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PRECIOUS-Gold edges down on caution over next Fed chair
October 30, 2017 / 1:36 AM / 20 days ago

PRECIOUS-Gold edges down on caution over next Fed chair

    Oct 30 (Reuters) - Gold slipped on Monday as investors
remained cautious ahead of the naming of the next U.S. Federal
Reserve chair and ahead of a two-day Federal Open Market
Committee (FOMC) meeting, both this week.     
         
    FUNDAMENTALS    
    * Spot gold        dipped 0.1 percent, to $1,271.70 per
ounce at 0104 GMT.    
    * U.S. gold futures         for December delivery rose 0.1
percent, to $1,273.0.     
    * President Donald Trump is leaning towards nominating
Federal Reserve Governor Jerome Powell to be the next head of
the U.S. central bank, two sources familiar with the matter said
on Friday. Trump will announce his choice for who will lead the
Fed this week.             
    * Trump's plan for overhauling the U.S. tax system faced
growing opposition from interest groups on Sunday, as
Republicans prepared to unveil sweeping legislation that could
eliminate some of the most popular tax breaks to help pay for
lower taxes.             
    * The investigation into possible Russian meddling in the
2016 U.S. presidential election will enter a new phase as early
as Monday, when the first charges resulting from the probe could
be unsealed and a target taken into custody.               
    * The U.S. economy unexpectedly continued to grow at a brisk
pace in the third quarter as an increase in inventory investment
and a smaller trade deficit offset a hurricane-related slowdown
in consumer spending and a decline in construction.             
   
    * The dollar hovered near three-month highs against a
currency basket on Monday, and Asian shares climbed, with MSCI's
broadest index of Asia-Pacific shares outside Japan
                gaining 0.5 percent.                  
    * Hundreds of thousands of supporters of a unified Spain
filled Barcelona's streets on Sunday in one of the biggest shows
of force yet by the so-called silent majority that has watched
as regional political leaders push for Catalan independence.
            
    * With euro zone growth accelerating, the European Central
Bank should reduce emphasis on the support provided by fresh
asset purchases as its large balance sheet and low rates now
provide the bulk of stimulus, two policymakers said on Friday.
            
    * Hedge funds and money managers cut their net long
positions in COMEX gold contracts for the sixth straight week,
in the week to Oct 24, U.S. Commodity Futures Trading Commission
(CFTC) data showed on Friday.             
    * The physical gold market remained quiet in most Asian
centres last week despite a drop in prices with India witnessing
a lull in fresh purchases as key festival season demand cooled
in the world's second biggest consumer.             
    
    DATA/EVENT AHEAD (GMT)
    1000  Euro Zone  Business Climate    Oct         

 (Reporting by Vijaykumar Vedala in Bengaluru; Editing by Sonali
Paul)
  

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