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PRECIOUS-Gold inches up as dollar slips ahead of Fed rate decision
December 14, 2016 / 12:55 AM / a year ago

PRECIOUS-Gold inches up as dollar slips ahead of Fed rate decision

Dec 14 (Reuters) - Gold prices edged higher in Asian trade
on Wednesday on a weaker dollar and as markets waited for the
outcome of the U.S. Federal Reserve's policy meeting later in
the day.
    
    FUNDAMENTALS
    * Spot gold was up 0.2 percent at $1,159.66 an ounce
by 0035 GMT.
    * U.S. gold futures were 0.2-percent higher at
$1,161.20 per ounce.
    * The dollar index, which measures the greenback
against a basket of currencies, was down 0.1 percent at 100.990.
 
    * The Fed is widely expected to hike U.S. interest rates at
this week's Federal Open Market Committee meeting. The outcome
of the policy meeting will be announced at 1900 GMT, followed by
Chair Janet Yellen's news conference half an hour later.
    * Asia shares followed Wall Street higher on Wednesday, with
markets certain the Fed will raise rates for the first time in a
year but less sure what it might signal for policy in 2017.
 
    * U.S. import prices recorded their biggest drop in nine
months in November on declining petroleum costs, with renewed
dollar strength threatening to keep imported inflation subdued.
 
    * ICE Futures U.S. says it will begin trading a new gold
daily futures contract at the start of trading for trade date
Jan. 30, 2017. 
    * Newmont Mining Corp said on Tuesday it is likely
to record a non-cash impairment charge of between $1 billion and
$1.2 billion in the fourth quarter related to an increase in the
estimated cost of closing down its Yanacocha gold mine in Peru.
 
    * For the top stories on metals and other news, click
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  DATA AHEAD (GMT)
    1000     Euro zone Industrial production          October
    1330     U.S. Retail sales                        November
    1415     U.S. Industrial production               November
    1500     U.S. Business inventories                October
    1900     Federal Reserve releases policy statement 
    1930     Fed Chair Janet Yellen holds news briefing

 (Reporting by Swati Verma in Bengaluru; Editing by Joseph
Radford)

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