June 11, 2018 / 1:16 AM / 10 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.
    * 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
    * 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
    * 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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