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PRECIOUS-Gold prices hold firm as equities slide on Trump policy worries
March 22, 2017 / 1:16 AM / in 9 months

PRECIOUS-Gold prices hold firm as equities slide on Trump policy worries

    March 22 (Reuters) - Gold prices on Wednesday held firm
close to near 3-week highs touched the session before, buoyed as
the dollar weakened and equities fell on doubts over U.S.
President Donald Trump's economic agenda.
    
    FUNDAMENTALS
    * Spot gold        was up 0.1 percent at $1,245.21 per ounce
by 00340 GMT. On Tuesday, it touched its strongest since March 2
at $1,247.60.
    * U.S. gold futures         were down 0.1 percent at
$1,245.60.
    * The dollar index       , which measures the greenback
against a basket of currencies, was down 0.1 percent at 99.765.
It fell to a six-week low of 99.642 on Tuesday.
    * Asian stocks declined on Wednesday as a sharp pullback in
Wall Street on doubts about Trump's economic agenda prompted
investors to rush to safe-haven assets.                         
    * Holdings of SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund, rose 0.50 percent to 834.40
tonnes on Tuesday from 830.25 tonnes on Monday.
    * Intercontinental Exchange (ICE)         has delayed the
launch of clearing for London's benchmark gold price because not
all participants in the auction will be ready, two sources
involved in the process said on Tuesday.             
    * Hong Kong's net gold exports to Switzerland hit their
highest in February since records began five years ago, data
from the Swiss customs bureau showed on Tuesday, as total
shipments from the territory more than doubled to a three-month
high.             
    * Canadian gold miner Endeavour Mining Corp          said on
Tuesday it had ended discussions with London-based Acacia Mining
Plc          regarding a potential merger.             
    * World stocks are their most expensive in 17 years, but
bond yields will need to be much higher than they are currently
to trigger an equity bear market, a monthly fund manager survey
showed on Tuesday.             
    * A top Goldman Sachs strategist said on Tuesday that U.S.
Treasuries are the least pricy compared with their major
counterparts, whose yields have been held down by bond purchases
from their respective central banks.             
    * Cleveland Fed President Loretta Mester said on Tuesday
that she currently envisages more than three U.S. interest rate
hikes for this year.             
    * Polyus          , Russia's largest gold producer, has
agreed to sell its 82.34-percent stake in a joint venture with
Polymetal           which holds rights to develop the
Nezhdaninskoye gold deposit, Polyus said in a statement on
Tuesday.             
    
    DATA AHEAD (GMT)
    
    0900  Euro zone    Current account            Jan 
    1300  U.S.         Monthly home price index   Jan 
    1400  U.S.         Existing home sales        Feb
    

 (Reporting by Nallur Sethuraman in Bengaluru; Editing by Joseph
Radford)
  

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