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PRECIOUS-Gold dips as dollar gains ahead of Fed statement
November 1, 2017 / 1:15 AM / 22 days ago

PRECIOUS-Gold dips as dollar gains ahead of Fed statement

    Nov 1 (Reuters) - Gold edged lower early Wednesday as the
dollar firmed with investors awaiting hints on a U.S rate hike
following the Federal Reserve's two-day policy meeting. 
        
    FUNDAMENTALS    
    * Spot gold        was down 0.3 percent at $1,267.80 per
ounce at 0106 GMT. 
    * U.S. gold futures         for December delivery dipped 0.1
percent to $1,268.80.   
    * The dollar index       , which tracks the greenback
against a basket of six major rivals, was up 0.1 percent.       
 
    * U.S. consumer confidence jumped to a near 17-year high in
October, with households upbeat about the labor market and
business conditions, which could underpin consumer spending and
boost the economy in the final three months of the year.
            
    * The Fed is scheduled to release its statement following
its meeting on Wednesday at 2 p.m. EDT.
    * Investors are also awaiting the naming of the next Fed
chair likely on Thursday, the Bank of England policy meeting on
Thursday and more data, including U.S. payrolls figures on
Friday.    
    * A driver in a rented pickup truck mowed down pedestrians
and cyclists on a bike path alongside the Hudson River in New
York City on Tuesday, killing eight people and injuring about a
dozen others in what authorities said was an act of
terrorism.            
    * The United States is quietly pursuing direct diplomacy
with North Korea, a senior State Department official said on
Tuesday, despite U.S. President Donald Trump's public assertion
that such talks are a waste of time.            
    *  Asian shares looked set to extend their gains into a
fourth straight day on Wednesday on the back of solid economic
growth, while oil prices were on a bull run on hopes of an
extension of output cuts by major oil producers.            
    * Catalonia's ousted leader Carles Puigdemont agreed on
Tuesday to a snap election called by Spain's central government
when it took control of the region to stop it breaking away, but
he said the fight for independence would go on.             
    * South Africa's Impala Platinum (Implats)          said on
Tuesday first-quarter platinum production fell 6.6 percent due
to a stock buildup following scheduled furnace maintenance at
its Impala and Zimplats operations.            
    * The U.S. Mint sold 15,500 ounces of American Eagle gold
coins in October, up 34.8 percent from the previous month,
according to the latest data.             
       
    DATA/EVENT AHEAD (GMT)
    1100 U.S. MBA Mortgage Applications survey weekly
    1215 U.S. ADP National Employment           Oct
    1345 U.S. Markit Mfg PMI Final              Oct
    1400 U.S. ISM Manufacturing PMI             Oct    

 (Reporting by Vijaykumar Vedala in Bengaluru; Editing by Vyas
Mohan)
  

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