May 10, 2019 / 2:03 AM / 9 days ago

PRECIOUS-Gold prices buoyed as U.S.-China trade tensions mount

May 10 (Reuters) - Gold prices were steady on Friday, buoyed as investors shied away from riskier assets amid worries that a rift over trade between the United States and China could deepen if talks between the two fail to reach a deal.

FUNDAMENTALS

* Spot gold was steady at $1,284.65 per ounce at 0142 GMT and is up about 0.4 percent for the week.

* U.S. gold futures were unchanged at $1,285.70 an ounce.

* Top U.S. and Chinese trade negotiators concluded the first of two days of talks on Thursday to rescue a trade deal that is close to collapsing as Washington prepares to go ahead with plans to hike tariffs on hundreds of billions of dollars of goods imported from China. {nL2N22L1EY]

* Before they get back around the table on Friday, the United States will have increased duties on $200 billion of Chinese goods, to 25 percent from 10 percent. The duties apply to cargoes leaving China after 12:01 a.m. EDT (0401 GMT) Friday.

* The Japanese yen and the Swiss franc stood tall on Friday, supported by investor concerns in the broader markets over the Sino-U.S. trade tensions.

* Asian shares inched up from two-month lows on Friday just hours ahead of the Trump administration's plan to raise tariffs on Chinese imports.

* Sudanese Rapid Support Forces seized 241 kilograms of gold from a plane that landed in Khartoum on Thursday in an investigation into possible smuggling.

* South Africa's gold output fell 17.7 percent year-on-year in March compared to a contraction of 20.6 percent in February, Statistics South Africa said.

* AngloGold Ashanti Ltd will review divestment options for its Mponeng mine and other South African assets to focus on higher returns elsewhere, the South African gold miner said on Thursday.

* Spot palladium rose 1.8 percent to $1,316.40 an ounce, having fallen as much as 4 percent in the previous session to its lowest since Jan. 4 at $1,263.85.

DATA AHEAD (GMT)

* 0830 UK GDP Est 3M/3M March

* 0830 UK GDP Estimate MM YY March

* 0830 UK Manufacturing Output March

* 0830 UK GDP Prelim QQ YY Q1

* 1200 India Industrial Output YY March

* 1230 U.S. CPI MM, SA April (Reporting by Arijit Bose in Bengaluru; Editing by Joseph Radford)

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