May 2, 2018 / 1:50 AM / in 23 days

PRECIOUS-Gold inches up after touching 4-month low

    BENGALURU, May 2(Reuters) - Gold prices edged up early
Wednesday, having fallen almost one percent in the previous
session on the back of a stronger U.S. dollar to hit their
lowest level this year. 

    FUNDAMENTALS  
    * Spot gold        was up 0.2 percent at $1,306.51 per ounce
at 0118 GMT. Gold fell to $1,301.51 in the previous session, its
lowest level since Dec. 29.
    * U.S. gold futures         for June delivery rose about 0.1
percent to $1,307.60 per ounce.
    * The dollar index        was steady near a four-month high
at 92.446, supported by the outlook for a strong U.S. economy
and rising yields amid signs of slowdown elsewhere, especially
in Europe.       
    * The U.S. Federal Reserve is set to hold interest rates
steady this week but will likely further encourage expectations
that it will lift borrowing costs in June on the back of rising
inflation and low unemployment.             
    * The U.S. economy is expanding at a 4.1 percent annualized
rate in the second quarter as the government said construction
spending fell in March and revised up its figure on building
activity in February, the Atlanta Federal Reserve's GDPNow
forecast model showed on Tuesday.             
    * SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.51 percent to
866.77 tonnes on Tuesday from 871.20 tonnes on Monday.
            
    
    DATA/EVENT AHEAD (GMT)
     0145  China        Caixin manufacturing PMI final       Apr
     0750  France       Markit manufacturing PMI             Apr
     0755  Germany      Markit/BME manufacturing PMI         Apr
     0800  Euro zone    Markit manufacturing PMI final       Apr
     0900  Euro zone    Preliminary GDP                      Q1
     0900  Euro zone    Unemployment rate                    Mar
     1215  U.S.         ADP national employment              Apr
     1345  U.S.         ISM-New York index                   Apr
     1800  Federal Reserve releases decision on interest rates

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