June 11, 2018 / 1:16 AM / 3 months ago

PRECIOUS-Gold ticks higher on softer dollar; cenbank meetings in focus

    BENGALURU, June 11 (Reuters) - Gold prices edged higher in
early Asian trade on Monday as the dollar softened ahead of key
central bank policy meetings and the U.S.-North Korea summit
this week, and as a weekend G7 summit fanned trade war fears.
   
    FUNDAMENTALS  
    * Spot gold        was up 0.1 percent at $1,298.78 per ounce
at 0049 GMT. 
    * U.S. gold futures         for August delivery were nearly
unchanged at $1,302.80 per ounce.
    * The dollar index       , which measures the greenback
against a basket of six major currencies, was down 0.1 percent
at 93.452.       
    * Tightening policy by a notch just one day apart, the
world's top two central banks will hope to signal confidence in
global economic growth, despite risks of a trade war, currency
swings and political turbulence.             
    * U.S. President Donald Trump arrived in Singapore on Sunday
for a historic summit with North Korean leader Kim Jong Un that
could lay the groundwork for ending a nuclear stand-off between
the old foes and the transformation of the isolated Asian
nation.             
    * The United States and Canada swung sharply towards a
diplomatic and trade crisis on Sunday as top White House
advisers lashed out at Canadian Prime Minister Justin Trudeau a
day after Trump called him "very dishonest and weak."
            
    * Chinese President Xi Jinping, whose country is locked in a
high-stakes trade dispute with the United States, on Sunday said
China rejects "selfish, shortsighted" trade policies, and called
for building an open global economy.             
    * Speculators cut their net long position in COMEX gold by
3,169 contracts to 58,066 contracts in the week to June 5, U.S.
Commodity Futures Trading Commission (CFTC) data showed on
Friday.             
    * Holdings of SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund, fell 0.46 percent to 828.76
tonnes on Friday.          
    * Physical gold demand was soft in major Asian hubs last
week with global prices moving in a tight range, while lower
retail purchases forced sellers in India to offer wider
discounts during a slow period for buying the metal.
            
    * Palladium, widely used in catalytic converters in cars,
looks buoyant as visible stockpiles slide to eight-year lows,
but it may become a victim of its own success if concerns over
availability hasten a drive among carmakers towards substitutes.
            

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