December 14, 2017 / 1:29 AM / 3 years ago

PRECIOUS-Gold edges up as dollar holds steady

    Dec 14 (Reuters) - Gold inched up in early trade on Thursday
as the dollar was nearly unchanged after tumbling in the
previous session following the U.S. Federal Reserve's widely
expected decision to raise interest rates, although it left the
outlook on rates unchanged.    
                            
    FUNDAMENTALS    
    * Spot gold        was up 0.15 percent at $1,257.11 an ounce
as of 0123 GMT, after rising nearly 1 percent in the previous
session.
    * U.S. gold futures         were up nearly 1 percent at
$1,260.60.
    * The dollar index       , which tracks the greenback
against a basket of six major currencies, was little changed,
after falling 0.7 percent on Wednesday.        
    * The Federal Reserve raised interest rates by a quarter of
a percentage point to a range of 1.25 percent to 1.50 percent on
Wednesday, with policymakers projecting a short-term jump in
U.S. economic growth from the Trump administration's proposed
tax cuts.               
    * Underlying U.S. consumer inflation slowed in November,
held down by weak healthcare costs and the biggest drop in
apparel prices in nearly two decades, which could impact the
pace at which the Federal Reserve raises interest rates next
year.               
    * The European Central Bank is likely to bump up some of its
economic forecasts on Thursday and may debate tweaking its
pledge to keep money at its current, ultra-easy level, but will
ultimately reaffirm is policy stance.                 
    * Congressional Republicans reached a deal on final tax
legislation on Wednesday, clearing the way for final votes next
week on a package that would slash the U.S. corporate tax rate
to 21 percent and cut taxes for wealthy Americans.              
    * U.S. Deputy Attorney General Rod Rosenstein on Wednesday
dismissed Republican lawmakers' charges that government
attorneys and agents investigating allegations of Russian
interference in the 2016 election are biased against President
Donald Trump.             
    * No negotiations can be held with North Korea until it
improves its behaviour, a White House official said on
Wednesday, raising questions about U.S. Secretary of State Rex
Tillerson's offer to begin talks with Pyongyang any time and
without pre-conditions.             
    * UK Prime Minister Theresa May's government was defeated on
Wednesday, when lawmakers forced through changes to its Brexit
blueprint that ministers said could endanger Britain's departure
from the European Union.             
       
    
    DATA/EVENT AHEAD (GMT)

    0200  China        Industrial output                Nov
    0200  China        Retail sales                     Nov
    0200  China        Urban investment                 Nov
    0800  France       Markit manufacturing PMI flash   Nov
    0830  Germany      Markit manufacturing PMI flash   Nov
    0900  Euro zone    Markit manufacturing PMI flash   Nov
    0930  Britain      Retail sales                     Nov
    1245  European Central Bank announces interest rate decision
    1330  ECB President Mario Draghi holds news conference
    1330  U.S.         Import prices                    Nov
    1330  U.S.         Export prices                    Nov
    1330  U.S.         Weekly jobless claims
    1330  U.S.         Retail sales                     Nov
    1445  U.S.         Markit manufacturing PMI flash   Nov
    1500  U.S.         Business inventories             Oct

 (Reporting by Apeksha Nair in Bengaluru; Editing by Biju
Dwarakanath)
  
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