November 11, 2016 / 1:00 AM / 3 years ago

PRECIOUS-Gold holds steady as markets gauge Trump economic policy

Nov 11 (Reuters) - Gold was broadly steady early Friday,
after dropping nearly 1.5 percent in the previous session, as
markets pondered the economic growth outlook and the timing of a
U.S. interest rate hike following the election of Donald Trump.
    * Spot gold was up about 0.2 percent at $1,261.71 an
ounce at 0038 GMT. 
    * U.S. gold futures were down 0.4 percent at
$1,261.50 per ounce.
    * Asian shares dipped while the dollar strengthened broadly
on Friday as U.S. bond yields soared on expectations U.S.
President-elect Donald Trump's policies would stoke inflation.
    * The dollar index, which measures the greenback
against a basket of major currencies, was steady at 98.856.
    * The number of Americans filing for unemployment benefits
fell more than expected last week, underscoring the robustness
of the labor market. 
    * The Republican sweep of the White House and Congress could
break the current gridlock over national policy in a potential
boon to the U.S. economy, St. Louis Federal Reserve bank
president James Bullard said on Thursday. 
    * The Federal Reserve could raise interest rates more
quickly if Washington used lower taxes or higher spending to
boost economic growth, Richmond Fed President Jeffrey Lacker
said on Thursday. 
    * Investors are starting to price in a slim chance that the
European Central Bank will raise interest rates next year for
the first time since 2011, with bets reinforced by sharply
rising inflation expectations on Thursday. 
    * SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings fell 1.40 percent to
941.68 tonnes on Thursday from 955.03 tonnes on Wednesday.
    * India's surprise move to abolish high-value bank notes has
started to disrupt cash-based gold smuggling and should benefit
official importers of the metal in the world's second biggest
consumer, industry officials said. 
    * For the top stories on metals and other news, click
    1500  U.S.    University of Michigan sentiment index    Nov 

 (Reporting by Apeksha Nair in Bengaluru; Editing by Richard
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