Reuters logo
PRECIOUS-Gold steady on weaker dollar, firmer stocks cap gains
October 18, 2016 / 1:22 AM / a year ago

PRECIOUS-Gold steady on weaker dollar, firmer stocks cap gains

Oct 18 (Reuters) - Gold prices held steady on Tuesday as the
U.S. dollar weakened, while rebounding equities capped gains. 
        
    FUNDAMENTALS
    * Spot gold was mostly flat at $1,256 an ounce by
0100 GMT.
    * U.S. gold futures were also mostly unchanged at
$1,256.80 an ounce.
    * The dollar index, which measures the greenback
against a basket of currencies, was down 0.2 percent at 97.663
after touching seven-month highs Monday. 
    * Asian stocks edged up on Tuesday, though risk appetite was
low as weak U.S. markets prompted investors to stay on the
sidelines. 
    * The Federal Reserve is "very close" to its U.S. employment
and inflation targets, Fed Vice Chair Stanley Fischer said on
Monday. 
    * The Bank of Japan has maintained its optimistic economic
view on most of the country's nine regions, but said some firms
are struggling to raise prices due to weak consumption,
underscoring the difficulty of removing the public's sticky
deflationary mindset. 
    * Holdings of SPDR Gold Trust, the world's largest
gold-backed exchange-traded fund, rose 0.18 percent to 967.21
tonnes on Monday. 
    * China is marketing its yuan gold price to foreign
exchanges and Singapore is looking at bringing London's gold
benchmark to users in Asia, in moves meant to boost the region's
exposure and influence in the global bullion market.
 
    * The Shanghai Gold Exchange will collaborate with foreign
exchanges and allow them to use its yuan-denominated gold price
in developing derivatives products, its chairman said on Monday.
 
    * Singapore will study the possibility of bringing the gold
benchmark pricing in London to users in Asia, in a move that
would also allow market participants in the world's top
consuming region to help set the price of bullion. 
    * Intercontinental Exchange on Monday said it would
launch a London gold daily futures contract in February 2017,
heating up the race to gain a bigger chunk and increase
transparency of a market that is seen as a key global bullion
trading centre.   
    * For the top stories on metals and other news, click
 or 

 (Reporting by Apeksha Nair 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