October 23, 2017 / 1:02 AM / a month ago

PRECIOUS-Gold falls to 2-wk low as dollar rallies vs yen

    Oct 23 (Reuters) - Gold prices hit their lowest in over two
weeks early on Monday, as the dollar climbed to a more than
three-month high versus the yen after Japan's ruling bloc scored
a big win in Sunday's election.
    
     FUNDAMENTALS    
    * Spot gold        was down 0.4 percent at $1,275.48 an
ounce by 0037 GMT, after earlier dropping to its lowest since
Oct. 6 at $1,273.80.
    * U.S. gold futures         for December delivery fell 0.3
percent to $1,276.70 per ounce.
    * Japan's yen hit over three-month lows as an election win
for the ruling coalition gave a green light for super-easy
monetary policy, while the euro eased as Spain's constitutional
crisis aggravated concerns about political unity in the bloc.
           
    * Japanese Prime Minister Shinzo Abe's ruling bloc scored a
big win in Sunday's election, bolstering his chance of becoming
the nation's longest-serving premier and re-energising his push
to revise the pacifist constitution.             
    * The Spanish government has urged Catalans to accept
Madrid's decision to dismiss their secessionist leadership and
to take control of the restive region, as the nation's biggest
political crisis in decades enters a decisive week.             
    * The top U.S. Senate Republican and the White House budget
director said on Sunday they hoped for action on a Republican
tax reform package by the end of the year, while keeping their
options open on how to pay for sweeping tax cuts.             
    * President Donald Trump's tax reform plans won partial
support on Friday when Republican U.S. Senator Rand Paul said he
was "all in" for massive tax cuts, but the party was still far
from united over how to achieve the main item on its domestic
agenda.             
    * U.S. home resales unexpectedly increased in September as
the effects of Hurricanes Harvey and Irma began to dissipate,
but a persistent dearth of properties for sale continued to
weigh on overall activity.             
    * President Donald Trump is considering nominating Federal
Reserve Governor Jerome Powell and Stanford University economist
John Taylor for the central bank's top two jobs, in an apparent
bid to reassure markets and appease conservatives hungry for
change.             
    * Federal Reserve Chair Janet Yellen said on Friday that
asset purchases and other unconventional policy tools must
remain part of the Fed's arsenal as long as the economy remains
stuck in a low interest-rate economy.             
    * Cleveland Federal Reserve Bank President Loretta Mester on
Friday said she is comfortable with the Fed's approach to
raising rates gradually, though she herself sees a slightly
faster rate-hike path as appropriate.             
    
    DATA/EVENT AHEAD (GMT)
    
    0130  China       House prices                     Sep
    1230  U.S.        National activity index          Sep
    1400  Euro zone   Consumer confidence flash        Oct

 (Reporting by Apeksha Nair in Bengaluru; Editing by Subhranshu
Sahu)
  

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