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PRECIOUS-Gold slips from 3-month highs on dollar strength
February 8, 2017 / 1:18 AM / 9 months ago

PRECIOUS-Gold slips from 3-month highs on dollar strength

    Feb 8 (Reuters) - Gold on Wednesday slipped from near
three-month highs hit in the previous session, easing on a
stronger dollar amid political and economic uncertainty in the
United States and Europe.

    FUNDAMENTALS
    * Spot gold        was down 0.2 percent to $1,231.50 per
ounce at 0100 GMT. On Tuesday, the metal touched its highest
since Nov. 11 at $1,235.78.
    * U.S. gold futures         fell 0.2 percent to $1,232.90 an
ounce.
    * The dollar index       , which measures the greenback
against a basket of currencies, was up 0.2 percent at 100.510.
    * Controversy over U.S. President Donald Trump's temporary
travel ban on people from seven Muslim-majority countries has
recently boosted gold as a safe-haven asset, while political
uncertainty in Europe amid upcoming elections bouyed the dollar.
    * Weaker output in manufacturing and construction drove the
biggest monthly drop in German industrial production in nearly
eight years in December, dashing prospects for robust growth in
the final quarter of 2016.             
    * The U.S. trade deficit fell in December as exports hit
their highest level in more than 1-1/2 years amid record
shipments of technology products, but strengthening domestic
demand points to further rises in imports, which could constrain
economic growth.             
    * Federal Reserve Chair Janet Yellen will present the U.S.
central bank's semiannual report on monetary policy and the
economy in testimony to the Senate Banking Committee on Feb. 14,
the panel said on Tuesday.             
    * China's foreign exchange reserves unexpectedly fell below
the closely watched $3 trillion level in January for the first
time in nearly six years, though tighter regulatory controls
appeared to making some progress in slowing capital outflows.
            
    * China's gold reserves were unchanged for a third straight
month in January at 59.24 million fine troy ounces, the central
bank said on Tuesday.             
    * Holdings of SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund, rose 1.01 percent to 826.95
tonnes on Tuesday from on Monday. Holdings rose for a fifth
straight session.          
    * Illegal miners have "largely been cleared" from AngloGold
Ashanti's          Obuasi mine in Ghana and the company can now
explore a number of options for the asset including its possible
sale or redevelopment, its chief executive said on Tuesday.
            
    * Armed robbers attacked Banro Corp's          Twangiza gold
mine in eastern Democratic Republic of Congo early on Tuesday
and three policemen and one assailant were killed, the Canadian
company said.              
    
      DATA AHEAD (GMT)    
      1200   US   Mortgage refinancing index    weekly

 (Reporting By Nallur Sethuraman in Bengaluru; Editing by
Richard Pullin)
  

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