July 20, 2018 / 1:59 AM / in 5 months

PRECIOUS-Gold slips for 6th session as dollar firms

    BENGALURU, July 20 (Reuters) - Gold eased for a sixth
straight session on Friday, having slipped to a one-year low in
the previous session, as the U.S. dollar firmed.
           
    FUNDAMENTALS  
    * Spot gold        was down 0.2 percent at $1,219.28 an
ounce at 0127 GMT. In the previous session, it fell to its
weakest since early July last year at $1,211.08 an ounce. 
    * Bullion was headed for a 2 percent decline for the week.
    * U.S. gold futures         for August delivery were down
0.4 percent at $1,219.10 an ounce.    
    * The dollar index       , which measures the greenback
against a basket of six major currencies, was 0.1 percent higher
at 95.129. It had dropped from a one-year high of 95.652 on
Thursday after U.S. President Donald Trump expressed concern
about the currency's strength and the Federal Reserve's interest
rate increases.       
    * Trump on Thursday criticized Federal Reserve policy even
though most economists believe the highest inflation in seven
years and lowest unemployment in 40 years justify recent
interest rate rises and a strong U.S. dollar.             
    * Fed Chairman Jerome Powell in a two-day congressional
testimony said he believed the United States was on course for
years more of steady growth and reaffirmed expectations for more
interest rate rises in the world's largest economy.             
    * Canada on Thursday played down Trump's suggestion that he
might seek separate trade deals with NAFTA partners Canada and
Mexico, noting he has made similar comments before.             
    * The European Union's trade commissioner said on Thursday
she hopes an EU mission to Washington will ease a transatlantic
trade dispute but the bloc is preparing a list of U.S. imports
to hit if the United States imposes tariffs on EU cars.
            
    * European Union countries will suffer long-term damage
equivalent to about 1.5 percent of annual economic output if
Britain leaves the bloc without a free trade deal next year, the
International Monetary Fund said on Thursday.             
    * The financial leaders of the world's 20 biggest economies
meet in Buenos Aires this weekend for the first time since
long-simmering trade tensions burst into the open when China and
the United States put tariffs on $34 billion of each other's
goods.             
    * Demand for gold is expected to rise during the second half
of 2018, as inflation potentially rises and a global trade war
may impact currencies, the World Gold Council said on Thursday.
            
    * Holdings of SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund, rose 0.52 percent to 798.13
tonnes on Thursday.          
    * Switzerland in June shipped the most platinum since
January and the most palladium since March, with exports of both
metals far exceeding imports, Swiss customs data showed on
Thursday.             

 (Reporting by Karen Rodrigues in Bengaluru; Editing by
Subhranshu Sahu)
  
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