coming from the Middle East and Europe. He declined to name the potential investors.

Pakistani Finance Minister Asad Umar said in October that Saudi Arabia has inquired about investing in Reko Diq and another government official confirmed talks were ongoing.

Saudi Arabia did not respond to a Reuters request for comment on Reko Diq. During Crown Prince bin Salman`s visit to Pakistan last month, the kingdom pledged to invest $2 billion in mineral development projects, though the provisional agreements were vague and did not mention any specific projects.

China`s state-owned miner China Metallurgical Group Corporation (MCC), which operates the Saindak copper and gold mine close to Reko Diq, has been eyeing the bigger deposit for more than a decade, according to mining and MCC officials.

A few years ago Chinese state giant Norinco also made an approach, according to two sources familiar with Norinco`s offer.

MCC and Norinco did not respond to requests for comment.

When a mining company approached former general Abdul Quadir Baloch about Reko Diq around 2016, when he was federal minister for the frontier regions, he took their proposal not only to then-premier Nawaz Sharif, but also to the army chief.

"The military has to give a (security) guarantee to any company coming in to explore or exploit this project, so they are a stakeholder," said Baloch.

The military declined to comment on Baloch`s assertions. Sharif, who has since been jailed on corruption charges, could not be reached for comment.

The army-run FWO does not have the funds or the expertise to develop the Reko Diq project, which boasts 5.9 billion tons of ore. But it could be part of a consortium alongside global miners who have the know-how to mine such a gargantuan deposit.

The military`s role in developing natural resources in Baluchistan also carries risks, however, analysts say.

Indigenous Baloch people view outsiders with suspicion, and their anger about Islamabad exploiting the province`s vast natural resources has been one of the key themes fuelling a separatist insurgency that began around 2004.

Pakistan's military is taking a key role in the development of one of the world`s biggest untapped copper and gold deposits, which is currently stalled by a multi-billion dollar legal wrangle with foreign mining firms, multiple sources familiar with the situation said.

