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Gold eases as stocks gain; set for best weekly jump in over 4 months

Spot gold fell 0.1 per cent to $1,509.56 per ounce by 0136 GMT. Prices peaked to their highest since Nov. 4 at $1,512.30 in the previous session. US gold futures were unchanged at $1,514.40 per ounce.

For the week, spot gold was on track to post a jump of 2 per cent, its best weekly rise since early August.

Asian shares climbed to 18-month peaks supported by positive trade ties between US and China on the soon to be signed interim trade deal.

China’s Commerce Ministry said on Thursday that Beijing and Washington were still in the process of completing necessary procedures while maintaining close communication to sign the deal.

Gold has risen nearly 18 per cent so far this year owing to a 17-month long tariff war.

Weighing on gold, data on Friday showed profits at China’s industrial firms in November grew 5.4 per cent from a year earlier, while data on Thursday showed US jobless claims fell last week indicating ongoing labour market strength.

The Nasdaq crossed the 9,000-point mark for the first time on Thursday as all three major Wall Street indexes posted record closing highs.

Zambia plans to make copper mining companies account for the gold they produce as it seeks to boost revenue from its mineral resources, a senior ministry of mines official said on Thursday.

The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust , said its holdings rose 0.4 per cent to 892.37 tonnes on Thursday from 888.86 tonnes on Tuesday.

Elsewhere, silver was flat at $17.88 per ounce, while platinum rose 0.2 per cent to $949.19. Both the metals were poised to register their best week since late August.

Palladium edged 0.1 per cent lower to $1,899.90 per ounce.

Source: Economic Times