PRECIOUS-Gold rises on softer dollar, fresh trade worries

  • Reuters
  • Commodities News
PRECIOUS-Gold rises on softer dollar, fresh trade worries

BENGALURU, April 2 (Reuters) - Gold prices rose on Monday after three consecutive sessions of falls as the dollar eased amid fresh concerns of trade tensions between the United States and China.


* Spot gold XAU= was up 0.3 percent at $1,327.71 per ounce as of 0105 GMT.

* Gold fell 1.7 percent last week in its biggest weekly drop since the week ended Dec. 8, 2017, but climbed 1.7 percent in January-March in its third straight quarterly gain.

* U.S. gold futures GCcv1 rose 0.4 percent to $1,332.10 an ounce.

* The dollar index .DXY , which measures the greenback against six other major currencies, eased 0.3 percent to 89.928.

* China has slapped extra tariffs of up to 25 percent on 128 U.S. products including frozen pork, as well as wine and certain fruits and nuts, in response to U.S. duties on imports of aluminium and steel, the country's finance ministry said. U.S. President Donald Trump said on Thursday he may hold up a trade agreement reached with South Korea until after a deal is reached with North Korea on denuclearization. Russia expelled 60 U.S. diplomats on Thursday and announced it would eject scores from other countries that have joined London and Washington in censuring Moscow over the poisoning of a spy. Hedge funds and money managers upped their net long position in COMEX gold contracts in the week to March 27, U.S. Commodity Futures Trading Commission data showed on Friday. CFTC/

* Gold discounts in India narrowed last week on an improvement in demand for weddings and hopes that retail purchases will rise next month on account of a key festival, while demand in the rest of Asia remained subdued due to higher prices. GOL/AS

* International mining firms including Glencore GLEN.L and Randgold RRS.L on Thursday proposed a sliding scale for royalty rates on key commodities mined in Democratic Republic of Congo as an alternative to a windfall tax. Goldcorp Inc G.TO GG.N made the first gold deposit on Tradewind Markets' new digitized trading platform, the companies said on Thursday, with 3,000 ounces of bullion from its Red Lake mine complex in Ontario. South Africa's Gold Fields GFIJ.J will buy a near 50 percent share of Asanko Gold Inc's AKG.TO Ghana subsidiary and take a stake in the Canadian miner in a $202.6 million deal, it said on Thursday. Canada's Eldorado Gold Corp ELD.TO , EGO.N filed a new technical report for its contentious Skouries gold mine project in Greece on Thursday, which said it "significantly" reduces the development's environmental footprint.

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