January 30, 2018 / 1:50 AM / 25 days ago

PRECIOUS-Gold edges down on firmer dollar, higher bond yields

    Jan 30 (Reuters) - Gold slipped on Tuesday, extending losses
into a second session, as the dollar strengthened against a
basket of currencies and U.S. bond yields rose.
    FUNDAMENTALS  
    * Spot gold        was down 0.1 percent at $1,338.40 per
ounce at 0051 GMT. It fell 0.7 percent on Monday.
    * U.S. gold futures         for February delivery fell 0.2
percent to $1,337.60 per ounce.
    * Gold prices have risen nearly 3 percent so far this month,
largely due to weakness in the dollar. The greenback posted its
sixth straight weekly fall last week, hitting a three-year low
on Friday. A rise in the currency sent the yellow metal lower on
Monday.
    * The dollar index       , which measures the greenback
against a basket of currencies, rose 0.1 percent to 89.406. 
    * U.S. Treasury yields surged to more than three-year highs
on Monday after comments from a European Central Bank official
added to expectations that central banks globally will reduce
stimulus as the economic outlook improves. 
    * Rising bond yields helped underpin the greenback ahead of
a week packed with U.S. data. The dollar remains on track for
its biggest monthly decline since March 2016, however.       
    * Traders now await U.S. employment data and the outcome of
a two-day Federal Reserve policy meeting that begins on Tuesday,
for any indications of interest rate hikes.
    * Asian stocks retreated from record peaks on Tuesday after
a selloff in Apple shares knocked Wall Street.            
    * Sovereign wealth funds have increased their exposure to
alternative assets such as private equity, property, commodities
and infrastructure to almost a quarter of their overall assets,
a report from PWC said on Tuesday.             
    * Holdings of SPDR Gold Trust GLD, the world's largest
gold-backed exchange-traded fund, fell 0.17 percent to 846.67
tonnes on Monday from 848.14 tonnes on Friday.          
    * Newcrest Mining Ltd's          second-quarter gold
production fell 0.3 percent from a year ago, but rose 17.2
percent over the prior quarter, driven by increased production
at Cadia, Lihir, Bonikro and Telfer.             
     
     DATA AHEAD (GMT)
     0630   France    Preliminary GDP                  Q4
     0745   France    Consumer spending                Dec
     1000   Euro zone GDP flash                        Q4
     1000   Euro zone Business climate                 Jan
     1000   Euro zone Consumer confidence final        Jan
     1300   Germany   Consumer prices                  Jan
     1400   U.S.      Case-Shiller housing index       Nov
     1500   U.S.      Consumer confidence              Jan
     U.S. Federal Reserve starts two-day policy meeting

 (Reporting by Nallur Sethuraman in Bengaluru; Editing by
Subhranshu Sahu)
  
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