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PRECIOUS-Gold inches lower on dollar rebound as N. Korea concerns ease
August 30, 2017 / 1:05 AM / 22 days ago

PRECIOUS-Gold inches lower on dollar rebound as N. Korea concerns ease

    BENGALURU, Aug 30 (Reuters) - Gold prices edged lower early
on Wednesday after hitting a more than nine-month peak in the
previous session, as the dollar recovered from multi-year lows
on easing tensions surrounding North Korea.
    
    FUNDAMENTALS    
    * Spot gold        inched down 0.1 percent to $1,308.11 per
ounce as of 0020 GMT. In the previous session, it hit the
highest since Nov. 9 at 1,325.94.
    * U.S. gold futures         for December delivery fell 0.4
percent to $1,313.70 per ounce.
    * The dollar rebounded from a 2-1/2-year low on Wednesday as
concerns about North Korea's firing of a missile over Japan
ebbed, but Asian stocks were muted despite Wall Street's higher
close.                   
    * North Korea said on Wednesday it had conducted a test of
an intermediate-range ballistic missile (IRBM) to counter U.S.
and South Korean military drills and as a first step in military
action in the Pacific to "contain" the U.S. territory of Guam.
            
    * The United States will not allow North Korea's lawlessness
to continue and it is time for Pyongyang to recognize the
"danger they are putting themselves in" as the world is united
against them, U.S. Ambassador to the United Nations Nikki Haley
said on Tuesday.             
    * Flooding from Tropical Storm Harvey has shut nearly a
fifth of U.S. oil-refining capacity, triggering worries about a
gasoline supply crunch as the slow-moving tempest lumbers
through the heart of America's petrochemicals industry
                  
    * U.S consumer confidence surged to a five-month high in
August as households grew increasingly upbeat about the labor
market while house prices rose further in June, suggesting a
recent acceleration in consumer spending was likely to be
sustained. 
    * The data on Tuesday also supported views that economic
growth would accelerate in the second half of the year after a
sluggish performance earlier.             
    * Holdings of the SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund, rose 0.3 percent to 816.43
tonnes on Tuesday.          
        
     DATA AHEAD (GMT) 
     0900  Euro zone    Business climate           Aug 
     1200  Germany      Consumer prices            Aug 
     1215  U.S.         ADP national employment    Aug 
     1230  U.S.         GDP 2nd estimate           Q2 

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

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