July 14, 2017 / 1:19 AM / 8 days ago

PRECIOUS-Gold holds steady, on track for first weekly gain in three

3 Min Read

    BENGALURU, July 13 (Reuters) - Gold was little changed early
on Friday after snapping three days of gains in the previous
session, and was set for its first weekly rise in three weeks as
the dollar and equities steadied.
            
    FUNDAMENTALS    
    * Spot gold        eased 0.1 percent to $1,215.67 per ounce
at 0107 GMT but was up 0.3 percent for the week so far.
    * U.S. gold futures         for August delivery fell 0.2
percent to $1,214.80 per ounce.
    * It would be "quite challenging" for the United States to
reach the 3 percent growth target set by President Donald Trump,
Federal Reserve Chair Janet Yellen told a Senate panel on
Thursday.             
    * Global stocks scaled record highs on Friday, with Asian
equities rising for a fifth straight session, as signs the Fed
will pursue a gradual rate tightening path and hopes of a strong
earnings season lifted appetite for risk assets.            
    * The dollar was steady against a basket of major currencies
on Thursday, as investors turned their attention to Friday's
economic data, a day after Yellen signaled the Fed's rate hikes
could be gradual.       
    *  U.S. Treasury yields rose on Thursday after falling for
three straight days, tracking gains in German bond yields with
solid economic data supporting their trend higher.      
    * The number of Americans filing for unemployment benefits
fell last week for the first time in a month and producer prices
unexpectedly rose in June, likely keeping the Fed on course for
a third interest rate increase this year.             
    * The Bank of Japan is set to raise its economic growth
forecasts but cut its rosy inflation outlook next week, sources
say, reinforcing expectations it will lag well behind major
global central banks in dialing back stimulus.             
    * Holdings at the SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund fell 0.43 percent to 828.84
tonnes on Thursday from 832.39 tonnes on Wednesday.
    * Senate Republican leaders released on Thursday a revised
plan to dismantle the Obamacare law, but it drew criticism from
senators on both sides of the political divide within the
Republican party, indicating a treacherous path for the bill.
            
    * Britain published legislation on Thursday to sever
political, financial and legal ties with the European Union, an
important step towards Brexit but one which the opposition said
it would challenge.             
    
    DATA AHEAD (GMT)
     1230      U.S.      Core CPI               June
     1230      U.S.      CPI Index              June
     1230      U.S.      Retail sales           June
    

 (Reporting by Nithin Prasad in Bengaluru; Editing by Richard
Pullin)
  

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