February 28, 2017 / 12:58 AM / 5 months ago

PRECIOUS-Gold steady ahead of Trump's policy speech

3 Min Read

    Feb 28 (Reuters) - Gold held steady on Tuesday, after
falling from 3-1/2-month highs in the previous session, as
investors awaited a speech by U.S. President Donald Trump later
in the day for more clarity on  his economic policy.
    
    FUNDAMENTALS
    * Spot gold        was little changed at $1,252.15 per ounce
at 0044 GMT. The metal hit its highest since Nov. 11 at
$1,263.80 in the previous session. 
    * U.S. gold futures         fell 0.5 percent to $1,252.70.
    * 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.            
    * President Donald Trump on Monday said he would propose a
budget that would ramp up spending on defense, but seek savings
elsewhere to pay for it.             
    *  The U.S. Federal Reserve might need to raise interest
rates in the near future to avoid falling behind the curve on
inflation, Dallas Fed President Robert Kaplan said on Monday.
            
    * Prices of U.S. short-term interest rate futures fell on
Monday as traders raised their expectations the Federal Reserve
will increase rates either in March or May.             
    * New orders for key U.S.-made capital goods unexpectedly
fell in January after three straight months of strong gains, but
did little to change views that manufacturing was recovering
from a prolonged downturn amid rising commodity prices.
            
    * Societe Generale sees robust demand for palladium auto
catalysts from Chinese car manufacturers.
    * The demand outlook remains less compelling for platinum
due to its exposure to diesel technology, which remains under
scrutiny from the emissions scandal, SocGen said.
    * Newmont Mining Corp         is keen to buy the 50 percent
of the Kalgoorlie gold mine in Western Australia it does not
already own should a deal to sell the stake to another buyer
fall through, Chief Executive Gary Goldberg said on Monday.
             
    * China's monthly net gold imports via main conduit Hong
Kong plunged 38.3 percent in January, data showed on Monday.
            
    * Russia is expected to increase its gold production to up
to 305 tonnes in 2017 from 297 tonnes last year, the country's
Gold Industrialists' Union said in a statement on Monday.
            
       
    DATA AHEAD (GMT)
     0745  France    Detailed GDP           Q4 
     0745  France    Producer prices        Jan 
     1330  U.S.      GDP 2nd estimate       Q4 
     1330  U.S.      Goods trade balance    Jan 
     1400  U.S.      S&P/Case-Shiller housing index      Dec 
     1500  U.S.      Consumer confidence    Feb 
    

 (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