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PRECIOUS-Gold prices inch down as stronger dollar weighs
November 13, 2017 / 1:23 AM / 10 days ago

PRECIOUS-Gold prices inch down as stronger dollar weighs

    Nov 13 (Reuters) - Gold prices edged lower early on Monday
in the wake of their biggest one-day percentage loss in about
two weeks in the previous session, weighed down as the U.S.
dollar firmed.
                    
    FUNDAMENTALS    
    * Spot gold        was down 0.1 percent at $1,274.90 per
ounce at 1254 GMT. On Friday, gold dropped 0.7 percent for its
biggest one-day percentage fall since Oct. 26. However, it ended
the week about 0.5-percent higher in its first weekly rise in a
month. 
    * U.S. gold futures         for December delivery gained 0.1
percent to $1,275.40.    
    * The dollar received a lift against its major peers as U.S.
yields spiked and as the pound stumbled, although the main
investor focus was still on how and when the planned U.S. tax
overhaul would pan out.       
    * Gold's resilience in the face of soaring equities and a
dramatic fall in demand this year points to underlying
confidence in the metal among investors unconvinced by this
autumn's scorching stock market rally.               
    * A Federal Reserve official said on Monday he expects to
back an interest rate hike next month despite caution over the
low-inflation "conundrum," since the U.S. central bank needs to
prepare for any future economic shock.             
    * The head of the House of Representatives' tax-writing
committee said on Sunday he would not accept elimination of a
federal deduction for state and local taxes, opposing a proposal
from Senate Republicans that would hike taxes for some middle
class Americans.             
    * U.S. President Donald Trump on Sunday attempted to clear
up confusion over whether he accepts Russian President Vladimir
Putin's denials of meddling in the U.S. election last year.
            
    * Leaders from across Asia joined Trump at an extravagant
gala dinner in the Philippines' capital on Sunday, a show of
amity in a region fraught with tensions that have lurked behind
his marathon tour of the continent.             
    * U.S. Treasury yields rose on Friday, steepening the yield
curve, as traders closed out some curve-flattener positions and
dealers reduced their holdings of longer-dated debt following
this week's auctions.      
    * Demand for physical gold in Asia remained tepid last week
as high prices kept buyers on the sidelines despite the start of
the wedding season in India.             
          
    DATA/EVENT AHEAD (GMT)
    0700  Germany  Wholesale price index  Oct

 (Reporting by Vijaykumar Vedala in Bengaluru; Editing by Joseph
Radford)
  

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