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PRECIOUS-Gold prices hold steady amid firm dollar
October 17, 2017 / 1:27 AM / 2 months ago

PRECIOUS-Gold prices hold steady amid firm dollar

    Oct 17 (Reuters) - Gold prices were steady early on Tuesday,
after dipping below $1,300 an ounce in the previous session, as
the dollar held firm on strong U.S. Treasury yields.        
    
    FUNDAMENTALS    
    * Spot gold        was unchanged at $1,293.60 an ounce at
0055 GMT. It shed 0.8 percent in the previous session.
    * U.S. gold futures         for December delivery fell 0.5
percent to $1,296 per ounce.
    * The dollar held gains against the yen and euro on Tuesday,
supported by a rise in Treasury yields following a report that
U.S. President Donald Trump was favouring a policy hawk as the
next head of the Federal Reserve.       
    * Trump will meet with Fed Chair Janet Yellen on Thursday as
part of his search for a new candidate for her position, a
source familiar with the planned meeting said.             
    * The Fed will probably need to raise interest rates in
December and then three of four times "over the course of next
year", assuming the U.S. unemployment rate continues to fall and
inflation rises, Boston Fed President Eric Rosengren said.
            
    * U.S. President Donald Trump on Monday declared Obamacare
"dead" and "gone," but urged Republicans and Democrats in
Congress to craft a short-term fix of healthcare markets under
the 7-year-old law that critics say he has effectively
sabotaged.             
    *  The United States and Japan made tentative progress on
some long-standing trade irritants on Monday, during economic
talks at which leaders emphasized cooperation at a time when
North Korea is building up its nuclear capabilities.
            
    * Confidence among Japanese manufacturers rebounded in
October to match a peak last seen in mid-2007, a Reuters poll
found, further evidence that the economic recovery is gathering
momentum helped by a weak yen and strong overseas demand.
            
    * The euro zone's trade surplus shrank in August as the
stronger euro fuelled an import boom that was only partly offset
by a rise in exports, official estimates released on Monday
showed.             
    * Philippine President Rodrigo Duterte has lifted an
eight-month suspension order on gold miner Lepanto Consolidated
Mining Co        , among more than two dozen companies ordered
halted by a sacked minister who led an environmental crackdown.
    
    DATA/EVENT AHEAD (GMT)
    
    0830  Britain        Consumer prices           Sep
    0830  Britain        Producer prices           Sep
    0900  Germany        ZEW economic sentiment    Oct
    1000  Euro zone      Inflation final           Sep
    1230  U.S.           Import prices             Sep
    1230  U.S.           Export prices             Sep
    1315  U.S.           Industrial production     Sep
    1400  U.S.           NAHB housing market index Oct

 (Reporting by Apeksha Nair in Bengaluru; Editing by Joseph
Radford)
  

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