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CORRECTED-PRECIOUS-Gold inches up as dollar weakens after U.S. Senate tax bill stalls
December 1, 2017 / 1:31 AM / in 11 days

CORRECTED-PRECIOUS-Gold inches up as dollar weakens after U.S. Senate tax bill stalls

 (Corrects third bullet point to show dollar index was down 0.1
percent, not up)
    Dec 1 (Reuters) - Gold prices edged higher early Friday,
after marking a 3-1/2 week low in the previous session, as the
dollar weakened slightly after the progress on U.S. tax
legislation hit a roadblock.     
            
    FUNDAMENTALS    
    * Spot gold        was up 0.1 percent at $1,275.61 an ounce
at 0119 GMT. On Thursday, it fell 0.7 percent to touch its
lowest since Nov. 6 at $1,270.11. The yellow metal is down
nearly 1 percent for the week. 
    * U.S. gold futures         gained 0.1 percent at $1,274.30.
    * The dollar index       , which gauges the greenback
against a basket of six major rivals, was down 0.1 percent.
    * The Republican tax overhaul stalled on a procedural issue
in the U.S. Senate on Thursday, forcing lawmakers to weigh new
options to an amendment sought by a leading fiscal hawk to
address the bill's projected large expansion of the federal
deficit.             
    * U.S. consumer spending slowed in October as the
hurricane-related boost to motor vehicle purchases faded, while
a sustained increase in underlying price pressures suggested
that a recent disinflationary trend had probably run its course.
            
    * U.S. President Donald Trump dismissed a Chinese diplomatic
effort to rein in North Korea's weapons program as a failure on
Thursday, while Secretary of State Rex Tillerson said Beijing
was doing a lot, but could do more to limit oil supplies to
Pyongyang.             
    * The Senate Banking Committee will vote on Tuesday on the
nomination of Federal Reserve Governor Jerome Powell to lead the
U.S. central bank, the panel said in a statement.            
    * Asian shares pushed higher on Friday, cheered by Wall
Street gains after apparent progress on U.S. tax legislation as
investors waited for the Senate's vote.            
    * A Bank of England policymaker said Britain must not fall
into an illusion about its public debt, which soared after the
financial crisis and could pose a threat to the country's
economy, despite the lack of apparent concern among investors
now.                
    * Sales of U.S. Mint American Eagle gold and silver coins
fell sharply year-over-year in November, keeping their tally for
the first 11 months of 2017 on track for the weakest year since
2007, the latest data showed on Thursday.             
   
    DATA/EVENT AHEAD (GMT)
    0145    China     CAIXIN PMI                        Nov 
    0850    France    Final Manufacturing PMI           Nov 
    0855    Germany   Final Manufacturing PMI           Nov 
    0900    Euro Zone Final Manufacturing PMI           Nov 
    0930    U.K.      Manufacturing PMI                 Nov 
    1445    U.S.      MARKIT Manufacturing PMI          Nov
    1500    U.S.      ISM Manufacturing activity index  Nov 
    1500    U.S.      Construction spending             Oct     
       

 (Reporting by Vijaykumar Vedala in Bengaluru; Editing by
Michael Perry)
  

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