May 26, 2017 / 1:30 AM / 4 months ago

PRECIOUS-Gold dips as dollar steadies after oil price slump

    May 26 (Reuters) - Gold edged lower early Friday as the
dollar steadied due to weakness in commodity currencies after an
extension of output curbs by OPEC and other producing nations
left investors hoping for bigger cuts disappointed. 
        
    FUNDAMENTALS    
    * Spot gold        was down 0.2 percent at $1,253.10 per
ounce by 0110 GMT. The yellow metal was poised to dip 0.1
percent for the week.  
    * U.S. gold futures         slipped 0.2 percent to $1,254.2
an ounce.   
    * The dollar index       , which measures the greenback
against a basket of six major rivals, last traded at 97.272.
    * Oil prices tumbled 5 percent on Thursday, leading to the
biggest daily percentage slide in crude prices since early
March.           
    * OPEC and non-members led by Russia decided on Thursday to
extend cuts in oil output by nine months to March 2018 as they
battle a global glut of crude after seeing prices halve and
revenues drop sharply in the past three years.             
    * San Francisco Federal Reserve President John Williams said
he is spending more time thinking about how fiscal policies
under U.S. President Donald Trump could impact the economy, and
so far he sees small short-term gains and little for the longer
term.            
    * Federal Reserve Governor Lael Brainard said on Thursday
that a brighter global economy is posing less risk to the Fed's
outlook for the U.S.             
    * The number of Americans filing for unemployment benefits
rose slightly last week and the four-week moving average of
claims hit a 44-year low, suggesting a further tightening of the
labor market that could encourage the Federal Reserve to raise
interest rates next month.                 
    * President Donald Trump's son-in-law, Jared Kushner, a
senior White House adviser, is under scrutiny by the Federal
Bureau of Investigation in the Russia probe, the Washington Post
and NBC News reported on Thursday.             
    * China's net gold imports via main conduit Hong Kong
dropped 33.5 percent in April from the previous month, data
showed on Thursday, as high prices turned off buyers in the
world's top consumer of the precious metal.             
    * The London Bullion Market Association (LBMA) is launching
a code of conduct aimed at boosting confidence in the $5
trillion a year London gold market, it said on Thursday,
following years of heightened regulatory scrutiny of the city's
financial sector.                 
    * Barrick Gold          said on Thursday that two mines at
its majority-held Acacia Mining         , which account for some
6 percent of Barrick's 2017 production guidance, are impacted by
Tanzania's current concentrate export ban.                 
        
    DATA/EVENT AHEAD (GMT) 
    1230  U.S. Durable goods                            Apr 
    1230  U.S. GDP 2nd estimate                          Q1 
    1400  U.S. Univ of Michigan sentiment index final   May     

 (Reporting by Vijaykumar Vedala in Bengaluru; Editing by Sunil
Nair)
  

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