August 14, 2017 / 1:31 AM / 2 years ago

PRECIOUS-Gold slips from over 2-month high as dollar inches up vs yen

    BENGALURU, Aug 14 (Reuters) - Gold on Monday slipped from an
over two-month high touched in the previous session, as the
dollar edged higher against the yen.
     
    FUNDAMENTALS    
    * Spot gold        was down 0.2 percent at $1,286.10 per
ounce at 0102 GMT, after marking its highest since June 7 at
$1,291.86 an ounce in the previous session. 
    * U.S. gold futures         for December delivery fell 0.13
percent to $1,292.3 per ounce.
    * The dollar edged higher against the yen on Monday, trading
above last week's near four-month low, with rising tensions
between the United States and North Korea seen as the key to the
near-term outlook.       
    * President Donald Trump issued a new threat to North Korea
on Friday, saying the U.S. military was "locked and loaded" as
Pyongyang accused him of driving the Korean peninsula to the
brink of nuclear war and world powers expressed alarm.
            
    * The Federal Reserve will set a time frame for beginning to
shed some of its $4.2-trillion bond portfolio "soon" but, given
inflation weakness, it should hold off interest rate hikes for
now, Dallas Fed President Rob Kaplan said on Friday.
            
    * The Federal Reserve's key interest rate is getting close
to a "neutral" level so the Fed should patiently wait for
further evidence that inflation will rise before tightening
policy again, Dallas Fed President Rob Kaplan said on Friday.
            
    *  U.S. consumer prices rose slightly in July as higher food
costs were partly offset by falling prices for a range of other
goods, suggesting benign inflation that could persuade a
cautious Federal Reserve to delay raising interest rates until
December.                 
    * Speculators boosted their net long position in COMEX gold
for the fourth straight week to a near two-month high in the
week to Aug. 8, U.S. Commodity Futures Trading Commission data
showed on Friday.        
    * India's gold imports are likely to jump by a third in 2017
to 750 tonnes on restocking by jewellers and as good monsoon
rainfall is expected to boost demand in rural areas during the
upcoming festive season, a leading refiner told Reuters.
            
    * Ghana's gold output is likely to drop sharply in 2017
because of curbs on the small-scale mining that lifted
production last year but was causing damage to the environment,
a government official said on Saturday.             
    * India's Multi Commodity Exchange (MCX) will launch the
country's first gold options contract in September allowing even
smaller players in the bullion industry an instrument to hedge
their risk, a senior company official told Reuters.             
    
    DATA AHEAD (GMT) 
    0200  China         Industrial output            Jul 
    0200  China         Retail sales                 Jul 
    0200  China         Urban investment             Jul 
    0900  Euro zone     Industrial production        Jun 

 (Reporting by Apeksha Nair in Bengaluru; Editing by Kenneth
Maxwell)
  
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