July 17, 2017 / 1:28 AM / in 5 months

PRECIOUS-Gold rises as dollar drops on weak U.S. data

    BENGALURU, July 17 (Reuters) - Gold prices rose on Monday as
the dollar fell to multi-month lows following weak economic data
from the United States that has diminished the outlook for
aggressive rate hikes from the U.S. Federal Reserve.       
    * Spot gold        rose 0.19 percent to $1,230.91 per ounce
as of 0048 GMT. U.S. gold futures         for August delivery
rose 0.24 percent to $1,230.50 per ounce.
    * Asian stocks rose on Monday after the Dow        and S&P
500        hit record highs on Friday on bets the Federal
Reserve's accommodative monetary policy will continue following
lacklustre U.S. data, with that view sending the dollar reeling.
    * U.S. consumer prices were unchanged in June and retail
sales fell for a second straight month, pointing to tame
inflation and soft domestic demand that diminished prospects of
a third interest rate increase from the Federal Reserve this
    * Hedge funds and money managers cut their net long position
in COMEX gold to the smallest since January 2016 in the week to
July 11, as they switched to their first bearish stance in
silver in nearly two years, U.S. Commodity Futures Trading
Commission data showed on Friday.             
    * ICE Benchmark Administration, a unit of Intercontinental
Exchange        , was confirmed on Friday as the new operator of
the London Bullion Market Association silver benchmark. The LBMA
said it expected IBA to take over the LBMA Silver Price in
autumn this year, confirming a Reuters report.             
    * China is expected to report on Monday that its economy
grew 6.8 percent in April-June from a year earlier, cooling from
the previous quarter's robust 6.9 percent pace.             
    * India's trade deficit             narrowed more than
expected to $12.96 billion in June as gold imports nearly halved
from a month earlier, government data showed.             
    * Gold demand fell in India this week, with dealers offering
a discount for the first time in one month despite a correction
in local prices as consumers advanced purchases in June before
the rollout of a new nationwide sales tax.         
    * Holdings of the largest gold-backed exchange-traded-fund
(ETF), New York's SPDR Gold Trust GLD, fell 0.43 percent on
Thursday from Wednesday.          
    * South Korea proposed military talks with North Korea, the
first since 21015, and a halt to hostile activities near the
inter-Korean border, the South's vice defence minister said on
Monday, after a series of missile tests by the North in recent

              China     Industrial Output       June
              China     Retail Sales            June  
              U.S.      NY Fed Manufacturing    July

 (Reporting by Arpan Varghese in Bengaluru; Editing by Biju

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below