* Palladium on track for best week since mid-September
* Euro zone business growth misses expectations
* Gold testing resistance at $1,470/oz- analyst (Updates prices)By Karthika Suresh NamboothiriNov 22 (Reuters) - Gold prices were on track for a secondstraight weekly gain on Friday, as uncertainties about the fateof a "phase one" trade deal between the United States and Chinalingered.Spot gold was up 0.4% at $1,469.51 per ounce at 1348GMT, and was 0.1% higher for the week.U.S. gold futures also climbed 0.4% to $1,469.70 perounce."Gold is on the bullish side given the ongoing uncertaintyregarding trade talks, which increased following the approval ofthe Hong Kong bill in the U.S. Congress," Commerzbank analystCarsten Fritsch said."In all likelihood, Trump will sign it (the bill) whichcould be a stumbling block for a solution in trade talks, andhurt prospects of continued negative interest rates. This hascontinued to support investment demand in gold."The United States on Wednesday passed two bills intended tosupport protesters in Hong Kong and send a warning to Chinaabout human rights, to China's displeasure.
Chinese President Xi Jinping said earlier in the day thatChina wants to work out an initial trade pact with the UnitedStates and has been trying to avoid a trade war, but is notafraid to retaliate when necessary. Investors were hedging their bets."This morning, despite stock markets in green, bullion isrebounding with the price now testing the resistance area of$1,470. It seems that investors are waiting for a clear signalon direction and particularly any news coming from the tradewar," Carlo Alberto De Casa, chief analyst at ActivTrades, saidin a note.The trade war between the world's two largest economies hasroiled markets since its inception more than 16-months ago, andstoked concerns of a global economic recession.Tepid economic data from around the world have done littleto assure investors. Euro zone business growth almost ground toa halt this month as activity in the bloc's dominant servicesindustry increased at a much weaker pace than expected, a surveyshowed on Friday. Meanwhile, the German economy has avoided a recession asexports, state spending and consumers provided support. Among other precious metals, silver rose 0.2% to$17.14 per ounce. Platinum fell 1% to $906.01, but has sofar gained about 1.8% this week.Palladium was up 0.3% to $1,765.89 per ounce, ontrack for its best week since mid-September. (Reporting by Karthika Suresh Namboothiri in Bengaluru; Editingby Philippa Fletcher and Mark Potter)
0997 (If within U.S. call 651-848-5832); Reuters Messaging:karthikasuresh.namboothiri.thomsonreuters.com@reuters.net)) Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.