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Gold steady ahead of central bank meetings
July 20, 2017 / 1:14 AM / 2 months ago

Gold steady ahead of central bank meetings

FILE PHOTO: A worker checks gold granulate at a plant of gold refiner and bar manufacturer Valcambi SA in the southern Swiss town of Balerna December 20, 2012. REUTERS/Michael Buholzer/File Photo

BENGALURU (Reuters) - Gold prices steadied early on Thursday, with the dollar firming as markets waited for clues on the future of key stimulus programmes in upcoming Bank of Japan and European Central Bank meetings.

FUNDAMENTALS

* Spot gold XAU= was nearly unchanged at $1,240.07 per ounce at 0053 GMT.

* U.S. gold futures GCcv1 for August delivery fell 0.19 percent to $1,239.60 per ounce.

* The European Central Bank is expected to lay the groundwork for an autumn policy shift when it meets on Thursday, emphasising improved growth while tempering expectations after previously setting off a mini tantrum in financial markets.

* The Bank of Japan is set to paint a brighter picture of the economy on Thursday but cut its inflation forecasts again, reinforcing expectations that it will lag well behind major global central banks in scaling back its massive stimulus programme.

* A broad barometer of global stocks rose for a ninth straight session on Wednesday as earnings season in the United States and Europe heated up, while the dollar clawed back from 10-month lows and oil prices jumped. [MKTS/GLOB][USD/]

* Japan’s exports rose for a seventh straight month in June led by shipments of cars and electronics, an indication external demand continues to support a gradual economic recovery and backing the central bank’s upbeat economic view.

* U.S. homebuilding surged to a four-month high in June, but construction activity remains constrained by rising lumber prices and labour and land shortages.

* Holdings at the SPDR Gold Trust (GLD), the world’s largest gold-backed exchange-traded fund fell 0.65 percent to 816.13 tonnes on Wednesday from 821.45 tonnes on Tuesday.

* President Donald Trump’s son Donald Trump Jr., son-in-law Jared Kushner and former campaign manager Paul Manafort have been asked to appear before U.S. Senate committees next week to answer questions about the campaign’s alleged connections to Russia, officials said on Wednesday.

Reporting by Nithin Prasad in Bengaluru; Editing by Joseph Radford

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