July 4, 2017 / 1:14 AM / 17 days ago

PRECIOUS-Gold nudges up, but pegged close to seven-week lows

3 Min Read

    BENGALURU, July 4 (Reuters) - Gold edged higher early
Tuesday, supported by an easing dollar,  but was still near
seven-week lows hit in the previous session when it posted its
biggest one-day percentage loss since November.
         
    FUNDAMENTALS    
    * Spot gold        rose 0.4 percent to $1,224.70 per ounce
at 0100 GMT. On Monday, it fell 1.7 percent to touch a low of
$1,218.31 an ounce, its weakest since May 11.    
    * U.S. gold futures         for August delivery rose 0.4
percent to $1,224.10 per ounce.
    * The dollar index        against a basket of six major
currencies slipped 0.1 pct to 96.087.           
    * U.S. President Donald Trump spoke with German and Italian
leaders on Monday, a White House official said, ahead of a
summit of the Group of 20 leading economies this week that could
expose his sharp differences with world powers on trade and
other issues.             
    * Euro zone growth is stronger than expected and this will
enable the European Central Bank to slowly normalize its
monetary policy and end a "crazy situation" of negative interest
rates, German Finance Minister Wolfgang Schaeuble said on
Monday.             
    * Gertjan Vlieghe, one of the Bank of England's interest
rate-setters, on Monday said he favoured keeping borrowing costs
at their historic low, despite a shift among some of his peers
at the central bank in favour of a first hike in a decade.
            
    * There is no behind-the-scenes pact between powerful
central bankers to tighten policy but the potent effect their
actions have on financial markets means they want a deeper
understanding of each others' motivations, officials told
Reuters.              
    * U.S. factory activity rose sharply in June to its highest
level in almost three years suggesting economic growth in the
second quarter gained some steam, while construction spending
held steady in May.             
    * Major automakers on Monday reported a fourth consecutive
month of lower U.S. new vehicle sales for June, providing fresh
evidence that 2017 will fall short of last year's record year
for the industry.             
    * Production has resumed at the Cooke mine of South African
precious metals producer Sibanye Gold          following the
conclusion of a wildcat strike at the operation which erupted
almost a month ago, a company spokeswoman said on Monday.
            
    * Holdings in SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund, fell 0.73 percent to 846.29
tonnes on Monday.          
    * U.S. markets will remain shut on Tuesday for Independence
Day holiday 
        
    DATA AHEAD (GMT) 
    0900  Euro zone Producer prices    May      

    
 (Reporting by Vijaykumar Vedala in Bengaluru; Editing by
Richard Pullin)
  

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