July 24, 2017 / 12:57 AM / 5 months ago

PRECIOUS-Gold hits 4-week high on weaker equities, U.S. dollar

    BENGALURU, July 24 (Reuters) - Gold touched a four-week high
early on Monday, supported by weaker equities and a dip in the
dollar to fresh 13-month lows due to political uncertainty in
the United States.
          
    FUNDAMENTALS    
    * Spot gold        was trading up 0.1 percent at $1,255.92
per ounce at 0033 GMT. It hit a 4 week high of $1,257.18 an
ounce in early trade, having risen 2.l percent last week.
    * U.S. gold futures         for August delivery rose 0.1
percent to $1,256.00 per ounce.
    * Asian stocks slipped as demand for riskier assets ebbed
after recent strong gains, while the euro's near-two-year high
on the European Central Bank's seeming lack of concern about its
strength left the dollar languishing near a 13-month low.
            
    * The dollar struggled near a 13-month low against a basket
of major currencies on Monday as U.S. political woes dampened
hopes for quick passage of President Donald Trump's stimulus and
tax reform agendas.       
    * The White House said on Sunday that Trump was open to
signing legislation toughening sanctions on Russia after Senate
and House leaders reached agreement on a bill late last week.
            
    * U.S. Republican Senate leaders aim to hold a procedural
vote as early as Tuesday to take up legislation to repeal or
replace Obamacare, but it remained unclear which version of the
bill senators would vote on.              
    * The president's oldest son, Donald Trump Jr., has added a
lawyer with congressional experience to his legal team, the
lawyer told Reuters on Sunday.             
    * Hedge funds and money managers increased their net long
position in COMEX gold for the first time in six weeks in the
week to July 18, U.S. Commodity Futures Trading Commission data
showed on Friday.             
    * Gold demand in Asia eroded last week due to higher prices
with a seasonal slowdown denting the lure for the precious metal
in second-biggest consumer India.         
    * Growth in Japan's manufacturing activity slowed for the
second straight month in July, a preliminary private survey
showed on Monday, as export demand stagnated.             
    
    DATA AHEAD
     0700   France      Flash Composite PMI          July 
     0730   Germany     Flash Composite PMI          July 
     0800   Euro Zone   Flash Composite PMI          July 
     1345   U.S.        Markit Flash Composite PMI   July 
     1400   U.S.        Existing Home Sales          June 

 (Reporting by Nithin Prasad in Bengaluru; Editing by Richard
Pullin)
  

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