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PRECIOUS-Gold prices steady, softer dollar supports
February 20, 2017 / 1:15 AM / 7 months ago

PRECIOUS-Gold prices steady, softer dollar supports

    Feb 20 (Reuters) - Gold prices held steady early on Monday,
supported by a weaker dollar and lower equities, with U.S.
markets closed for the Presidents Day holiday.  
           
    FUNDAMENTALS
    * Spot gold        was little changed at $1,235.10 per ounce
at 0045 GMT, while U.S. gold futures         were down 0.2
percent, to $1,236.5. The dollar index        was down 0.1
percent to 100.88. 
    * Asian share markets got off to a subdued start on Monday
as political uncertainty kept investors cautious, while the U.S.
dollar softened a touch ahead of a busy week for Federal Reserve
speakers. Turnover was light with U.S. markets closed for the
Presidents Day holiday.             
    * A host of results from retailers due this week will be
watched for a read on spending as well as for commentary from
executives on President Donald Trump's proposal to tax imports.
    * On the interest rate front, no less than five heads of
regional Federal Reserve bank are due to speak this week.
    * Two hard-left candidates said on Friday they were
discussing cooperation in their bid for the French presidency,
jolting investors already nervous over the possibility of a win
for far-right, anti-globalisation candidate Marine Le Pen.
            
    * Gold started trading at a discount to official prices in
India on Friday for the first time in seven weeks, and buyers
elsewhere in Asia held back purchases, waiting for rallying
bullion prices to ease.         
    * SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.28 percent to
841.17 tonnes on Friday from 843.54 tonnes on Thursday.
         
    * After five years of painful belt-tightening, the world's
biggest gold miners are starting to cautiously loosen their
purse strings and spend more money to find new deposits and
build mines.             
    * Hedge funds and money managers cut their net long position
in COMEX gold for the first time in three weeks in the week to
Feb. 14, U.S. Commodity Futures Trading Commission data showed
on Friday.             
    * Investment flows into the euro zone surged in December
while the 19-country bloc's adjusted current account surplus
narrowed slightly.             
   
     DATA AHEAD (GMT)
     0700 Germany Producer prices               Jan
     1500 Euro zone Consumer confidence flash   Feb
     U.S. markets closed for the Presidents Day holiday
    
     

 (Reporting by Arpan Varghese in Bengaluru; Editing by Richard
Pullin)
  

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