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Gold prices dipped early on Thursday as the dollar steadied after declining from a near one-month high in the previous session, while palladium rose to a record high, trading at a premium to the bullion.
Spot gold was down 0.1 per cent at $1,244.56 per ounce, as of 0124 GMT. US gold futures were little changed at $1,249.5 per ounce. Spot palladium was up 0.1 per cent at $1,262.35 per ounce. Prices hit an all-time high of $1,264.25 earlier in the session.
The dollar index, which measures the greenback against six major rivals, was steady at 97.088. Asian shares and the pound moved higher as investors breathed a sigh of relief after British Prime Minister Theresa May survived a no-confidence vote, and as China appeared to be taking more steps to meet US demands to open its markets.
China appears to be easing its high-tech industrial development push, dubbed “Made in China 2025,” which has long irked the United States, amid talks between the two countries to reduce trade tensions, according to new guidance to local governments.
British Prime Minister Theresa May had survived a confidence vote by the Conservative Party on Wednesday, but a mutiny by more than a third of her lawmakers indicated that Parliament was heading towards deadlock over Brexit.
The Italian government has offered to lower its deficit target for next year, Prime Minister Giuseppe Conte had said on Wednesday, with the European Commission declaring that good progress has been made in a dispute over the country's budget.
US consumer prices were unchanged in November, held back by a sharp decline in the price of gasoline, but underlying inflation pressures remained firm amid rising rents and healthcare costs. The US Treasury yield curve will invert next year, possibly within the next six months, much earlier than forecast just three months ago, with a recession to follow as soon as a year after that, a Reuters poll showed on Thursday.
Production at Randgold's Loulo gold mine in Mali had resumed on Wednesday after a week-long outage over a pay dispute, the head of the union said, warning of possible further industrial action.
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