August 17, 2017 / 1:18 AM / 2 years ago

PRECIOUS-Gold edges up after gaining on softer dollar

    BENGALURU, Aug 17 (Reuters) - Gold edged up early Thursday,
extending gains from the previous session, as the dollar
remained subdued after minutes from the Federal Reserve's July
meeting hinted at a delay in further rate hikes.
    
    FUNDAMENTALS    
    * Spot gold        was up 0.4 percent at $1,287.21 per ounce
by 0110 GMT, after gaining nearly 1 percent the previous day.
    * U.S. gold futures         for December delivery rose 0.8
percent to $1,293.30 per ounce.
    * The U.S. dollar was on the defensive on Thursday after the
minutes from the Federal Reserve's last policy meeting showed
policymakers were increasingly wary of recent softness in
inflation and could delay a rate hike.       
    * Federal Reserve policymakers appeared increasingly wary
about recent weak inflation and some called for halting interest
rate hikes until it was clear the trend was transitory,
according to the minutes of the U.S. central bank's last policy
meeting.             
    * The U.S. central bank is roughly at the mid-point on its
current path to normalize interest rates as the economy has
shown further improvement even without fiscal stimulus, San
Francisco Federal Reserve President John Williams told CNN
television.             
    * U.S. Treasury yields fell on Wednesday, with benchmark
yields retreating from one-week highs as U.S. President Donald
Trump's dissolving of two business advisory groups and the
Federal Reserve's record of its July policy meeting raised
economic worries.             
    * European Central Bank President Mario Draghi will not
deliver a new policy message at the U.S. Federal Reserve's
Jackson Hole conference, two sources familiar with the situation
said, tempering expectations for the bank to start charting the
course out of stimulus.             
    * The economy in the 19 countries sharing the euro currency
expanded by more than previously forecast in the second quarter
compared to the same quarter in 2016, the European Union's
statistics office Eurostat said on Wednesday.             
    * British-based banks seeking to relocate to the European
Union before Britain leaves the bloc are behind schedule in
their preparations for the move, a European Central Bank
supervisor said on Wednesday.             
            
     DATA AHEAD (GMT) 
    
     0600  Germany        Wholesale price index         Jul 
     0830  Britain        Retail sales                  Jul 
     0900  Euro zone      Eurostat trade                Jun 
     0900  Euro zone      Inflation final               Jul 
     1230  U.S.           Weekly jobless claims 
     1230  U.S.           Philly Fed business index     Aug 
     1315  U.S.           Industrial production         Jul 
     1400  U.S.           Leading index                 Jul  

 (Reporting by Apeksha Nair in Bengaluru; Editing by Richard
Pullin)
  
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