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PRECIOUS-Gold edges up ahead of Yellen testimony; Fed officials cautious on rate hike
July 12, 2017 / 1:15 AM / 3 months ago

PRECIOUS-Gold edges up ahead of Yellen testimony; Fed officials cautious on rate hike

    BENGALURU, July 12 (Reuters) - Gold prices edged further
away from a 4-month low on Wednesday, as investors awaited
testimony from U.S. Federal Reserve Chair Janet Yellen and
central bank officials expressed caution about further interest
rate hikes.
    
    FUNDAMENTALS    
    * Spot gold        rose 0.1 percent to $1,218.60 per ounce
at 0046 GMT, adding to a 0.3 percent gain in the previous
session, its biggest rise since June 23.
    * U.S. gold futures         for August delivery rose 0.3
percent to $1,218.30 per ounce.
    * Ahead of Federal Reserve Chair Janet Yellen's testimony to
Congress on the state of the U.S. economy, two of her colleagues
cited low wage growth and muted inflation as reasons for caution
on further interest rate increases.            
    * Minneapolis Federal Reserve Bank President Neel Kashkari
said on Tuesday he finds it hard to believe that the U.S.
economy is in danger of overheating when wage growth is so low.
            
    * Nine out of 12 regional Federal Reserve banks wanted an
increase in the rate commercial banks are charged for emergency
loans ahead of the U.S central bank's last policy meeting,
minutes from a discussion of the discount rate showed on
Tuesday.             
    * Investors are betting the European Central Bank could
deliver its first interest rate rise since 2011 by July next
year.             
    * President Donald Trump is increasingly unlikely to
nominate Federal Reserve Chair Janet Yellen next year for a
second term, and National Economic Council Director Gary Cohn is
the leading candidate to succeed her, Politico reported on
Tuesday, citing four people close to the process.             
    * President Donald Trump's eldest son eagerly agreed last
year to meet a woman he was told was a Russian government lawyer
who might have damaging information about Democratic White House
rival Hillary Clinton as part of Moscow's official support for
his father, according to emails released on Tuesday.
            
        
    DATA AHEAD (GMT)   
         China     Foreign direct investment   June 
         China     M2 money supply            June  
         China     New yuan loans             June  
   0830  U.K.      Jobless rate (ILO)          May 
   0900  Euro zone Industry output             May 
   1100  U.S.      Home mortgage applications  Weekly 

 (Reporting by Nithin Prasad in Bengaluru)
  

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