Pakistan's military is taking a key role in the development of one of the world`s biggest untapped copper and gold deposits, which is currently stalled by a multi-billion dollar legal wrangle with foreign mining firms, multiple sources familiar with the situation said. The Reko Diq mine has become a test case for Prime Minister Imran Khan's ability to attract serious foreign investment to Pakistan as it struggles to stave off an economic crisis that has forced it to seek an International Monetary Fund bailout. Ten current and former provincial and federal government officials and mining sources familiar with the project in the Baluchistan region say the military has become the most important voice on the future of Reko Diq, which it sees as a strategic national asset. The military will not only be in a position to decide which investors develop the deposit, but an army-controlled engineering firm, Frontier Works Organization (FWO), is positioning itself to be a member of any consortium involved, these people said. "This has been taken over by GHQ," said a senior Baluchistan government official, referring to the Pakistan army`s General Headquarters in the garrison city of Rawalpindi. In a statement in response to Reuters` questions about its role in Reko Diq, the military spokesman`s office said: "(The military) may only participate in government`s plan of development of Reko Diq, as per national requirements." But it acknowledged that FWO, best known for building roads through Pakistan`s rugged and lawless border regions, has developed "substantial" mining capability in recent years and would be interested in taking a role in the project. "If an opportunity arises of participating in developing Reko Diq, FWO may work at par with other competitors (or) companies provided the project is financially viable (or) suitable," the statement said. When asked, a spokesman declined to elaborate on the statement. Pakistan`s Information Minister Fawad Chaudhry said civilian authorities in the insurgency-hit southwestern province of Baluchistan were in charge of Reko Diq and, along with Khan, would take a decision, but added that the military "and all other stakeholders are obviously important players". FWO referred questions to the military spokesman`s office. Khan`s spokesman Iftikhar Durrani said Baluchistan province was in charge of Reko Diq, and referred questions to the provincial government and the military spokesman`s office. The manoeuvring behind the project shows how the military, which has historically dictated Pakistan`s security and foreign policy, is leveraging its sway over the civilian government at federal and provincial level to carve a growing role in the nation`s business affairs. The army has ruled the nuclear-armed nation for nearly half its history and is considered to have a major influence over Khan`s recently elected government. A military spokesman declined to comment. "The military has taken a front seat," said Ayesha Siddiqa, author of the book "Military Inc.", which analyses the army`s business interests and influence in Pakistan. "They`ve understood that the economy is important for having a strong military," she said. "Control of the economy also gives the military a handle over expanding their business interests." TALKS Buried at the foot of an extinct volcano near the frontier with Iran and Afghanistan, the mine`s development has long been delayed by a dispute with previous investors in the project, Canada`s Barrick Gold and Chile`s Antofagasta. The government is urgently trying to settle the dispute as a World Bank arbitration tribunal, which ruled against Pakistan in 2017, is in the next few months expected to announce how much in damages the country must pay to the foreign firms, who are claiming more than $11 billion. The dispute relates to the withholding of a mining lease. Islamabad is also trying to find new partners to invest in the project. But any new investors will need the blessing of Pakistan`s military, according to government officials and mining sources. State-run companies from resource-hungry China have long coveted Reko Diq and more recently Saudi Arabia has shown interest, according to Pakistani officials. Some Western diplomats say the Reko Diq dispute has been a significant foreign investment deterrent, with international businesses unnerved at how Pakistan dealt with the companies that had pledged to invest $3.3 billion to develop the country`s then-biggest mining project. Barrick Gold and Antofagasta, whose joint venture Tethyan Copper Company (TCC) discovered vast mineral wealth in Reko Diq, say they had invested more than $220 million by the time the Baluchistan government, in 2011, unexpectedly refused to grant them the critical mining lease needed to keep operating. Pakistan argued its move was legitimate because TCC`s feasibility study was incomplete and the country`s Supreme Court voided the deal in 2013. But in 2017 the World Bank`s International Centre for Settlement of Investment Disputes (ICSID) ruled against Pakistan. TCC did not respond to requests for comment and Antofagasta and Barrick Gold both declined to comment. Reuters could not determine whether either company would be willing to return to the project. FOREIGN INVESTORS The last serious attempt at settling the Reko Diq case was scuppered in 2016 by the military, which vetoed paying hundreds of millions of dollars to TCC, according to a senior Baluchistan official and two former senior officials in Islamabad. But the military has since changed its stance and is more open to a settlement with TCC, according to a lawmaker close to the military and a source close to Prime Minister Khan. The military was also involved in appointing Pakistan`s current legal team. In response to a Reuters question about blocking the previous settlement effort, the military said: "Let`s see how the case progresses." It did not elaborate or comment on whether it was playing any role in the latest negotiations. Some mining experts say a likely solution would be for a new investment consortium to pay the settlement fee on behalf of cash-strapped Pakistan in exchange for future royalty fees or mining rights. Information Minister Chaudhry said Pakistan was engaged in negotiations with "both" the current investors about a settlement and also potential new investors, with interest coming from the Middle East and Europe. He declined to name the potential investors. Pakistani Finance Minister Asad Umar said in October that Saudi Arabia has inquired about investing in Reko Diq and another government official confirmed talks were ongoing. Saudi Arabia did not respond to a Reuters request for comment on Reko Diq. During Crown Prince bin Salman`s visit to Pakistan last month, the kingdom pledged to invest $2 billion in mineral development projects, though the provisional agreements were vague and did not mention any specific projects. China`s state-owned miner China Metallurgical Group Corporation (MCC), which operates the Saindak copper and gold mine close to Reko Diq, has been eyeing the bigger deposit for more than a decade, according to mining and MCC officials. A few years ago Chinese state giant Norinco also made an approach, according to two sources familiar with Norinco`s offer. MCC and Norinco did not respond to requests for comment. When a mining company approached former general Abdul Quadir Baloch about Reko Diq around 2016, when he was federal minister for the frontier regions, he took their proposal not only to then-premier Nawaz Sharif, but also to the army chief. "The military has to give a (security) guarantee to any company coming in to explore or exploit this project, so they are a stakeholder," said Baloch. The military declined to comment on Baloch`s assertions. Sharif, who has since been jailed on corruption charges, could not be reached for comment. The army-run FWO does not have the funds or the expertise to develop the Reko Diq project, which boasts 5.9 billion tons of ore. But it could be part of a consortium alongside global miners who have the know-how to mine such a gargantuan deposit. The military`s role in developing natural resources in Baluchistan also carries risks, however, analysts say. Indigenous Baloch people view outsiders with suspicion, and their anger about Islamabad exploiting the province`s vast natural resources has been one of the key themes fuelling a separatist insurgency that began around 2004.

