Gold prices rise as U.S., China kick off new round of tariffs


Sept 2 (Reuters) - Gold prices gained early on Monday as the United States and China launched fresh tit-for-tat tariffs on each others exports, escalating the prolonged trade war and adding to fears of a global economic slowdown.


* Spot gold XAU= was 0.6% higher at $1,528.31 per ounce at 0048 GMT, having fallen to a one-week low at $1,517.11 in the previous session.

* U.S. gold futures GCv1 were up 0.5% at $1,537.70 an ounce.

* The United States began imposing 15% tariffs on a variety of Chinese goods on Sunday - including footwear, smart watches and flat-panel televisions - as China began imposing new duties on U.S. crude. U.S. President Donald Trump said the sides would still meet for talks later this month.

* China plans to provide more support for its economy, including investing in infrastructure projects and regional development, while maintaining a prudent monetary policy with "reasonably" ample liquidity, the State Council said on Sunday.

* The dollar index .DXY against a basket of six major currencies was down 0.1%, while Wall Street stock futures weakened in early trade on Monday, setting a dour tone for Asian markets. USD/MKTS/GLOB

* New Austrian National Bank governor, Robert Holzmann, is wary about adding further stimulus to the euro zone economy, he told Austrian broadcaster ORF TV on Sunday, his first day on the job.

* SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.23 percent to 878.31 tonnes on Friday from 880.36 tonnes on Thursday.

* Hedge funds and money managers increased their bullish stance in COMEX gold and upped net long positions in silver contracts in the week to Aug. 27, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

* British lawmakers opposed to a no-deal Brexit will attempt to pass a law this week to stop Prime Minister Boris Johnson from letting Britain crash out of the European Union on Oct. 31, the opposition Labour Party's Brexit spokesman said.

* Thousands of protesters blocked roads and public transport links to Hong Kong airport on Sunday in a bid to draw world attention to their fight for democracy for the Chinese-ruled city which is facing its biggest political crisis in decades.


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(Reporting by Eileen Soreng in Bengaluru; editing by Richard Pullin)

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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