May 1, 2018 / 1:33 AM / a month ago

PRECIOUS-Gold inches down as dollar stays firm near 3-1/2-month peak

    BENGALURU, May 1(Reuters) - Gold prices inched lower early
on Tuesday, hovering close to a nearly six-week low touched in
the previous session, as the U.S. dollar held firm near a
3-1/2-month high. 

    FUNDAMENTALS  
    * Spot gold        fell 0.1 percent to $1,314.00 per ounce
at 0106 GMT. Prices slipped to $1,310.11 on Monday, their lowest
since March 21.  
    * U.S. gold futures         for June delivery eased 0.3
percent to $1,315.10 per ounce.
    * The dollar index        was little changed at 91.832. The
greenback touched 91.986 on Friday, its highest since since Jan.
11.      
    * Most markets in Asia are closed for a Labour Day holiday.
    * Federal Reserve officials are scheduled to convene on
Tuesday and Wednesday for a regular policy meeting. The central
bank is widely expected to stand pat on policy and investors
will be watching for hints of a rate hike in June.
    * U.S. consumer prices accelerated in the year to March,
with a measure of underlying inflation surging to near the Fed's
2 percent target as weak readings from last year dropped out of
the calculation.             
    * President Donald Trump has postponed a decision on
imposing steel and aluminum tariffs on Canada, the European
Union and Mexico until June 1, and has reached an agreement in
principle with Argentina, Australia and Brazil, a source
familiar with the decision said on Monday.             
    * South Korean trust in North Korea has surged since last
week's feel-good summit at which their leaders declared an end
to hostilities and to work towards denuclearisation of the
peninsula.             
    * Sales of U.S. Mint American Eagle gold coins dropped to
their weakest April since 2007, while silver coin purchases for
the month rose 10 percent higher than last year, U.S. government
data showed on Monday.             
    * India raised gold holdings by 2.2 tonnes to 560.3 tonnes
in 2018 March -IMF Data             
    
    
    DATA AHEAD (GMT)
    
     1400  U.S.      ISM manufacturing PMI                  Apr
     1400  U.S.      Construction spending                  Mar
     U.S. Federal Reserve starts two-day monetary policy meeting

 (Reporting by Eileen Soreng in Bengaluru; editing by Richard
Pullin)
  
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