April 10, 2017 / 1:37 AM / 8 months ago

PRECIOUS-Gold edges lower on stronger dollar

    April 10 (Reuters) - Gold inched down on Monday after
hitting a 5-month high in the previous session, weighed down by
a stronger dollar.
      
    FUNDAMENTALS
    * Spot gold        was down 0.2 percent at $1,251.91 per
ounce by 0115 GMT. U.S. gold futures         edged down 0.3
percent to $1,253.90.
    * Spot gold hit its highest since Nov. 10 at $1,270.46 on
Friday and crossed the 200-day moving average. But, it failed to
close above that key resistance level.
     * The dollar index        rose 0.1 percent to over 3-week
highs of 101.310.
    * U.S. job growth slowed sharply in March amid continued
layoffs in the embattled retail sector, but a drop in the
unemployment rate to a near 10-year low of 4.5 percent suggested
labor market strength remained intact.             
    * The Federal Reserve might in the future avoid raising
interest rates at the same time that it begins the process of
shrinking its $4.5 trillion bond portfolio, prompting only a
"little pause", New York Fed President William Dudley said on
Friday.             
    * Top aides to U.S. President Donald Trump differed on
Sunday on where U.S. policy on Syria was headed after last
week's attack on a Syrian air base, while U.S. Secretary of
State Rex Tillerson warned the strikes were a warning to other
nations, including North Korea.                         
    * A U.S. Navy strike group will be moving toward the western
Pacific Ocean near the Korean peninsula as a show of force, a
U.S. official told Reuters on Saturday, as concerns grow about
North Korea's advancing weapons programme. 
    * The Dubai Gold and Commodities Exchange (DGCX) said on
Saturday it was considering whether to launch a new spot gold
contract designed to be used by retail investors and traders.
            
    * Argentina mining officials told Barrick Gold Corp         
it must overhaul environmental and operating processes at its
Veladero mine.             
    * SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.03 percent to
836.49 tonnes on Friday from 836.77 tonnes on Thursday.
         
    * Hedge funds and money managers upped their net long
position in COMEX gold for the third straight week in the week
to April 4, and raised it slightly in silver, U.S. Commodity
Futures Trading Commission data showed on Friday.             
    * China's gold reserves were unchanged at 59.24 million
ounces in March, the country's central bank said on Friday,
extending its hiatus from buying any bullion into a fifth month.
            
    
    DATA AHEAD  (GMT)
    0830  Euro zone    Sentix index       Apr            
    1400  U.S.         Employment trends  Mar 

 (Reporting by Nallur Sethuraman in Bengaluru; Editing by Joseph
Radford)
  

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