June 19, 2017 / 1:48 AM / 6 months ago

PRECIOUS-Gold edges down on firm dollar; Fed's Dudley awaited for cues

    BENGALURU, June 19 (Reuters) - Gold slipped on Monday on a
firm dollar as markets awaited comments by a top Federal Reserve
official for clues on whether recent strength can be sustained,
after last week's soft economic data.
       
    FUNDAMENTALS    
    * Spot gold        was down 0.1 percent at $1,252.21 per
ounce, as of 0127 GMT.
    * U.S. gold futures         for August delivery fell 0.2
percent to $1,254 per ounce.
    * U.S. homebuilding fell for a third straight month in May
to the lowest level in eight months as construction activity
declined broadly, suggesting that housing could be a drag on
economic growth in the second quarter.             
    * The market is looking to comments by New York Fed
President William Dudley for potential support for the
greenback. Dudley, a close ally of Fed Chair Janet Yellen, is
due to take part in a roundtable with local business leaders in
Plattsburgh, New York. 
    * Brexit Secretary David Davis starts negotiations in
Brussels on Monday that will set the terms on which Britain
leaves the European Union and determine its relationship with
the continent for generations to come.             
    * Hedge funds and money managers reduced their net long
positions in COMEX gold and silver for the first time in four
weeks, in the week to June 13, U.S. Commodity Futures Trading
Commission (CFTC) data showed on Friday.                 
    * Gold Reserve Inc         said on Friday it received $40
million from the government of Venezuela as part of a $1.03
billion settlement arbitrated by the World Bank for the
termination of its Las Brisas gold concession in 2009.
            
    * The dollar steadied against a basket of currencies early
on Monday after slipping on soft U.S. economic data, with
investors awaiting comments by a top Federal Reserve official
for clues on whether recent strength can be sustained.       
    * Asia gold demand ticked up this week as global prices came
off seven-month highs, while Indian buyers stayed on the
sidelines waiting for further price drops in the absence of
fresh triggers to stoke purchases.         
    * One of President Donald Trump's personal lawyers said in
an interview that the president was not under investigation for
obstruction of justice, but later said he was uncertain.
            
    * South Africa mine's minister defended new regulations
seeking to accelerate black ownership in the key industry as a
"win-win" situation for all, despite objections from an industry
body threatening court action to block the changes.             
  
        
    DATA AHEAD (GMT) 
     0130  China       House prices            May 
    

 (Reporting by Nithin Prasad in Bengaluru; Editing by Sherry
Jacob-Phillips)
  

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