September 29, 2016 / 1:02 AM / a year ago

PRECIOUS-Gold up on weaker dollar after OPEC deal

Sept 29 (Reuters) - Gold prices inched up on Thursday as the
dollar slipped following a deal by oil producers to curb output.
    
    FUNDAMENTALS
    * Spot gold had risen 0.3 percent to $1,324.76 an
ounce by 0047 GMT. 
    * U.S. gold futures were up 0.4 percent at $1,328.30
an ounce.
    * OPEC agreed on Wednesday modest oil output cuts in the
first such deal since 2008, with the group's leader Saudi Arabia
softening its stance on arch-rival Iran amid mounting pressure
from low oil prices. 
    * The dollar index, which measures the greenback
against a basket of currencies, fell 0.1 percent to 95.352.
    * The Federal Reserve is considering changing the annual
stress tests it gives to U.S. banks to see if they can withstand
a massive financial crisis, Yellen said. 
    * The Fed's chair did not comment on the outlook for the
economy or monetary policy in her prepared remarks.
    * Chicago Fed President Charles Evans said that raising
rates because of financial stability concerns could leave the
U.S. central bank less able to reach its inflation target.
 
    * Minneapolis Fed President Neel Kashkari said the central
bank could keep rates low for a while as inflation remains weak.
 
    * New orders for non-military U.S. capital goods other than
aircraft rose for a third straight month in August, a positive
signal for the business investment outlook. 
    * European Central Bank President Mario Draghi rejected
German criticism that sub-zero interest rates were impoverishing
savers and straining top lender Deutsche Bank, saying
its monetary policy was a necessity to get the euro zone back on
the path to growth and revive inflation. 
    * Russia's central bank is ready to keep buying gold from
banks but has no quotas or objective to increase bullion's share
in its reserves, the bank's First Deputy Governor Dmitry Tulin
said on Wednesday. 
    * For the top stories on metals and other news, click
 or 
  
    MARKET REPORT
    * Asian stocks gained on Thursday in tandem with an oil
price rally. 
    
 DATA/EVENT AHEAD (GMT)
      0755  Germany       Unemployment rate       September
      0900  Euro zone     Business climate        September 
      1200  Germany       Consumer prices         September 
      1230  U.S.          Wholesale inventory     August 
      1230  U.S.          GDP Final               Q2 
      1230  U.S.          Weekly jobless claims 
      1400  U.S.          Pending home sales      August 

 (Reporting by Nallur Sethuraman in Bengaluru; Editing by Joseph
Radford)

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