<p>Spot gold was flat at $1,476.55 per ounce at 0354 GMT. US&nbsp;gold futures were little changed at $1,480.80.</p>

<p>"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.</p>

<p>"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."</p>

<p>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.</p>

<p>&nbsp;</p>

<p><strong>WATCH: WION Dispatch: US-China reach 'phase one' trade deal</strong></p>

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<p>Bullion's upside remained capped by positive US&nbsp;economic data that underpinned the dollar and stock markets.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>"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.</p>

<p>&nbsp;</p>

<p><strong>WATCH: US Fed keeps rates on hold, points to 'favourable' economic outlook next year</strong></p>

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<p>Reflecting investor interest in bullion, holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.6% on Tuesday.</p>

<p><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.</p>

<p>"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.</p>

<p>Silver edged 0.1% higher to $17.02 per ounce, while platinum fell 0.1% to $926.65.</p>


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

<p>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.</p>

<p>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.</p>

<p>"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.</p>

<p>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."</p>

<p>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.</p>

<p>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.</p>

<p>"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.</p>

<p>Elsewhere, gold prices rose due to uncertainty driven by a lack of concrete details about the interim trade deal.</p>

<p>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.</p>

<p>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.</p>

<p>"We must be prepared for some volatility and uncertainty. It's not yet a done deal."</p>

<p>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.</p>

<p>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.</p>

<p>Silver was 0.2 per cent higher at $17.07 per ounce, while platinum gained 0.3 per cent&nbsp;to $932.32.</p>


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

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