August 9, 2016 / 1:21 AM / 3 years ago

PRECIOUS-Gold holds steady after recovering from 1-wk low

Aug 9 (Reuters) - Gold held steady early on Tuesday after
recovering from one-week lows hit the day before, with the
dollar edging down and investors using the correction in prices
to hunt for bargains.
    
    FUNDAMENTALS
    * Spot gold was mostly unchanged at $1,335.82 an
ounce by 0104 GMT. Bullion touched its lowest since July 29 at
$1,329.55 on Monday.
    * U.S. gold was nearly flat at $1,341.40 an ounce.
    * The dollar index, which gauges the greenback against a
basket of six major currencies, slipped as much as 0.1 percent
to 96.344.
    * The U.S. economy is at increasing risk of becoming trapped
in a prolonged phase of slow growth that points to the need for
lower interest rates than previously expected, Federal Reserve
policymaker Jerome Powell was quoted as saying. 
    * British retail spending bounced back in July as sales
promotions and good weather outweighed any immediate concern
about the consequences of Britain's decision to leave the
European Union, a survey showed. 
    * Holdings of SPDR Gold Trust, the world's largest
gold-backed exchange-traded fund, fell 0.67 percent to 973.81
tonnes on Monday. 
    * The Perth Mint's sales of gold and silver products fell in
July as slower summer sales in North America kept distributors
well stocked, and demand out of continental Europe remained
subdued. 
    * The London Metal Exchange (LME) said on Tuesday it is
planning to launch spot and futures contracts for gold and
silver in the first half of 2017, adding to its list of products
which includes copper and aluminium. 
    * For the top stories on metals and other news, click
 or 
    
    MARKET REPORT
    * Asian shares stood atop one-year peaks on Tuesday as a
desperate search for yield drove a record inflow into emerging
market funds, while oil prices tried to sustain their latest
bounce. 
    
    
    DATA AHEAD (GMT)
    0130 China Consumer prices July 
    0130 China Producer prices July 
    0600 Germany Trade balance June 
    0830 Britain Industrial output June 
    1000 U.S. NFIB business optimism July 
    1230 U.S. Labor costs Q2 
    1400 U.S. Wholesale sales June

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