Reuters logo
Gold holds steady amid softer dollar
September 7, 2017 / 1:36 AM / 15 days ago

Gold holds steady amid softer dollar

An employee shows a gold bullion bar at Degussa shop in Singapore June 16, 2017. Picture taken June 16, 2017. REUTERS/Edgar Su

(Reuters) - Gold was steady early Thursday, supported by a weaker dollar, after dipping slightly in the previous session on easing concerns of a potential U.S. government shutdown.

FUNDAMENTALS

* Spot gold XAU= was unchanged at $1,333.70 per ounce at 0049 GMT, after easing 0.3 percent in the previous session.

* U.S. gold futures GCcv1 for December delivery were little changed at $1,338.70.

* The dollar index .DXY, which tracks the greenback against a basket of six major rivals, was down 0.12 percent at 92.182. [USD/]

* The euro held firm on Thursday ahead of a European Central Bank policy meeting, while the Canadian dollar consolidated its gains, having surged to two-year highs after the Bank of Canada surprised many by raising interest rates. [FRX/]

* President Donald Trump forged a surprising deal with Democrats in Congress on Wednesday to extend the U.S. debt limit and provide government funding until Dec. 15, embracing his political adversaries and blindsiding fellow Republicans in a rare bipartisan accord. [nL2N1LN19D]

* U.S. Treasury yields rose on Wednesday as a congressional fiscal plan that includes a three-month suspension of the debt ceiling gained support from President Donald Trump, reducing safe-haven demand among investors worried about a short-term default. [US/]

* President Donald Trump warned on Wednesday that the United States would no longer tolerate North Korea’s actions but said the use of military force against Pyongyang will not be his “first choice.” [nL4N1LN25F]

* U.S. Federal Reserve Vice Chair Stanley Fischer, a veteran central banker, said on Wednesday he will step down from his position in mid-October, potentially accelerating President Donald Trump’s opportunity to reshape the direction of the central bank. [nL2N1LN15U]

* European Central Bank President Mario Draghi is set to start laying the groundwork for stimulus reduction when policymakers meet on Thursday, giving investors some hints but probably holding off on any major commitment. [nL4N1LN4A6]

* SPDR Gold Trust (GLD), the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.35 percent to 837.12 tonnes on Wednesday. [GOL/ETF]

DATA/EVENT AHEAD (GMT)

* China Forex reserves Aug

0600 Germany Industrial output Jul

0645 France Current account Jul

0645 France Trade balance Jul

0900 Euro zone Revised GDP Q2

1145 European Central Bank interest rate decision

1230 ECB President Mario Draghi holds news conference

1230 U.S. Weekly jobless claims

* No exact timing

Reporting by Apeksha Nair in Bengaluru; Editing by Richard Pullin

Our Standards:The Thomson Reuters Trust Principles.
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