September 18, 2017 / 1:22 AM / 3 months ago

PRECIOUS-Gold slips to two-week low ahead of Fed meet

    Sept 18 (Reuters) - Gold slipped to its lowest level in over
two weeks early on Monday amid a firmer dollar, while prospects
of monetary policy tightening in the United States ahead of the
Federal Reserve's two-day meeting starting on Tuesday also
weighed on the metal. 
    
    FUNDAMENTALS    
    * Spot gold        was down 0.2 percent at $1,316.50 an
ounce by 0052 GMT, after falling earlier to $1,315.10, its
lowest level since Aug 31.
    * U.S. gold futures         for December delivery fell 0.4
percent to $1,320.60 an ounce.
    * Asian shares crept ahead and the dollar firmed on Monday
in a cautious start to a week in which the U.S. Federal Reserve
is likely to wrestle with its bloated balance sheet as part of a
long reversal of super-cheap money worldwide.            
    * The dollar held firm near a seven-week high against the
yen on Monday, supported by recent rises in U.S. Treasury
yields. Sterling held firm after rallying last week, underpinned
by expectations the Bank of England could raise interest rates
soon.       
    * A Bank of England policymaker, who had been its strongest
advocate of ultra-low borrowing costs, said rates might need to
rise in the coming months.             
    * U.S. Ambassador to the United Nations Nikki Haley said on
Sunday the U.N. Security Council has run out of options on
containing North Korea's nuclear programme and the United States
may have to turn the matter over to the Pentagon.             
    * U.S. retail sales unexpectedly fell in August and
industrial output recorded its biggest drop since 2009 as
Hurricane Harvey disrupted activity, suggesting the storm could
dent economic growth in the third quarter.             
    * Euro zone wages grew at their fastest rate in two years in
the second quarter, data released on Friday showed, increasing
the chances that the European Central Bank will set out plans
next month to rein in its economic stimulus.             
            
    * The Russian Central Bank lowered its main interest rate to
8.5 percent from 9 percent on Friday and said it expected to
deliver more cuts in the next six months as inflation slows.
            
    
    DATA/EVENT AHEAD (GMT)
    0130  China           House prices                 Aug 
    0900  Euro zone       Inflation final              Aug 
    1400  U.S.            NAHB housing market index    Sep 

 (Reporting by Apeksha Nair in Bengaluru; Editing by Neil
Fullick)
  

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below