January 29, 2018 / 1:24 AM / 6 months ago

PRECIOUS-Gold edges higher on easier U.S. dollar

    Jan 29 (Reuters) - Gold prices inched higher early on Monday
as the U.S. dollar hovered around three-year lows, trading not
far off more than 17-month highs hit last week.
           
    FUNDAMENTALS  
    *  Spot gold        rose 0.1 percent to $1,350.99 per ounce
at 0101 GMT. It rose about 1.4 percent last week. 
    * U.S. gold futures         for February delivery fell 0.2
percent to $1,349.50 per ounce.
    * The dollar wobbled near three-year lows against a basket
of major currencies on Monday, struggling to pull ahead from six
straight weeks of losses amid its evaporating yield advantage
and doubts about Washington's commitment to a strong currency.
            
    * Asian shares looked to extend their recent bull run amid
upbeat corporate earnings and strong global economic growth,
while more rumblings from the White House about "unfair" trade
practices kept the U.S. dollar on the defensive.            
    * U.S. economic growth unexpectedly slowed in the fourth
quarter as the strongest pace of consumer spending in three
years resulted in a surge in imports.             
    * Attempts to target exchange rates risk setting off a
currency war, a top European Central Bank executive argued on
Friday, just days after U.S. officials made their case for a
weaker dollar to boost trade.             
    * The euro zone's economy could prove to be a shining star
again this year, but persistently tepid inflation will probably
keep the European Central Bank from following its peers and
tightening monetary policy anytime soon.             
    * U.S. Trade Representative Robert Lighthizer is hopeful
about talks to renegotiate the North American Free Trade
Agreement but realizes a great deal of work remains, Republican
U.S. Congressman Dave Reichert said on Sunday after a briefing.
            
     
     DATA AHEAD (GMT)
    1330  U.S.  Personal consumption              Dec
    1530  U.S.  Dallas Fed manufacturing index    Jan    

 (Reporting by Nithin Prasad in Bengaluru; editing by Richard
Pullin)
  
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