2019.05.1506:57:00UTC+00Gold Holds Steady Near One-month High

Gold prices were slightly higher on Wednesday and the U.S. dollar remained confined to a tight range amid reports the Trump administration is preparing to place tariffs on all remaining Chinese imports worth about $300 billion.

Spot gold inched up 0.1 percent to $1,298.10 an ounce, while U.S. gold futures were up 0.2 percent at $1,298.55 an ounce.

Trade war fears linger despite optimistic comments from the U.S. President downplaying the scope of the trade war with China.

Meanwhile, China's industrial production and retail sales growth eased more-than-expected in April, suggesting weak economic activity at the start of second quarter.

China's industrial production advanced 5.4 percent year-on-year in April, following March's 8.5 percent increase. The growth rate was forecast to slow moderately to 6.5 percent.

Likewise, annual growth in retail sales eased to 7.2 percent from 8.7 percent a month ago. Sales were expected to expand 8.6 percent.

On the positive side, fixed asset investment climbed 6.1 percent during January to April period compared to the 6.3 percent expansion logged in January to March period. Economists had forecast 6.4 percent growth.

Property investment increased 11.9 percent in four months to April following the 11.8 percent rise in January to March period.