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PRECIOUS-Gold rises as stocks slip, on track for weekly loss
September 30, 2016 / 1:22 AM / a year ago

PRECIOUS-Gold rises as stocks slip, on track for weekly loss

Sept 30 (Reuters) - Gold inched up on Friday as equities
fell, but was on track to end the week down over 1 percent. 
    
    FUNDAMENTALS
    * Spot gold had risen 0.2 percent to $1,323.20 an
ounce by 0053 GMT. 
    * U.S. gold futures were mostly flat at $1,326.40 an
ounce.
    * Asian stocks followed Wall Street lower in early trade on
Friday. 
    * U.S. economic growth was less sluggish than previously
thought in the second quarter as exports grew more than imports
and businesses raised their investments, hopeful signs for the
economic outlook. 
    * However, other data showed contracts to buy previously
owned U.S. homes dropped in August to the lowest level since
January. 
    * With inflation expectations anchored and inflation itself
running below the Federal Reserve's 2-percent target, there is
no rush to raise interest rates, Minneapolis Fed President Neel
Kashkari said on Thursday. 
    * Fed official Jerome Powell said on Thursday the U.S.
economy is in "solid shape" but that the central bank can be
patient in approving any interest rate increase because of the
weak global environment. 
    * Kansas City Fed President Esther George told CNBC that it
was time to move ahead with a rate hike and said even if
interest rates were to rise, they would still remain
accommodative. 
    * Bank of Japan policymakers engaged in heated debate on the
feasibility of overhauling its massive stimulus programme with
some board members doubting whether it would enhance flexibility
of monetary policy, a summary of opinions at the central bank's
September rate review showed on Friday. 
    * Protesters in northern Mexico blocked access to the
Penasquito mining complex operated by Goldcorp Inc on
Thursday, but the company said operations were unaffected and
the issue would be resolved quickly. 
    * Canada's Kirkland Lake Gold will acquire
Australian miner Newmarket Gold for about C$1 billion
($764 million) in stock. 
    * For the top stories on metals and other news, click
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 DATA/EVENT AHEAD (GMT)
    0145 China Caixin manufacturing PMI final September 
    0600 Germany Retail sales August 
    0900 Euro zone Inflation flash September 
    0900 Euro zone Unemployment rate August 
    1230 U.S. Personal income August 
    1345 U.S. Chicago PMI September

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

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