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7 months ago
PRECIOUS-Gold near 6-week peak ahead of Trump news conference
January 11, 2017 / 1:01 AM / 7 months ago

PRECIOUS-Gold near 6-week peak ahead of Trump news conference

3 Min Read

Jan 11 (Reuters) - Gold held steady early Wednesday after
touching six-week highs in the session before, with investors
awaiting more policy cues from U.S. President-elect Donald
Trump's first news conference since the elections, due later in
the day.
    
    FUNDAMENTALS
    
    * Spot gold was little changed at $1,187.76 an ounce
by 0043 GMT. Bullion reached its highest level since Nov. 30 on
Tuesday at $1,190.46.
    * U.S. gold futures gained 0.2 percent to $1,187.80
per ounce.
    * The market is looking for more clues on Trump's spending
plans in the first news conference since his shock election win
in November.  
    * A gauge of U.S. small business confidence rose to a
12-year high in December as optimism about the economy
intensified among business owners following the November
election, the National Federation of Independent Business said
on Tuesday. 
    * The World Bank on Tuesday said global growth would
accelerate slightly as recovering oil and commodity prices ease
pressures on emerging-market commodity exporters and painful
recessions in Brazil and Russia come to an end. 
    * Richmond Federal Reserve President Jeffrey Lacker, one of
the U.S. central bank's most reliable proponents of interest
rate increases, will retire from his post in October, the
Richmond Fed said in a statement on Tuesday. 
    * Operations at Canadian miner Yamana Gold Inc's El
Peñón mine in Chile have been suspended for five days after one
of its two unions representing underground workers went on
strike and blockaded access to the mine, a union leader said on
Tuesday. 
    * The Indian Commodity Exchange (ICEX) is planning to launch
three futures contracts for diamonds in March to provide
exporters with a hedging tool, the exchange said on Tuesday.
 
    * There will be "trouble for equity markets" if the yield on
the benchmark 10-year U.S. Treasury note moves beyond 3 percent,
Jeffrey Gundlach, chief executive of DoubleLine Capital, warned
on Tuesday. 
    * For the top stories on metals and other news, click
 or 
    
    MARKET NEWS
    * The dollar trod water early on Wednesday, showing little
inclination to move against major peers such as the euro and yen
before U.S. President-elect Donald Trump fronts a news
conference that could set the market's near-term direction.
 
    
    DATA AHEAD (GMT)  
      
    0500  Japan        Leading indicator          November
    0500  Japan        Coincident indicator       November
    0930  Britain      Industrial output          November 
    0930  Britain      Trade data                 November 

 (Reporting by Swati Verma in Bengaluru; Editing by Richard
Pullin)

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