REFILE-PRECIOUS-Gold hovers above $1,280 as dollar recoils on U.S. data blow

Shutterstock photo

(Corrects to change date)

May 24 (Reuters) - Gold prices held steady on Friday afterrising above $1,280 in the previous session as weaker U.S. datapushed back the dollar and reignited hopes of a rate cut by theFederal Reserve this year.

* Spot gold XAU= was broadly unchanged at $1,283.18 perounce as of 0056 GMT, having risen more than 1% to $1,287.23 inthe previous session.

* U.S. gold futures GCcv1 eased 0.2% to $1,282.40 anounce.

* The metal is also on track for a weekly gain, and is upabout 0.5% so far.

* The U.S. dollar retreated after hitting its highest levelin two years as weaker domestic data and the potential economicfallout from the trade war with China increased expectations foran interest-rate cut this year. FRX/

* Sales of new U.S. single-family homes fell from near an11-1/2-year high in April as prices rebounded and manufacturingactivity hit its lowest level in almost a decade in May,suggesting a sharp slowdown in economic growth was underway. urn:newsml:reuters.com:*:nL2N22Y1EO

* Asian shares hobbled near four-month lows on Friday onworries the U.S.-China trade spat was turning into a technologycold war between the world's two largest economies, promptinginvestors to embrace safer assets. MKTS/GLOB

* President Donald Trump said on Thursday U.S. complaintsagainst Huawei Technologies Co LtdHWT.UL might be resolvedwithin the framework of a U.S.-China trade deal, while at thesame time calling the Chinese telecommunications giant "verydangerous." urn:newsml:reuters.com:*:nL4N22Z35N

* The U.S. administration is considering Huawei-likesanctions on Chinese video surveillance firm Hikvision over thecountry's treatment of its Uighur Muslim minority, a personbriefed on the matter said on Wednesday, the latest effort bythe Trump administration to crack down on Chinese companies astrade friction between the world's top two economies escalates. urn:newsml:reuters.com:*:nL2N22Y0U5

* The U.S. military said it sent two Navy ships through theTaiwan Strait on Wednesday, its latest transit through thesensitive waterway, angering China at a time of tense relationsbetween the world's two biggest economies. urn:newsml:reuters.com:*:nL2N22Z01W

* Bullion is often seen as a safe-haven investment in timesof political or economic uncertainty.

* Ongoing stoppages at Newmont Goldcorp Corp'sNEM.N Penasquito gold mine in Mexico are costing "millions" every dayto both public coffers and the company, a senior Mexicanofficial said on Thursday, urging a solution that will restartoperations. urn:newsml:reuters.com:*:nL2N22Z1EA


* 0830 UK Retail Sales MM YY April

* 0830 UK Retail Sales Ex-Fuel MM April

* 1230 U.S. Durable Goods April (Reporting by Arijit Bose in Bengaluru; Editing by ShreejaySinha) ((Arijit.Bose@thomsonreuters.com; Within U.S. +1 651 848 5832,Outside U.S. +91 8067495254; Reuters Messaging:Arijit.Bose.thomsonreuters.com@reuters.net))

This article appears in: Stocks , World Markets , Politics , Oil
Referenced Symbols: NEM ,

More from Reuters


See Reuters News

Research Brokers before you trade

Want to trade FX?