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PRECIOUS-Gold up for fourth straight session on N. Korea tensions
August 11, 2017 / 1:06 AM / in 2 months

PRECIOUS-Gold up for fourth straight session on N. Korea tensions

    BENGALURU, Aug 11 (Reuters) - Gold prices edged up to touch
their highest in over two months on Friday, set for a fourth
consecutive day of gains as rising tensions between the United
States and North Korea stoked safe-haven buying.
    
    FUNDAMENTALS    
    * Spot gold        was up 0.2 percent at $1,287.90 per ounce
at 0042 GMT. Earlier in the session, it marked its highest since
June 8 an $1,288.52 an ounce. 
    * U.S. gold futures         for December delivery rose 0.3
percent to $1,294.10 per ounce.
    * President Donald Trump ratcheted up his rhetoric toward
North Korea and its leader on Thursday, warning Pyongyang
against attacking Guam or U.S. allies after it disclosed plans
to fire missiles over Japan to land near the U.S. Pacific
territory.             
    * On Friday, the dollar set an eight-week low against the
yen, Australian stock futures slumped early and other Asian
markets looked set to follow on the tensions between the United
States and North Korea.                 
    * U.S. producer prices unexpectedly fell in July, recording
their biggest drop in nearly a year and pointing to a further
moderation in inflation that could delay a Federal Reserve
interest rate hike.             
    * Gold demand in India remained sluggish this week as local
prices jumped to their highest level in nearly three months and
a rally in global prices of the precious metal dampened fresh
buying elsewhere in Asia.         
    * The Fed expects "very weak" U.S. inflation to rebound
thanks to a slide in the dollar and to a labour market that
keeps getting hotter, one of the Fed's most influential
officials said in comments that reinforce its gradual
policy-tightening plan.             
    *  The European Central Bank is slightly more likely to
announce a change to its asset purchases programme in September
than October, a Reuters poll found.             
    * Japan's exports were expected to record an eighth straight
month of growth in July, a Reuters poll found, suggesting robust
offshore demand could underpin moderate economic recovery.
            
    
      DATA AHEAD (GMT) 
     0600  Germany  Consumer prices final   July 
     1230  U.S.     Consumer prices         July 
     1500  U.S.     Cleveland Fed CPI       July 
    

 (Reporting by Nithin Prasad in Bengaluru; Editing by Joseph
Radford)
  

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