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PRECIOUS-Gold falls after dollar firms on deal to fund U.S. govt
May 1, 2017 / 2:45 AM / 7 months ago

PRECIOUS-Gold falls after dollar firms on deal to fund U.S. govt

    May 1 (Reuters) - Gold fell on Monday after the dollar edged
up as U.S. congressional negotiators hammered out a deal on a
spending package to keep the federal government funded through

    * Spot gold        dropped 0.3 percent to $1,264.06 per
ounce, as of 0236 GMT. 
    * Gold, last week, saw its biggest weekly percentage fall
since the week of March 10, ending about 1.2 percent lower.
    * U.S. gold futures         eased 0.2 percent to $1,265.20
an ounce.
    * The dollar index        rose 0.1 percent to 99.118.       
    * U.S. congressional negotiators have hammered out a
bipartisan agreement on a spending package to keep the federal
government funded through the end of the current fiscal year on
Sept. 30, a senior congressional aide said on Sunday.
    * The U.S. economy grew at its weakest pace in three years
in the first quarter as consumer spending almost stalled, but a
surge in business investment and wage growth suggested activity
would regain momentum as the year progresses.             
    * Hedge funds and other money managers increased their net
long position in COMEX gold for the sixth straight week to April
25, lifting it to a 5-1/2-month high, U.S. Commodity Futures
Trading Commission (CFTC) data showed Friday.             
    * Banks remain stubbornly cautious on gold's price prospects
this year in spite of the metal's strong first-quarter
performance, as the prospect of higher interest rates take the
shine off the metal.             
    * Demand for gold in India was seen higher ahead of an
auspicious day for gold purchases on Friday compared to last
year, with lower prices also acting as a catalyst.             
    * South Africa's AngloGold Ashanti          has halted all
exploration work at its La Colosa project in central Tolima,
Colombia, after voters backed a proposal to ban mining in the
municipality, the company said on Thursday.             
    * On Sunday, U.S. President Donald Trump increased
diplomatic contacts with allies in Asia to secure their
cooperation to pressure North Korea on its nuclear bomb and
missile programs. 
    * Growth in China's manufacturing sector slowed faster than
expected in April, an official survey showed on Sunday, as
producer price inflation cooled and policymakers' efforts to
reduce financial risks in the economy weighed on demand.
    * British Prime Minister Theresa May expects divorce talks
with the European Union to be tough, she said on Sunday after EU
leaders agreed stiff terms and voiced alarm at "illusions" in
London that may wreck a deal.             
     1230  U.S.   Personal income          Mar 
     1400  U.S.   Construction spending    Mar 
     1400  U.S.   ISM manufacturing PMI    Apr 

 (Reporting By Nallur Sethuraman in Bengaluru; Editing by Biju

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