for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

PRECIOUS-Gold rises on weaker dollar, safe-haven buying after Trump inauguration

Jan 23 (Reuters) - Gold prices rose on Monday on a weaker
dollar and safe haven buying on uncertainties over U.S. policy
after Donald Trump was sworn in as president last Friday.
        
    FUNDAMENTALS
    * Spot gold rose 0.5 percent, to $1,215.30 per ounce
by 0051 GMT.
    * U.S. gold futures were up 0.9 percent at $1,215.10
by 0051 GMT.
    * The dollar index, which measures the greenback
against a basket of currencies, fell 0.2 percent to 100.540.
    * Trump pledged to end the "American carnage" of social and
economic woes in an inaugural address that was a populist and
nationalist rallying cry, prompting investor concern about
protectionist trade policies. 
    * Gold shrugged off better-than-expected U.S. jobs, housing
and factory data that reinforced the view that the U.S. economy
is sufficiently robust to warrant interest rate rises.
 
    * Philadelphia Federal Reserve President Patrick Harker said
on Friday he expected three interest rate increases in 2017 if
the labor market improves further and inflation moves to the
Federal Reserve's 2 percent goal.  
    * A small parade of S&P 500 companies' chiefs have voiced
optimism that U.S. President Trump's promised tax cuts, stimulus
spending and deregulation will boost corporate profits.
 
    * Precious metal funds saw their biggest inflow in five
months and bond funds notched a fourth consecutive gain over the
last week, as investors continued to hedge "Trump trades" put on
late last year that bet on stronger growth and rising inflation.
 
    * Fears of inflexibility and rising costs are sapping
enthusiasm for the London Metal Exchange's new suite of gold
contracts. 
    * Hedge funds and money managers raised their net long
position in COMEX gold contracts for the second straight week,
in the week to Jan. 17, U.S. Commodity Futures Trading
Commission (CFTC) data showed on Friday. 
    * Gold demand slowed in India as buyers postponed purchases
on expectation of a cut in import duty and after a rebound in
prices, while it was tepid across other major trading centres in
Asia. 
    * Holdings of SPDR Gold Trust GLD, the world's largest
gold-backed exchange-traded fund, rose 0.15 percent to 809.15
tonnes on Friday from 807.96 tonnes on Thursday. 
    * Russia's central bank kept its gold reserves flat in
December, the first month that has happened in nearly two years,
its data showed on Friday. 
    * For the top stories on metals and other news, click
 or 

 (Reporting by Nallur Sethuraman and Arpan Varghese in
Bengaluru; Editing by Sonali Paul)
for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up