Pakistan military eyes key role developing giant copper and gold mine: Sources

16-year-old Indian shooter Saurabh Chaudhary Sunday won the gold medal&nbsp;in the 10mm air pistol after shooting a world record score of 245.0 in the final at the ISSF New Delhi Shooting World Cup.&nbsp;

By virtue of this win, Chaudhary has sealed a berth for the 2020 Tokyo Olympics, his top-two finish earning him one of two quota places available for an event for a country.

This was Chaudhary's first World Cup medal at the senior level, that too in his first such tournament. Last year, he won the 10m air pistol gold at the Asian Games -- his first international tournament at the senior level.

In 2018, Chaudhary also won gold at the Junior World Cup in Suhl, Germany, in addition to being crowned junior world champion and Youth Olympic champion.&nbsp;

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India's tally at the World Cup is now up to two gold medals, with Apurvi Chandela also shooting a world record score en route to winning gold in the women's 10m air rifle category on Saturday.

16-year-old Indian shooter Saurabh Chaudhary Sunday won the gold medal in the 10mm air pistol after shooting a world record score of 245.0 in the final at the ISSF New Delhi Shooting World Cup.

16-year-old Indian shooter Saurabh Chaudhary Sunday won the gold medal in the 10mm air pistol after shooting a world record score of 245.0 in the final at the ISSF New Delhi Shooting World Cup. By virtue of this win, Chaudhary has sealed a berth for the 2020 Tokyo Olympics, his top-two finish earning him one of two quota places available for an event for a country. This was Chaudhary's first World Cup medal at the senior level, that too in his first such tournament. Last year, he won the 10m air pistol gold at the Asian Games -- his first international tournament at the senior level. In 2018, Chaudhary also won gold at the Junior World Cup in Suhl, Germany, in addition to being crowned junior world champion and Youth Olympic champion. Another gold for India 🇮🇳 in New Delhi! #ISSFWC pic.twitter.com/icYGfLPMKT — ISSF (@ISSF_Shooting) February 24, 2019 × India's tally at the World Cup is now up to two gold medals, with Apurvi Chandela also shooting a world record score en route to winning gold in the women's 10m air rifle category on Saturday.

ISSF Shooting World Cup: 16-year-old Saurabh Chaudhary wins gold, seals Tokyo 2020 berth

Gold prices held steady on Tuesday as investors kept a cautious stance ahead of a fresh round of<a href="http://13.232.42.114/world/big-differences-remain-but-certain-deals-reached-in-china-us-trade-talks-134752"> Sino-US trade talks</a>, while a firmer dollar capped gains for the bullion, which was drawing support from global economic slowdown worries.

Spot gold was firm at $1,308 per ounce, as of 0341 GMT, after falling 0.4 per cent in the previous session.

US gold futures were also mostly unchanged at $1,312.20 per ounce.

"Gold is being pushed around by the US dollar in the near term. Traders are getting out of anything to do with Europe on concerns of weakness in the region and going for safe-haven buying into US treasuries, which is pushing up the dollar," said Kyle Rodda, market analyst, IG Markets.

