December 7, 2017 / 1:11 AM / 11 days ago

PRECIOUS-Gold slips as dollar holds firm

    Dec 7 (Reuters) - Gold prices edged lower early on Thursday,
hovering close to a two-month low hit earlier this week, amid a
steady dollar.
                         
    FUNDAMENTALS    
    * Spot gold        was down 0.1 percent at $1,262.50 an
ounce by 0053 GMT. It hit its lowest since Oct. 6 at $1,260.71
on Tuesday.
    * U.S. gold futures         were 0.1 percent lower at
$1,265.30.
    * The dollar index       , which measures the greenback
against a basket of six major currencies, was steady at 93.592.
The dollar was up about 0.2 percent at 112.46 yen.
    * U.S. Senate Republicans agreed to talks with the House of
Representatives on sweeping tax legislation on Wednesday, amid
early signs that lawmakers could bridge their differences and
agree on a final bill ahead of a self-imposed Dec. 22 deadline.
            
    * U.S. unit labor costs were much weaker than initially
thought, declining both in the second and third quarters of this
year, pointing to very benign inflation pressures in the near
term even as the labor market is close to full employment.
            
    * The Bank of Canada held interest rates steady on
Wednesday, as expected, and took a cautious tone even as it said
more rate hikes are likely in store amid diminishing slack in
the labor market and signs of inflation pressures.             
    * Britain has not conducted formal sector-by-sector analyses
of the impact that leaving the European Union will have on the
economy, Brexit minister David Davis said on Wednesday, arguing
they were not necessary yet.             
    * The European Commission proposed on Wednesday ideas for
deeper euro zone integration in an effort to help unite the
broader European Union, as eurosceptic sentiment grows across
the EU and Britain prepares to leave the EU in 2019.
            
    * Global holdings of gold-backed exchange-traded funds (ETF)
rose by 9.1 tonnes to 2,357 tonnes in November, with the net
inflows coming entirely from Europe as the U.S. dollar fell, the
World Gold Council said on Wednesday.             
    * India's gold imports in November nearly halved from a year
ago as a rise in the price of the yellow metal curbed retail
buying for weddings, industry officials and analysts said on
Wednesday.             
   
    DATA/EVENT AHEAD (GMT)

    0700  Germany        Industrial output            Oct
    0745  France         Trade data                   Oct
    1000  Euro zone      Revised GDP                  Q3
    1330  U.S.           Weekly jobless claims
    1500  ECB President Mario Draghi holds news conference on
              Basel banking reforms
    

 (Reporting by Apeksha Nair in Bengaluru; editing by Richard
Pullin)
  

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