April 30, 2018 / 1:42 AM / in 24 days

PRECIOUS-Gold inches up as dollar steadies after recent gains

    BENGALURU, April 30 (Reuters) - Gold prices inched up early
Monday as the U.S. dollar steadied after a recent run of gains,
weighed down by a decline in the benchmark U.S. 10-year Treasury
yield.    

    FUNDAMENTALS  
    * Spot gold        rose 0.1 percent to $1,323.20 per ounce
at 0115 GMT.    
    * U.S. gold futures         for June delivery were up 0.1
percent at $1,324.40 per ounce.
    * The dollar index       , which touched a three-and-a-half
month high of 91.986 on Friday, was little changed at 91.565.
      
    * The U.S. 10-year yield fell 3 basis points on Friday to
2.957 percent            , pulling back from a four-year high of
3.035 percent hit on Wednesday.      
    * The U.S. economy slowed in the first quarter as consumer
spending grew at its weakest pace in nearly five years, but a
surge in wages amid tightening labor market conditions and lower
tax rates suggested the setback is likely temporary.
            
    * North Korean leader Kim Jong Un plans to invite experts
and journalists from the United States and South Korea when the
country shuts its nuclear test site in May, Seoul officials
said, as U.S. President Trump pressed for total denuclearisation
ahead of his own unprecedented meeting with Kim.             
    * The leaders of Germany, France and Britain urged the U.S.
government on Sunday to steer clear of imposing unilateral trade
measures against the European Union.             
    * More than 100 countries are on holiday on May 1 for May
Day.
    * Hedge funds and money managers trimmed their net long
position in COMEX gold contracts and switched to a net long
position in silver contracts in the week to April 24, U.S.
Commodity Futures Trading Commission (CFTC) data showed on
Friday.             
    * Physical gold demand lacked vigour in most Asian hubs lsat
week amid a slight dip in prices, while the yellow metal
switched to a premium in India for the first time in over 1-1/2
months due to a correction in local rates.             
    
    DATA AHEAD (GMT)
    
     0100  China        Official manufacturing PMI        Apr
     0100  China        Official services PMI             Apr
     0600  Germany      Retail sales                      Mar
     0800  Euro zone    Lending and money supply          Mar
     1200  Germany      Consumer prices                   Apr
     1230  U.S.         Personal income                   Mar
     1345  U.S.         Chicago PMI                       Apr
     1400  U.S.         Pending home sales                Mar

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