When investors buy US Treasury bonds, they are also required to purchase the greenback, which makes dollar-denominated gold more expensive for holders of other currencies, potentially subduing demand.

"Gold is still very resilient and should trade in the range of $1,305 to $1,320, with investors looking for headlines around trade talks, US government shutdown and data from the United States and China for signs of weakness in the economy," Rodda said.

The new round of<a href="http://www.wionews.com/world/us-china-trade-talks-resume-next-week-focus-on-intellectual-property-196249"> trade talks between China and the United States</a> started in Beijing on Monday with world's two largest economies trying to hammer out a deal before a March 1 deadline, after which US tariffs on $200 billion worth of Chinese imports are scheduled to increase to 25 per cent from 10 per cent.

Sino-US trade tensions have rattled financial markets since last year and also underpinned the dollar's safe-haven appeal.

The dollar index was steady at 97.05, after advancing 0.4 per cent in the previous session in its largest percentage gain since Jan. 24.

"Ongoing trade tensions and concerns about weaker global economic growth continue to provide a level of support in the gold market," ANZ analysts said in a research note.

Meanwhile, US congressional negotiators said late on Monday they had reached a tentative deal on border security funding that would avert another partial government shutdown due to start on Saturday, but provided no details.

Investors are worried about the economic impact of the US government shutdown when global growth is already lean.

Among other metals, palladium traded steady at $1,385 per ounce, while silver inched up 0.1 per cent to $15.67.

Platinum rose 0.5 per cent to $785.50 per ounce. In the previous session, the metal touched $779.50, its lowest since January 2.

Gold prices held steady on Tuesday as investors kept a cautious stance ahead of a fresh round of Sino-US trade talks, while a firmer dollar capped gains for the bullion, which was drawing support from global economic slowdown worries.

Gold prices held steady on Tuesday as investors kept a cautious stance ahead of a fresh round of Sino-US trade talks, while a firmer dollar capped gains for the bullion, which was drawing support from global economic slowdown worries. Spot gold was firm at $1,308 per ounce, as of 0341 GMT, after falling 0.4 per cent in the previous session. US gold futures were also mostly unchanged at $1,312.20 per ounce. "Gold is being pushed around by the US dollar in the near term. Traders are getting out of anything to do with Europe on concerns of weakness in the region and going for safe-haven buying into US treasuries, which is pushing up the dollar," said Kyle Rodda, market analyst, IG Markets. When investors buy US Treasury bonds, they are also required to purchase the greenback, which makes dollar-denominated gold more expensive for holders of other currencies, potentially subduing demand. "Gold is still very resilient and should trade in the range of $1,305 to $1,320, with investors looking for headlines around trade talks, US government shutdown and data from the United States and China for signs of weakness in the economy," Rodda said. The new round of trade talks between China and the United States started in Beijing on Monday with world's two largest economies trying to hammer out a deal before a March 1 deadline, after which US tariffs on $200 billion worth of Chinese imports are scheduled to increase to 25 per cent from 10 per cent. Sino-US trade tensions have rattled financial markets since last year and also underpinned the dollar's safe-haven appeal. The dollar index was steady at 97.05, after advancing 0.4 per cent in the previous session in its largest percentage gain since Jan. 24. "Ongoing trade tensions and concerns about weaker global economic growth continue to provide a level of support in the gold market," ANZ analysts said in a research note. Meanwhile, US congressional negotiators said late on Monday they had reached a tentative deal on border security funding that would avert another partial government shutdown due to start on Saturday, but provided no details. Investors are worried about the economic impact of the US government shutdown when global growth is already lean. Among other metals, palladium traded steady at $1,385 per ounce, while silver inched up 0.1 per cent to $15.67. Platinum rose 0.5 per cent to $785.50 per ounce. In the previous session, the metal touched $779.50, its lowest since January 2.

Gold steady as firmer dollar offsets growth concerns

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