Spot gold was little changed at $1,512.54 per ounce at 0139 GMT, while U.S. gold futures were also flat at $1,514.90 per ounce.
Gold prices were little changed on Friday as investors evaluated whether the Federal Reserve’s would continue to cut rates, but the metal was set for a second weekly gain as the uncertainty surrounding a U.S.-China trade deal boosted safe-haven appeal.
* Spot gold was little changed at $1,512.54 per ounce at 0139 GMT, while U.S. gold futures were also flat at $1,514.90 per ounce. Spot gold is set to rise 0.5% this week after a 1% gain the previous week.
* Chile’s decision to cancel the Nov. 16-17 Asia-Pacific Economic Cooperation summit disrupted plans for the United States and China to sign a interim trade deal, but U.S. President Donald Trump said the two countries would soon announce a new site to sign a “Phase One” trade agreement.
* A near 16-months long trade war between the two economies has slowed global trade, stirred recession fears for some economies and roiled financial markets.
* The U.S. Federal Reserve on Wednesday lowered its policy rate by a quarter of a percentage point to a target range of 1.50% to 1.75% but signalled there would be no further reductions unless the economy takes a turn for the worse.
* But a flattening yield curve indicates market participants believe the U.S. Federal Reserve may be pausing its interest rate cuts too soon.
* The number of Americans filing applications for unemployment benefits rose slightly more than expected last week, pointing out to the concerns of an economic slowdown still existing.
* The Institute for Supply Management is due to release data from its survey of purchasing managers on later in the day.
* Asian shares fell on Friday on fresh concerns over Sino-U.S. trade prospects and ahead of U.S. economic data, while the dollar eased against major rivals.
* The dollar index against a basket of six major currencies eased slightly to 97.296.
* Holdings of the largest gold-backed exchange-traded-fund (ETF), New York’s SPDR Gold Trust, fell 0.19 percent on Wednesday from Tuesday.