Reuters logo
5 months ago
PRECIOUS-Gold holds near 3-1/2 month highs; Trump economic policy in focus
February 27, 2017 / 12:50 AM / 5 months ago

PRECIOUS-Gold holds near 3-1/2 month highs; Trump economic policy in focus

3 Min Read

    Feb 27 (Reuters) - Gold prices held firm on Monday near
3-1/2-month highs hit in the previous session as investors await
more clarity on President Donald Trump's economic policy.    
           
    FUNDAMENTALS
    * Spot gold        was little changed at $1,256.61 per ounce
at 0034 GMT. The metal hit its highest since Nov. 11 at
$1,260.10 in the previous session. 
    * U.S. gold futures         were also steady at $1,257.70.
    * Investors are looking towards U.S. President Donald
Trump's policy speech to a joint session of Congress on Tuesday
night where he is expected to provide clues on his plans to cut
taxes.            
    * New U.S. single-family home sales rose less than expected
in January, likely held back by heavy rains and flooding in
California, but continued to point to a strengthening housing
market despite higher prices and mortgage rates.              
    * Worldwide sovereign debt is set to reach a new record high
of $44 trillion this year despite a slight reduction in
governments' annual borrowings, an estimate from credit ratings
agency S&P Global said on Friday.             
    * Hedge funds and money managers raised their net long
position in COMEX gold to the highest in nearly three months
during the week to Feb. 21. Speculators raised their net long
position in bullion by 14,482 to 82,464 lots.             
    * Gold demand in Asia remained sluggish this week as a price
rally on political concerns and dollar weakness kept buyers on
the sidelines.             
    * The rise in world stocks last week to fresh all-time highs
drew an eighth straight weekly inflow into equity funds, Bank of
America Merrill Lynch said on Friday, while bond funds also
chalked up their ninth straight weekly inflow.             
    * Greece's central bank governor warned on Friday that
"uncertainty" could hobble the country's economic recovery if
the government and its lenders do not conclude a bailout review
soon.             
    * Australian gold output hit a 17-year high of 298 tonnes in
2016 as higher bullion prices drove mining companies to dig
deeper, a sector survey released on Sunday showed.             
    * Greece's central bank said on Saturday it held 149.1
tonnes of gold reserves at the end of December worth 5.26
billion euros ($5.55 billion), with about half kept in its
vaults and the rest stored abroad.              
    * Holdings of the largest gold-backed exchange-traded fund,
New York's SPDR Gold Trust                , have risen more than
5 percent this month on geopolitical risk.  
       
    DATA AHEAD (GMT)
    1000  Euro zone    Business climate            Feb 
    1000  Euro zone    Consumer confidence final   Feb 
    1330  U.S.         Durable goods               Jan 
    1500  U.S.         Pending homes sales         Jan 

 (Reporting By Nallur Sethuraman in Bengaluru; Editing by
Richard Pullin)
  

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below