July 26, 2016 / 1:10 AM / a year ago

PRECIOUS-Gold edges up as dollar slips ahead of Fed meet

3 Min Read

BENGALURU, July 26 (Reuters) - Gold inched up early Tuesday
as the dollar slipped and equities eased ahead of central bank
meetings in the United States and Japan this week.
    
    FUNDAMENTALS
    * Spot gold rose 0.3 percent to $1,318.80 an ounce at
0051 GMT. Bullion fell 0.5 percent on Monday. 
    * U.S. gold was little changed at $1,319.10 an
ounce.
    * Caution gripped Asian markets on Tuesday, sending the
safe-haven yen higher ahead of the central bank
meetings.  
    * The dollar index, which tracks the greenback against a
basket of six major rivals, edged down 0.1 percent, below
the previous session's high of 97.569, its loftiest peak since
March. 
    * The U.S. central bank is widely expected to stand pat on
policy at its two-day meeting beginning on Tuesday. 
    * The U.S. financial system faces greater potential
instability due to Britain's decision to leave the European
Union while low and negative interest rates also raise risks, a
U.S. government monitor said on Monday. 
    * U.S. federal funds futures fell to four-week lows on
Monday, signaling traders raised their bets the Federal Reserve
would raise short-term interest rates by the end of 2016 if the
economy shows further improvement. 
    * Optimism among British manufacturers fell in July to its
lowest level since early 2009 after Britain's decision to leave
the European Union, a survey showed on Monday, even as output
rose in the last three months. 
    * Holdings of SPDR Gold Trust, the world's largest
gold-backed exchange-traded fund, fell 0.46 percent to 958.69
tonnes on Monday. 
    * Russia and Kazakhstan continued to boost their gold
reserves in June, data from the International Monetary Fund
showed on Friday. 
    * Canadian gold miner Dundee Precious Metals Inc 
said a power outage in Namibia on Friday is expected to reduce
its 2016 concentrate throughput by about 20,000 tonnes.
 
    * For the top stories on metals and other news, click
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    MARKET REPORT
    * Oil prices fell more than 2 percent on Monday, with U.S.
crude hitting a three-month low, on rising concerns that a
global glut of crude and refined products would pressure
markets, delaying a long-anticipated rebalance in the market.
 
    
    DATA AHEAD (GMT)
    1300 U.S. S&P/Case Shiller home price index May 
    1345 U.S. Markit flash PMI July 
    1400 U.S. New home sales June 
    1400 U.S. Conference Board consumer confidence index July 
    Federal Open Market Committee starts two-day policy meeting

 (Reporting By Nallur Sethuraman in Bengaluru; Editing by
Richard Pullin)

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