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Intro:
Gold was little changed on Tuesday, retaining gains from the previous session, while investors waited for China trade data for clues on the health of the world's second-biggest economy.
Volledige analyse:
FUNDAMENTALS
* Spot gold traded nearly flat at $1,586.19 an ounce
by 0041 GMT, after snapping two days of losses in the previous
session.
* U.S. gold edged down 0.2 percent to $1,586.30.
* European ministers were set to grant Spain an extra year to reach its deficit targets in exchange for further budget savings but remained far from pinning down details of bank rescues and emergency bond-buying that are of greater concern to markets.
* European Central Bank President Mario Draghi kept the door open on Monday to further interest rate cuts, saying any decision on further action would depend on economic data.
* Investors will be watching June trade figures from Beijing, after Monday's data showed inflation eased more than expected, signalling falling demand for goods from the manufacturing capital of the world and the likelihood of more policy moves to support the slowing economy.
* Hedge funds and money managers boosted their bullish bets in U.S. gold futures and options by 30 percent in the week up to July 3 after a European deal to shore up banks and cut borrowing costs increased bullion's investment appeal.
MARKET NEWS
* U.S. stocks slipped in light trading on Monday, weighed down by weak economic data from Asia and signs of economic trouble in Europe, underscored by higher Spanish and Italian bond yields.
* The euro hovered above two-year lows in Asia on Tuesday, while commodity currencies also held their ground on the greenback with investors reluctant to take big positions ahead of China trade figures.
DATA/EVENTS
0500 Japan Consumer confid. index Jun
0645 France Industrial output mm May
0800 Italy Industrial output yy WDA May
1145 U.S. ICSC chain stores yy Weekly
China Exports yy Jun
China Imports yy Jun
China Trade balance Jun
By Rujun Shen
