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PRECIOUS-Gold prices firm as markets brace for OPEC meeting
November 30, 2016 / 1:10 AM / 10 months ago

PRECIOUS-Gold prices firm as markets brace for OPEC meeting

Nov 30 (Reuters) - Gold prices held steady on Wednesday as
markets braced for the outcome of an OPEC meeting later in the
day, with members of the producer cartel trying to seal a deal
to boost oil markets.
     
    FUNDAMENTALS
    * Spot gold was up 0.16 percent at $1,190.26 an ounce
by 0051 GMT. It dipped 0.4 percent in the previous session.
    * U.S. gold futures were up 0.12 percent at
$1,189.30 per ounce.
    * The dollar moved sideways against the yen and euro early
on Wednesday, as traders focused on the oil producers meeting,
which could potentially churn financial markets and weigh on the
U.S. currency.
    * The U.S. economy grew faster than initially estimated in
the third quarter, notching up its best performance in two
years, buoyed by strong consumer spending and a surge in soybean
exports. 
    * The case for raising U.S. interest rates has "clearly
strengthened" since early November, before Americans elected
Republican Donald Trump as president, Federal Reserve governor
Jerome Powell said on Tuesday in the latest signal that a policy
tightening is imminent. 
    * Nine regional Fed banks in October pushed for an increase
in the rate commercial banks are charged for emergency loans,
minutes from the Fed's Oct. 31 discount rate meeting showed on
Tuesday. 
    * The European Central Bank is ready to temporarily step up
purchases of Italian government bonds if the result of a crucial
referendum on Sunday sharply drives up borrowing costs for the
euro zone's largest debtor, central bank sources told Reuters.
 
    * German inflation unexpectedly remained unchanged in
November, data showed on Tuesday, in a sign price pressures are
still weak in Europe's biggest economy, despite an economic
upturn spurred by the European Central Bank's ultra-loose
monetary policy. 
    * For the top stories on metals and other news, click
 or 
    
    
  DATA AHEAD (GMT)
     
  0700  Germany       Retail sales               Oct 
  0855  Germany       Unemployment rate          Nov 
  1000  Euro zone     Inflation                  Nov 
  1315  U.S.          ADP national employment    Nov 
  1330  U.S.          Personal income            Oct 
  1445  U.S.          Chicago PMI                Nov 
  1500  U.S.          Pending homes sales        Oct 
     

 (Reporting by Apeksha Nair in Bengaluru; Editing by Joseph
Radford)

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