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PRECIOUS-Gold steady ahead of U.S. Independence day holiday
July 3, 2017 / 1:02 AM / 3 months ago

PRECIOUS-Gold steady ahead of U.S. Independence day holiday

    BENGALURU, July 3 (Reuters) - Gold held steady early Monday,
ahead of the U.S. Independence day holiday, as the dollar
hovered at near nine-month lows hit last week on signs of
monetary tightening by global central banks.
    
    FUNDAMENTALS    
    * Spot gold        was nearly flat at $1,241.04 per ounce at
0043 GMT. It fell over 2 percent in the month of June, its first
monthly decline this year.
    * U.S. gold futures         for August delivery fell 0.1
percent to $1,240.80 per ounce.
    * The dollar edged off a nine-month low against a basket of
currencies early on Monday, but it remained shaky as
expectations of central banks in Europe moving away from
accommodative monetary policies supported peers like the euro
and sterling.        
    * Holdings at the SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund, fell 0.14 percent to 852.50
tonnes on Friday from 853.68 tonnes on Thursday.             
    * Hedge funds and money managers reduced their net long
positions in COMEX gold and silver for the third straight week
in the week to June 27, U.S. Commodity Futures Trading
Commission data showed on Friday.             
    * U.S. Mint American Eagle gold coin sales in the first half
of 2017 were the lowest for this period in a decade, while sales
of silver in the period were the weakest since 2008, government
data showed on Friday.             
    * South African precious metals producer Sibanye Gold
         said on Friday it would resume production on Monday at
its strike-hit Cooke mine, which has been incurring losses amid
illegal mining and production interruptions.             
    * The Federal Reserve on Friday awarded $398.88 billion in
repurchase agreements at an interest rate of 1.00 percent to 79
bidders, which was the highest amount since $468.36 billion on
Dec. 30, the New York Federal Reserve said.             
    * U.S. consumer spending rose modestly in May and inflation
cooled, pointing to a slow-but-steady economic expansion that
could still lead the Federal Reserve to raise interest rates by
the end of the year.             
    * Hedge funds and money managers trimmed their bullish bets
on U.S. crude oil to the lowest in more than nine months, data
showed on Friday, as growing shale production kept inventories
well above the five-year average.             
    
    DATA AHEAD (GMT) 
     0145  China      Caixin manufacturing PMI final  June 
     0750  France     Markit manufacturing PMI        June 
     0755  Germany    Markit/BME manufacturing PMI    June 
     0800  Euro zone  Markit manufacturing PMI final  June 
     0900  Euro zone  Unemployment rate               May 
     1400  U.S.       ISM manufacturing PMI           June 
     1400  U.S.       Construction spending           May 

 (Reporting by Nithin Prasad in Bengaluru; Editing by Richard
Pullin)
  

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