· Gold prices gained on Monday on sparse trade ahead of the holiday season, with lingering concerns about the health of major global economies supporting demand for safe-haven bullion.
· Spot gold was up 0.5% to $1,484.97 per ounce as of 01:33 p.m. ET (1833 GMT). Prices notched $1,485.71 earlier in the session, the highest since Dec. 12.
U.S. gold futures settled 0.5% higher at $1,488.70 per ounce.
· "Investors are looking at political risks in the longer term ... There are potential economic risks still in the majority of economies. That's not going to go away in a hurry," said INTL FCStone analyst Rhona O'Connell.
· The United States and China have still not signed a so-called Phase 1 trade deal and tensions in the Middle East are contributing to gold's appeal, she added.
· U.S. President Donald Trump said on Saturday the United States and China would "very shortly" sign the trade agreement.
· China said on Monday it would lower tariffs on products ranging from frozen pork and avocado to some types of semiconductors next year.
· While the world's two largest economies have exchanged banter about the conditions of the trade deal, there is much room for uncertainty. Any hints of a fall-through in talks could propel gold higher, analysts say.
· The 17-month trade war has rocked markets and fanned global recessionary fears.
· China's economy is expanding at its weakest rate in nearly 30 years and could face more downward pressure next year.
· Canada's economy unexpectedly shrank by 0.1% in October, the first monthly decline since February.
· Fresh data from the United States provided little respite, with new orders for U.S.-made capital goods barely rising in November and shipments declining, suggesting business investment will probably remain a drag on economic growth in the fourth quarter.
· "Despite the upbeat tenor of the overall marketplace, the safe-haven metals are showing keen resilience and even a bit of bullishness as global stock markets rally," Kitco Metals senior analyst Jim Wyckoff said in a note.
· The S&P 500 and the Nasdaq hit record highs on Monday.
· Palladium was up 1.2% at $1,877.60 an ounce, but still far from the previous week's record high of $1,998.43.
· Platinum climbed 2.9% to $935.02 an ounce, while silver rose 1.3% to $17.41.
Reference: Reuters
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