January 22, 2018 / 1:07 AM / 3 months ago

PRECIOUS-Gold up on safe haven buying after U.S. govt shutdown

    Jan 22 (Reuters) - Gold prices edged up on Monday amid a
softer dollar as investors sought safe haven assets after the
U.S. government shutdown due to a funding impasse.
    
    FUNDAMENTALS   
     
    * Spot gold        rose 0.2 percent to $1,334.10 an ounce by
0046 GMT. 
    * Spot gold fell 0.5 percent last week, its first weekly
decline in six weeks.
    * U.S. gold futures         were up 0.1 percent at
$1,333.80.
    * The dollar index       , which measures the greenback
against a basket of currencies fell 0.1 percent to 90.489.
      
    * Funding for federal agencies ran out at midnight on
Friday, and was not renewed amid a dispute between U.S.
President Donald Trump and Democrats over immigration.
    * Republican and Democratic leaders of the U.S. Senate held
talks on Sunday seeking to break an impasse that has kept the
U.S. government shut down for two days, but it was unclear if a
deal could be struck to reopen federal agencies by the start of
the work week.             
    * Republican Senator John Cornyn predicted on Sunday that
the U.S. government would remain shut on Monday, as lawmakers
meet to negotiate an end to the impasse, Fox News Channel
reported.             
    * Flows of palladium out of UK stocks to Hong Kong are
picking up as demand from Asian industry grows, pointing to a
tightening market that could keep record-high prices on the
boil.             
    * Holdings of SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund, rose 0.70 percent to 846.67
tonnes on Friday from Thursday.          
    * Hedge funds and money managers raised their net long
position in COMEX gold contracts in the week to Jan. 16, U.S.
Commodity Futures Trading Commission (CFTC) data showed on
Friday.             
    * Gold imports to Turkey hit a record 370 tonnes in 2017,
more than trebling from 106.1 tonnes, data from Borsa Istanbul
showed.             
    * Gold demand in China firmed last week as retailers stocked
up ahead of the Chinese New Year while price discounts widened
in India, partly on expectations of a reduction in import duty
in next month's budget.             
    * Leading Russian gold producer Polyus           said on
Friday it would issue $250 million worth of bonds, with the
proceeds of the sale mainly going towards refinancing its debt.
    * South Africa's National Union of Mineworkers (NUM) said on
Friday that its branch chairman at Eastern Platinum Mine, a unit
of Lonmin        ,         , was killed by unknown assailants.
            
   
    DATA AHEAD (IN GMT)
    
    1330  U.S.   National activity index           Dec

 (Reporting by Nallur Sethuraman in Bengaluru; editing by
Richard Pullin)
  
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