June 28, 2017 / 1:14 AM / 23 days ago

PRECIOUS-Gold prices firm on weaker dollar, equities

3 Min Read

    BENGALURU, June 28 (Reuters) - Gold prices firmed on
Wednesday on lower equities and a weaker U.S. dollar after
European Central Bank President Mario Draghi hinted the ECB
could trim its stimulus this year.
    
    FUNDAMENTALS    
    * Spot gold        had risen 0.2 percent to $1,249.17 per
ounce by 0049 GMT.
    * U.S. gold futures         for August delivery climbed 0.2
percent to $1,249.40 per ounce.
    * The U.S. dollar slid to 10-month lows against the euro on
Tuesday after the ECB's Draghi opened the door to steps that
might begin to reduce the central bank's stimulus.       
    * Asian shares slumped on Wednesday after Wall Street was
knocked hard in the wake of a delay to a U.S. healthcare reform
vote.                
    *  U.S. Senate Republican leaders postponed a vote on a
healthcare overhaul on Tuesday after resistance from members of
their own party, and President Donald Trump summoned Republican
senators to the White House to urge them to break the impasse.
            
    * U.S. Federal Reserve Chair Janet Yellen said on Tuesday
that she did not believe there would be another financial crisis
for at least as long as she lives, thanks largely to reforms of
the banking system since the 2007-09 crash.                 
    * The International Monetary Fund on Tuesday cut its growth
forecasts for the U.S. economy to 2.1 percent for both 2017 and
2018, dropping its assumption that President Trump's tax cut and
fiscal spending plans would boost growth.             
    * The Bank of England tightened its controls on bank credit
to more normal levels on Tuesday, deciding the risk had passed
of a big hit to the economy and to lending after last year's
Brexit vote.             
    
    DATA/EVENT AHEAD (GMT) 
     0600  Germany           Import prices                  May 
     0600  Britain           Nationwide house prices        June
     0645  France            Consumer confidence            June
     0800  Euro zone         Money supply                   May 
     1230  U.S.              Advance goods trade balance    May 
     1400  U.S.              Pending homes sales            May 
     1430  European Central Bank President Mario Draghi 
           participates in policy panel at ECB Forum in Portugal
    

 (Reporting by Nithin Prasad in Bengaluru; Editing by Joseph
Radford)
  

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