September 26, 2016 / 1:55 AM / 3 years ago

PRECIOUS-Gold steady as dollar falls vs yen; U.S. politics in focus

Sept 26 (Reuters) - Gold prices held steady on Monday as the
dollar fell against the yen, with markets shifting their focus
towards U.S. politics ahead of a presidential debate.
    
    FUNDAMENTALS
    * Spot gold had edged up 0.1 percent to $1,338.82 an
ounce by 0052 GMT. 
    * U.S. gold futures gained 0.1 percent to $1,343.10
an ounce.
    * The U.S. presidential debate between Republican Donald
Trump and Democrat Hillary Clinton will take place at 0100 GMT
on Tuesday, with investors looking for indications of who could
win the race to lead the world's biggest economy.
    * The dollar was down 0.3 percent at 100.75 yen. 
    * Boston Federal Reserve President Eric Rosengren said on
Friday that he believed interest rates should be raised
gradually now and warned that a fall in the unemployment rate
below its sustainable level could derail economic recovery in
the United States. 
    * The split at the Federal Reserve over when to next raise
interest rates appears to hinge largely on disagreements over
the labour market outlook, comments from policymakers on Friday
suggest. 
    * Appetite is low for a big European Central Bank policy
shift so any change is likely to be just an adjustment of the
current asset buying scheme and not a big overhaul,
conversations with six sources on or close to the Governing
Council indicate. 
    * Hedge funds and money managers cut their net long position
in COMEX gold for the second straight week in the week to Sept.
20, ahead of the U.S. Fed policy meeting, U.S. Commodity Futures
Trading Commission data showed.  
    * Holdings of the SPDR Gold Trust, the world's largest
gold-backed exchange-traded fund, rose 0.03 percent to 951.22
tonnes on Friday. 
    * Asian physical gold demand remained subdued last week
ahead of a national holiday in China and amid what is considered
an inauspicious period before the festival season begins in
October in India. 
    * For the top stories on metals and other news, click
 or 
    
    MARKET REPORT
    * Asian shares began the week under a cloud on Monday after
losses on Wall Street, as investors' attention turned from
central banks to the first U.S. presidential debate. 
    * Crude prices rebounded on Monday after Algeria's energy
minister said the day before that all options were possible for
an oil output cut or freeze at this week's informal meeting of
OPEC producers. 

 (Reporting by Swati Verma in Bengaluru; Editing by Joseph
Radford)
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