Bengaluru — Gold steadied on Thursday, consolidating in a tight range below the key $1,300 pivot, as Washington slapped sanctions on Chinese telecoms giant Huawei, souring optimism for a thaw in US-China trade tensions. Spot gold was unchanged at $1,296.30/oz at 4.09am GMT, moving in a narrow range of about $3. US gold futures edged 0.1% lower to $1,296.80/oz. “There are still a lot of underlying tensions [surrounding US-China trade relations] so that might be supportive for gold,” said John Sharma, economist at National Australia Bank. While gold’s gains may be limited by expectations of talks between the US and China, the metal would still hover in the $1,280-$1,310 range, Sharma added. Asian equities slipped after the US hit Huawei with severe sanctions, threatening to further strain trade ties, and erasing limited gains triggered by news that US President Donald Trump planned to delay implementing tariffs on auto imports. The news on the sanctions dented hopes of a lull in the e...
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