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9 months ago
PRECIOUS-Gold prices steady, but stronger dollar drags after oil rally
December 1, 2016 / 1:05 AM / 9 months ago

PRECIOUS-Gold prices steady, but stronger dollar drags after oil rally

Dec 1 (Reuters) - Gold was little changed on Thursday after
dipping to its lowest since February in the previous session,
with the dollar holding around 9-month highs against the yen
after a rally in oil prices.
    
    FUNDAMENTALS
    * Spot gold was mostly unchanged at $1,172.24 an
ounce by 0046 GMT. The metal hit its lowest since Feb. 8 at
$1,170.35 in the previous session. 
    * U.S. gold futures were flat at $1,170.90 per
ounce.
    * The U.S. dollar was broadly firm, hitting 9-1/2 month
highs against the yen as oil prices surged after OPEC agreed to
output cuts - lifting inflation expectations and U.S. bond
yields.  
    * U.S. private employers stepped up hiring in November and
consumer spending increased last month, the latest signs of
economic strength that could further cement the case for an
interest rate hike from the Federal Reserve next month.
 
    * With the U.S. economy making good progress toward full
employment and inflation heading toward the Fed's 2-percent
goal, it is time for an interest-rate increase, Dallas Fed Bank
President Robert Kaplan suggested on Wednesday. 
    * The post-election enthusiasm for U.S. stock funds is
waning, while a strong dollar helped push commodity funds to
their largest withdrawals in more than three years, Investment
Company Institute data showed on Wednesday. 
    * Global investors raised their bond exposure and held cash
at high levels in November, citing uncertainty around U.S.
President-elect Donald Trump's plans and worries about political
risk in Europe, a Reuters monthly poll showed on Wednesday.
 
    * Trump's victory in the U.S. presidential election has
increased the threats to the world economy from higher interest
rates and less trade, the Bank of England said on Wednesday.
 
    * Euro zone inflation hit a 31-month high in November, data
showed on Wednesday, providing modest relief for the European
Central Bank ahead of an interest rate decision next week as
price growth finally ticks up after years of flirting with
deflation. 
    * SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.13 percent to
883.86 tonnes on Wednesday from 885.04 tonnes on Tuesday.
 
    * For the top stories on metals and other news, click
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  DATA AHEAD (GMT)
     
  0900 Euro Zone  Markit Mfg Final PMI     Nov 
  1000 Euro Zone  Unemployment rate        Oct    
  1000 Italy      GDP final                Q3
  1230 U.S.       Challenger layoffs       Nov   
  1330 U.S.       Initial jobless claims   weekly   
  1445 U.S.       Markit Mfg PMI Final     Nov   
  1500 U.S.       Construction spending    Oct 
  1500 U.S.       ISM Manufacturing PMI    Nov
  1830 U.S.       Domestic car sales       Nov  
       

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

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