Reuters logo
PRECIOUS-Gold holds near 7-mth high, political worries buoy safe-haven demand
June 7, 2017 / 1:28 AM / in 4 months

PRECIOUS-Gold holds near 7-mth high, political worries buoy safe-haven demand

    BENGALURU, June 7 (Reuters) - Gold held steady near its
highest in seven months on Wednesday, supported by a weaker U.S.
dollar ahead of key political and economic events that are
expected to stoke bullion's safe-haven appeal. 
            
    FUNDAMENTALS    
    * Spot gold        was nearly flat at $1,293.03 per ounce at
0100 GMT. On Tuesday, it rose 1.1 percent and hit its highest
level since November last year at $1,295.97 an ounce.
    * U.S. gold futures         for August delivery dipped 0.2
percent to $1,295.6 an ounce. 
    * The dollar index       , which tracks the greenback
against six major rivals, was down 0.1 pct.    
    * MSCI's broadest index of Asia-Pacific shares outside Japan
                edged down 0.2 percent. 
    * With British elections, a European Central Bank meeting
where policymakers may take a less dovish stance, and former FBI
director James Comey's Senate testimony all set for Thursday,
market participants will be wary of taking big positions.
           
    * U.S. job openings surged to a record high in April and
employers appeared to have trouble finding suitable workers,
pointing to a tightening labour market that could encourage the
Federal Reserve to raise interest rates later this month.
                
    * Former FBI chief Comey will likely hold back from accusing
President Donald Trump of trying to interfere with an
investigation into links between Trump's election campaign team
and Russian officials when he testifies in Congress this week,
legal sources said.             
    * British Prime Minister Theresa May looks on course to
increase her parliamentary majority in Thursday's election, an
opinion poll showed on Tuesday, shortly after another survey
suggested the race with the opposition Labour Party was neck and
neck.                                     
    * Emmanuel Macron's party is set to win the biggest
parliamentary majority for a French president since Charles de
Gaulle's 1968 landslide, a survey of voter intentions for the
coming legislative elections showed on Tuesday.             
    * Global investors are distinguishing between the UK and the
rest of Europe as part of a fundamental reassessment of what
investing in the region means, reflecting growing enthusiasm for
Europe's broad economic prospects and nervousness about thorny
and possibly protracted Brexit negotiations.                  
    * Palladium        on Tuesday hit its strongest since
September 2014 at $858.70
    * Holdings in SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund, on Tuesday rose 0.49 percent
to 855.16 tonnes.          
                        
    DATA AHEAD (GMT)  
      *     China Forex reserves              May 
     0600  Germany Industrial orders          Apr 
     0900  Euro zone Revised GDP              Q1 
     1900  U.S. Consumer credit               Apr 
    
     * Exact timing not available     

 (Reporting by Vijaykumar Vedala in Bengaluru; Editing by Joseph
Radford)
  

Our Standards:The Thomson Reuters Trust Principles.
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