June 20, 2018 / 1:19 AM / 5 months ago

PRECIOUS-Gold holds steady amid firm dollar, stronger equities

    BENGALURU, June 20 (Reuters) - Gold prices were little
changed on Wednesday, after slipping to a near six-month low in
the previous session, as the dollar hovered close to an 11-month
peak and equities rebounded.
    
    FUNDAMENTALS  
    * Spot gold        held steady at $1,273.82 an ounce by 0054
GMT. The metal fell to its lowest since Dec. 22 at $1,270 on
Tuesday.
    * U.S. gold futures         for August delivery were,
however, 0.2 percent lower at $1,276.10 per ounce.
    * The dollar index       , which measures the greenback
against a basket of six major currencies, stood at 95.057, after
advancing to an 11-month peak of 95.296 on Tuesday.       
    * China has underestimated U.S. President Donald Trump's
resolve to impose more tariffs unless it changes its "predatory"
trade practices, a White House trade adviser said on Tuesday, as
Trump greatly expanded the amount of Chinese imports possibly
facing new duties.             
    * The European Central Bank will be patient in tightening
policy further, President Mario Draghi said on Tuesday, adding
that market pricings for its first post-crisis rate hike were
consistent with its aim to move gradually.             
    * It would take a sizable economic shock for the European
Central Bank to reverse its decision to end bond purchases by
the close of the year, Irish central bank chief Philip Lane said
on Tuesday.             
    * North Korea's Kim Jong Un and Chinese President Xi Jinping
came to an understanding on issues that were discussed at a
summit between the two leaders, including denuclearisation of
the Korean peninsula, the North's state media said on Wednesday.
            
    * Prospects have risen for negotiations between the Taliban
and the United States after Afghan President Ashraf Ghani called
a ceasefire and allowed militants to roam into cities in a
gamble to encourage peace talks.             
    * Britain's opposition Labour Party is considering asking
the Bank of England to target productivity to help boost the
economy if it wins power, in what would be the most radical
change to the central bank's remit in over two decades.
            
    * Foreign investors have pulled about $5.5 billion out of
emerging market economies since the U.S. Federal Reserve's
interest rate hike last week, data from the Institute of
International Finance showed on Tuesday.             
    
    DATA AHEAD (GMT)
    
    0600  Germany     Producer prices         May
    1230  U.S.        Current account         Q1
    1330  Federal Reserve Chairman Jerome Powell participates in
panel discussion at the 2018 ECB Forum on Central Banking
    1400  U.S.        Existing home sales     May

 (Reporting by Karen Rodrigues in Bengaluru; Editing by
Subhranshu Sahu)
  
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