Gold prices inched lower on Monday as investors moved to riskier assets following the announcement of an interim deal  between the United States and China that cooled a 17-month-old trade dispute.

FUNDAMENTALS
Spot gold was down 0.1% at $1,473.88 per ounce, as of 0050 GMT. U.S. gold futures were down 0.2% at $1,478.60.

The "phase one" trade agreement was announced on Friday and on Sunday U.S. Trade Representative Robert Lighthizer said U.S. exports to China will nearly double over the next two years although officials are yet to decide a date to sign the
agreement.

The United States suspended some tariffs on Chinese goods that was due to go into effect on Sunday, while China State Council's customs tariff commission said it had dropped its plan for additional tariffs on some U.S. goods.

Asian shares rose as investors breathed a sigh of relief after a thaw in tariff war.

The U.S. economy is doing well and looks set to stay that way next year, two top Federal Reserve policymakers said on Friday, remarks that suggest they are content to leave interest rates where they are.

However, data from U.S. showed on Friday retail sales increased less than expected in November as Americans cut back on discretionary spending despite a strong labour market.

In the UK, British Prime Minister Boris Johnson will "get Brexit done" by Jan. 31 and then agree to a new trade deal with the European Union by the end of 2020, cabinet office minister Michael Gove said on Sunday.

Speculators slashed their bullish positions in COMEX gold in the week to Dec. 10, data showed.

Gold dealers in India offered a discount last week due to plentiful supplies and slack demand during the wedding season, with other regions in Asia expecting improvement in buying ahead of the Christmas and Chinese New Year festivities.

Elsewhere, Palladium rose 0.6% to $1,941.09 an ounce, silver shed 0.1% to $16.92 per ounce, while platinum fell 0.2% to $926.08.

DATA/EVENTS     (GMT)
0200   China       Urban Investment (YTD) YY                      Nov
0200   China       Industrial Output YY                                 Nov
0200   China       Retail Sales YY                                         Nov
0815   France      Markit Mfg, Serv, Comp Flash PMIs           Dec
0830   Germany   Markit Mfg, Serv, Comp Flash PMIs           Dec
0900   EU            Markit Mfg, Serv, Comp Flash PMIs           Dec
0930   UK            Markit Mfg, Serv, Composite Flash PMIs    Dec
1100   EU            Reserve Assets Total                               Nov
1445   US            Markit Mfg, Serv, Comp Flash PMIs           Dec

(Reporting by Sumita Layek in Bengaluru; Editing by Arun Koyyur)

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