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Foreign investment in Egypt treasuries hit $22B end-Dec.       254M shares covered in sub., remaining shares will be reoffered, Beltone says       Egypts Talaat Moustafa to issue its first sukuk in April       Egyptian property developer IWAN eyes higher investments this year       EGX sets price limits of Foodicos right for Tuesday       Sharkia National Food (SNFC.CA) - Board Of Directors Decision       International company For Medical Industries -ICMI (ICMI.CA) - Release Concerning a Clients Shares (NILEX)       Release from Egypt for Poultry (EPCO.CA) Concerning any Material Events       Release from Pharaoh tech for control and communication systems (PTCC.CA) Regarding the Financial Statements (NILEX)       Arab Moltaka Investments Co (AMIA.CA) - Board Of Directors Decisions       Release From Beltone Financial Holding (BTFH.CA.) Concerning the Subscription Coverage Ratio       Egyptian Iron & Steel (IRON.CA) - Decisions of the Board of Directors meeting       UK announces 24M to support Egypt development sectors       Egypt may list its first green bonds in LSE this year       Global stocks stay near record highs; focus turns to central banks, earnings       Egypt signs 9 agreements for oil, gas exploration worth $452M       British Investment Fund to invest $700M in Egypt       CIB signs $100M MoU with British institution CDC       Egypt H1 of FY20 budget deficit 3.8% of GDP minister       HCCDs contracting to implement EGP1bln infrastructure projects      
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Gold dips to near 2-week low as risk-on mode dominates


Gold prices fell to their lowest in nearly two weeks on Tuesday as risk appetite was whetted by stronger-than-expected China economic data and the imminent signing of a preliminary U.S.-China trade deal.
Spot gold dipped 0.6% to $1,538.84 per ounce by 0459 GMT. Earlier in the day, prices touched their lowest since Jan. 3 at $1,535.75. U.S. gold futures fell 0.7% to $1,539.70.
Asian shares rallied amid signs of goodwill between the worlds two top economies as they prepared to sign a truce in their 18-month-long tariff dispute that has upended the global economy.
It is mainly because of increased risk appetite and U.S. removing Chinas label as a currency manipulator that has greatly eased any economic tensions between these two countries, said Helen Lau, analyst at Argonaut Securities.
Just a day before the Phase 1 trade deal signing, the U.S. Treasury on Monday dropped Chinas designation as a currency manipulator, signalling a further thawing of relations.
U.S. Trade Representative Robert Lighthizer said the Chinese translation of the deal was nearly done and would be made public prior to the signing ceremony on Wednesday.
However, concerns remained that this is not an end to the trade war that has roiled global markets over the past one and a half years.
Data out of China showed exports rose for the first time in five months in December, while imports also surpassed expectations.
Stronger-than-expected import and export numbers showed stabilization of the Chinese economy a very positive sign for global economic growth, Argonaut Securities Lau said.
Gold prices gained 18% last year mainly driven by the tariff dispute and its impact on the global economy.
With such strong global growth sentiment evident in markets around the world, and a lack of geopolitical tensions to give support, golds price erosion is likely to continue, Jeffrey Halley, senior market analyst, OANDA, said in a note.
On the interest rate front, U.S. Federal Reserve officials may broadly agree that rates are unlikely to change soon, but they differed Monday on how concerned they are about developing financial risks in assessing when a hike might be appropriate.
Gold is highly sensitive to any reduction in interest rates that reduces the opportunity cost of holding non-yielding bullion.
Spot gold may fall towards $1,524 per ounce, according to Reuters technical analyst Wang Tao.
Elsewhere, silver was down 1% to $17.78 per ounce, having hit its lowest since late December at $17.71 earlier in the session. Palladium fell 0.1% to $2,129.92 an ounce, while platinum slipped 0.6% to $968.01.





Time Added: 2020-01-14 09:16:42
Source: arabfinance
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