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PRECIOUS-Gold prices steady as dollar holds up on higher U.S. bond yields
November 14, 2017 / 1:30 AM / 10 days ago

PRECIOUS-Gold prices steady as dollar holds up on higher U.S. bond yields

    Nov 14 (Reuters) - Gold prices were little changed early on
Tuesday, with the dollar supported by higher U.S. Treasury
yields and Asian stocks down amid uncertainty over tax reforms
in the United States.     
                            
    FUNDAMENTALS    
    * Spot gold        was nearly unchanged at $1,277.39 per
ounce at 0001 GMT. 
    * U.S. gold futures         for December delivery slipped
0.1 percent to $1,277.60.
    * The dollar got support from higher U.S. Treasury yields in
early Asian trading on Tuesday, with the dollar index       ,
which tracks the U.S. currency against a basket of six major
rivals, steady at 94.494.         
    * U.S. Treasury two-year note yields hit a fresh nine-year
high on Monday, as the yield curve resumed its flattening and
investors priced in a 25-basis-point interest rate hike by the
Federal Reserve in December.              
    * U.S. inflation expectations edged up again in October,
touching their highest level in six months, according to a
Federal Reserve Bank of New York survey that could spell some
relief for central bankers looking for hints of price
pressure.            
    * Asian stocks wobbled on Tuesday as investors awaited
developments in U.S. tax reform efforts, while contemplating if
a marked flattening in the U.S. yield curve might ultimately be
a harbinger of an economic slowdown there.            
    * Congressional Republicans pushed ahead on Monday on a U.S.
tax code overhaul as a Senate panel considered the issue, but
risks lay ahead with major intraparty disputes unsettled and
President Donald Trump returning soon from Asia as the debate
heats up.                
    * Prime Minister Theresa May's blueprint for Britain's exit
from the European Union faces a crucial test starting on
Tuesday, when lawmakers try to win concessions from a weakened
leader on the government's legislation to sever ties.
            
    * Harmony Gold's          Kusasalethu mine west of
Johannesburg has been hit by a wildcat strike triggered by the
sacking of six leaders of the AMCU union for their role in a
violent stoppage earlier this year, a spokeswoman said on
Monday.            
    * Hedge funds and money managers raised their net long
positions in COMEX gold and silver contracts in the week to Nov.
7, U.S. Commodity Futures Trading Commission (CFTC) data showed
on Monday.             
    * Holdings in SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund, rose 0.04 percent to 843.39
tonnes on Monday.             
          
    DATA/EVENT AHEAD (GMT)
    0200  China Industrial Output       Oct
    0200  China Retail Sales            Oct
    1000  Euro Zone GDP Flash Estimate   Q3

 (Reporting by Vijaykumar Vedala in Bengaluru; Editing by Biju
Dwarakanath)
  

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