Gold steady as economic worries over virus spike offset trade optimism
Aug 26 (Reuters) - Gold prices were mostly unchanged on Wednesday, as worries over the global economic outlook from rising COVID-19 cases offset an uptick in risk sentiment driven by signs of progress in U.S.-China trade negotiations.
FUNDAMENTALS
* Spot gold
* U.S. gold futures
* Top U.S. and Chinese trade officials reaffirmed their commitment to a Phase 1 trade deal, which has seen China lagging on its obligations to buy American goods, giving a boost to financial markets on Tuesday.
* Asian stocks were set for a choppy session on Wednesday, following a mixed Wall Street session. [MKTS/GLOB]
* More than 23.77 million people have been reported to be infected by the novel coronavirus globally and 814,072 have died, according to a Reuters tally.
* Underscoring the virus impact, a survey from the Conference Board showed U.S. consumer confidence unexpectedly fell in August to hit a six-year low.
* Gold is used as a safe investment during times of political and financial uncertainty.
* Market participants now await a speech by U.S. Federal Reserve Chairman Jerome Powell on Thursday, when he is expected to address the U.S. central bank's view on inflation and monetary policy.
* Chinese President Xi Jinping warned that the world's second-biggest economy is facing a period of 'turbulent change' and that rising external markets risk required policymakers to increasingly rely on domestic demand to spur growth.
* The dollar index held steady against a basket of major currencies. [USD/]
* SPDR Gold Trust
* Silver
DATA/EVENTS (GMT) 1230 US Durable Goods July (Reporting by Brijesh Patel in Bengaluru; Editing by Rashmi Aich) ((Brijesh.Patel1@thomsonreuters.com; Within U.S. +1 651 848 5832, Outside U.S. +91 8067493865; Reuters Messaging: Brijesh.Patel1.thomsonreuters.com@reuters.net)) Keywords: GLOBAL PRECIOUS/
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