PRECIOUS-Gold prices inch down as dollar firms

July 02, 2018 / dlvr.it / Article Link

Gold prices edged down inearly Asian trade on Monday as the dollar firmed, changingdirection from Friday when the metal rose for the first time infive sessions.FUNDAMENTALS* Spot goldwas down 0.1 percent at $1,250.95 anounce as of 0116 GMT. It gained about 0.4 percent on Friday.* U.S. gold futures were 0.1-percent lower at$1,252.70 an ounce.* The dollar index , which measures the greenbackagainst a basket of six major currencies, climbed 0.1 percent to94.701. * U.S. consumer prices accelerated in the year to May, witha measure of underlying inflation hitting the Federal Reserve's2 percent target for the first time in six years. * White House national security adviser John Bolton said onSunday he believed the bulk of North Korea's weapons programmescould be dismantled within a year, although some experts say thecomplete process could take far longer. * German Interior Minister Horst Seehofer offered hisresignation to party colleagues late on Sunday, party officialssaid, escalating a row over migration with Chancellor AngelaMerkel that threatens her fragile government. * Euro zone inflation rose to its highest rate in more thana year this month as surging energy prices pushed price growthabove the European Central Bank's target, even if onlytemporarily, data from Eurostat showed on Friday. * Gold demand improved this week in India as prices fell totheir lowest level in nearly three months, while demandelsewhere in Asia remained tepid as investors waited for pricesto fall further. * Mining has resumed and power has been restored at thePorgera gold mine in Papua New Guinea's remote highlands run byBarrick Gold Co , four months after an earthquakedisrupted production, the mine's operator said. * China's central bank on Friday revised up the value of itsend-May gold reserves to $77.323 billion, from $73.739 billionstated earlier this month. * The U.S. Mint sold 19,500 ounces of American Eagle goldcoins in June, down 18.8 percent from the previous month,according to the latest data. * Speculators cut their net long positions in COMEX gold andsilver contracts in the week to June 26, U.S. Commodity FuturesTrading Commission (CFTC) data showed on Friday.* Holdings of SPDR Gold Trust, the world's largestgold-backed exchange-traded fund, fell 0.18 percent to 819.04tonnes on Friday.DATA AHEAD (GMT)0145ChinaCaixin manufacturing PMI final June0750France Markit manufacturing PMI June0755GermanyMarkit/BME manufacturing PMI June0800Euro zoneMarkit manufacturing PMI June0800Euro zoneUnemployment rateMay1400U.S. Construction spendingMay1400U.S. ISM manufacturing PMIJune (Reporting by Karen Rodrigues in BengaluruEditing by Joseph Radford)Read full news

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