Gold gains as weak China data weighs on risk appetite

Gold prices inched up on Thursday as Asian equities turned lower after weaker-than-expected economic data out of China weighed on risk appetite, boosting demand for safe-haven assets.

Spot gold was up 0.2% at $1,465.22 per ounce at 0544 GMT, while U.S. gold futures also rose 0.2% at $1,465.90 per ounce.

Asian stocks fell after China's industrial output grew significantly slower than expected in October, as weakness in global and domestic demand and the drawn-out Sino-U.S. trade war weighed on activity in the world's second-largest economy.

"Gold is being supported as the Chinese industrial production and retail sales came way below expectations," OANDA analyst Jeffrey Halley said.

"Another deterioration in Hong Kong this week will further support gold, but it's really all about this ongoing trade talks, which is becoming like a broken record."

Dialling up the trade rhetoric, U.S. President Donald Trump on Wednesday threatened to ramp up tariffs on Chinese goods if the countries failed to reach a deal on trade.

That came after media said the U.S.-China trade negotiations had 'hit a snag' over farm purchases, with China not wanting a deal that looked one-sided in favour of the United States.

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Crude oil futures end lower amid uncertainty about US-China trade negotiations

Crude oil futures ended lower on Monday on concerns about the outlook for energy demand due to slowing global economy and uncertainty about US-China trade negotiations.

President Donald Trump said negotiations between China and the US toward a partial trade deal, referred to as phase one, were going very nicely but he said that recent reports about an agreement to eliminate tariffs in stages were not accurate and emphasized that he believes Beijing needs a deal more than Washington.

The comments made over the weekend as he prepared to head to a trip to Alabama, raised some doubts that a trade resolution was imminent.

Benchmark crude oil futures for December dropped 38 cents or 0.7 percent to settle at $56.86 a barrel on the New York Mercantile Exchange. January Brent fell 33 cents or 0.5 percent to settle at $62.18 a barrel on London's Intercontinental Exchange.

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Oil drops on doubts U.S.-China trade deal will be signed soon, rising U.S. stockpiles

U.S. crude oil futures fell on Friday amid fading hopes that a deal to end the lingering trade war between Washington and Beijing would be signed any time soon, the gloom compounded by rising crude inventories in the United States.

U.S. West Texas Intermediate (WTI) crude was down 15 cents, or 0.2%, at $57 a barrel by 0032 GMT. The contract rose 1.4% on Thursday.

Brent crude the global benchmark, was yet to trade after gaining 0.9% in the previous session.

The trade war between the world's two biggest economies has slowed economic growth around the world and prompted analysts to lower forecasts for oil demand, raising concerns that a supply glut could develop in 2020.

On Thursday, the Chinese commerce ministry said the two countries have agreed in the past two weeks to cancel trade tariffs in different phases, without giving a timeline.

But that comment was shrouded in doubt soon after when Reuters reported that the plan faces stiff internal opposition in the U.S. administration.

Still, Brent is up almost 16% in 2019, supported by a deal between the Organization of the Petroleum Exporting Countries and allies such as Russia to limit supplies until March next year. The producers meet on Dec. 5-6 in Vienna to review the policy.

Meanwhile there is "lingering concern about a rise in inventories in the U.S. last week," ANZ said in a note.

U.S. crude oil stockpiles rose sharply last week as refineries cut output and exports dropped, while refined products extended a multi-week drawdown, the Energy Information Administration said on Wednesday. [EAI/S]

Stocks at the Cushing, Oklahoma, delivery hub for WTI rose by 1.7 million barrels, the EIA said.

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