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PRECIOUS-Gold inches lower as dollar gains on strong U.S. economic data
August 31, 2017 / 1:05 AM / 3 months ago

PRECIOUS-Gold inches lower as dollar gains on strong U.S. economic data

    BENGALURU, Aug 31 (Reuters) - Gold prices edged lower early
on Thursday as the dollar gained on positive U.S. economic data,
but the yellow metal was buoyed by safe haven demand amid a
standoff over North Korea.
    
    FUNDAMENTALS    
    * Spot gold        was down 0.1 percent to $1,307.20 per
ounce as of 0055 GMT. U.S. gold futures         for December
delivery eased 0.1 percent to $1,312.70.
    * Investors rediscovered a taste for the dollar and Asian
shares rose on Thursday as upbeat U.S. economic news whetted
appetite for riskier assets globally, even as tensions over
North Korea simmered in the background.                   
    * U.S. President Donald Trump turned his populist rhetoric
to tax reform on Wednesday, calling for "pro-American" business
tax cuts as a way to create jobs and telling Congress that it
needs to deliver.             
    * The Commerce Department said its second estimate of U.S.
gross domestic product showed that it increased at a 3.0 percent
annual rate in the second quarter, its quickest pace in more
than two years             
    * U.S. private-sector employers hired 237,000 workers in
August for the biggest monthly increase in five months, beating
economists' expectations, a report by a payrolls processor
showed on Wednesday.             
    * The United States called on Wednesday for "concerted
action" by the international community to pressure North Korea
into abandoning its banned nuclear and missile programmes and
said it was working on new sanctions.                          
    * Tropical Storm Harvey inflicted more damage on the heart
of the U.S. energy industry on Wednesday, threatening to squeeze
supplies across the country for weeks.             
    * Holdings of the largest gold-backed exchange-traded-fund
(ETF), New York's SPDR Gold Trust GLD, rose 0.3 percent on
Tuesday, while the largest silver-backed ETF, New York's iShares
Silver Trust SLV, remained unchanged during the same period.
         

        
     DATA AHEAD (GMT) 
     0100   China    Official manufacturing PMI           Aug 
     0100   China    Official non-manufacturing PMI       Aug 
     0600   Germany  Retail sales                         July
     0645   France   Producer prices                      July 
     0800   Germany  Unemployment rate                    Aug 
     0900  Euro zone Inflation flash                      Aug 
     0900  Euro zone Unemployment rate                    July 
     1230   U.S.     Personal income                      July 
     1230   U.S.     Weekly jobless claims 
     1345   U.S.     Chicago PMI 
     1400   U.S.     Pending home sales                   July

 (Reporting by Arpan Varghese in Bengaluru; Editing by Richard
Pullin)
  

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