February 13, 2017 / 1:13 AM / 10 months ago

PRECIOUS-Gold slips as dollar strengthens against yen

    Feb 13 (Reuters) - Gold slipped on Monday as the dollar
strengthened against the yen, with the greenback buoyed by a
smooth meeting between U.S. President Donald Trump and Japanese
Prime Minister Shinzo Abe that saw no mention of currency
policy.
        
    FUNDAMENTALS
    * Spot gold        had fallen 0.37 percent to $1,229.45 per
ounce by 0020 GMT. U.S. gold futures         were down 0.41
percent, to $1,230.7.
    * The dollar index        was up 0.20 percent. The dollar
gained against the yen early on Monday, with the market
breathing a sigh of relief as the closely watched two-day
U.S.-Japan summit over the weekend was seen to have ended
smoothly.             
    * A senior Japanese government spokesman said Abe and Trump
did not discuss currency issues and that Trump did not request a
bilateral trade deal.              
    * At a joint news conference with Abe, Trump avoided
repeating harsh campaign rhetoric that accused Japan of taking
advantage of U.S. security aid and stealing American
jobs.            
    * Comments from Trump on Thursday that he plans to announce
an ambitious tax reform plan in the next few weeks rekindled
hopes for big tax cuts, offering broad support for the
greenback.           
    * U.S. economic data has stoked talk that the Federal
Reserve would press ahead with U.S. interest rate hikes sooner
rather than later. U.S. import prices rose more than expected in
January, while initial jobless claims dropped unexpectedly last
week to the lowest in nearly 43 years.                          
    * Fed Vice Chair Stanley Fischer said there was significant
uncertainty about U.S. fiscal policy under the Trump
administration, but the Fed would be strict in meeting targets
of creating full employment and getting inflation to 2 percent.
            
    * U.S. consumer sentiment eased off a 13-year high in early
February likely as some of the jubilation over Donald Trump's
election victory ebbed, but it remained strong enough to suggest
that consumers will continue to drive the economy.             
    *  SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings rose 0.50 percent to
836.73 tonnes on Friday from 832.58 tonnes on Thursday.
            
    * Asian gold demand was mixed this week with Indian
jewellers stocking up for the wedding season while rising prices
kept buyers on the sidelines elsewhere.             
    * Hedge funds and money managers raised their bullish wagers
in COMEX gold to the highest in two months in the week to Feb.
7, and raised it slightly in silver, U.S. Commodity Futures
Trading Commission data showed on Friday.             
    * Japan's economy expanded for a fourth straight quarter in
the October-December period as strong trade demand and a pickup
in capital expenditure underscored a steady export-led recovery.
            
    

 (Reporting by Arpan Varghese in Bengaluru; Editing by Joseph
Radford)
  

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below