February 20, 2018 / 1:55 AM / 4 months ago

PRECIOUS-Gold prices inch down as dollar strengthens

    Feb 20 (Reuters) - Gold prices slid for a third straight
session on Tuesday as the dollar rebounded from over three-year
lows, while investors waited for the minutes of the latest
Federal Reserve meeting for clues on the outlook for U.S.
interest rates.
   
    FUNDAMENTALS  
    * Spot gold        was down 0.2 percent at $1,343.22 an
ounce at 0112 GMT. 
    * U.S. gold futures         slipped 0.8 percent to $1,345.70
per ounce.
    * The dollar index       , which measures the greenback
against a basket of currencies, was up 0.2 percent at 89.295.
    * The U.S. currency showed signs of a bounce back as some
investors bought in after it fell to over three-year lows last
week.       
    * Asian stocks dipped on Tuesday, their recent recovery
slowing after European equities broke a winning streak.
           
    * The minutes of the U.S. Federal Reserve's last policy
meeting, held on Jan. 30-31 amid the equities tumble, are due on
Wednesday. Besides the outlook on rates, investors will be keen
to see what the Fed made of the market gyrations. 
    * Euro zone finance ministers expressed broad support on
Monday to allow their bailout fund ESM to become a backstop for
the Single Resolution Fund (SRF) for banks, the chairman of the
ministers Mario Centeno told a news conference.             
    * German Social Democrats (SPD) start voting in a postal
ballot on Tuesday on whether the centre-left party should go
ahead with the agreement its leaders clinched last week to renew
their power-sharing alliance with the chancellor' Angela
Merkel's conservatives. The results are due March 4.
                        
    * Asia-focused mine developer Bluebird Ventures        ,
with venture partner Southern Gold         , plans to reopen
South Korean gold mines closed decades ago and is aiming for
profits of around $100 per tonne, Bluebird's CEO said.
            
    * Oil prices hovered near two-week highs, lifted by tensions
in the Middle East after Israeli Prime Minister Benjamin
Netanyahu said on Sunday that Israel could act against Iran
itself, not just its allies in the region.      
    * South Africa's new leadership headed by newly-elected
President Cyril Ramaphosa is a 'credit positive' for many of the
country's top gold and platinum miners.             
    * The value of global mining and metals deals hit a
four-year high in 2017, according to accountancy firm EY, as
financial distress abated and companies sold off non-core
assets.             
    
    DATA AHEAD (In GMT)
    
    0700 Germany    Producer Prices           Jan
    1000 Germany    ZEW Economic Sentiment    Feb

 (Reporting by Eileen Soreng in Bengaluru
Editing by Joseph Radford)
  
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