February 7, 2018 / 1:29 AM / 10 months ago

PRECIOUS-Gold edges up on bargain hunting after hitting over 3-week low

    Feb 7 (Reuters) - Gold prices edged up on Wednesday as
investors resorted to bargain hunting after the yellow metal's
sharp decline of over 1 percent to its lowest in more than three
weeks in the previous session.
    * Spot gold        was up 0.2 percent at $1,327.97 an ounce,
as of 0106 GMT. Prices touched their lowest since Jan. 11 at
$1,319.96 on Tuesday.
    * U.S. gold futures         were up 0.1 percent at $1,330.70
per ounce.
    * Asian share markets were trying to find their footing on
Wednesday as a semblance of calm returned to Wall Street where
major indices bounced into the black after days of deep
    * Stock markets were routed around the globe as resurgent
U.S. inflation raised the possibility that the U.S. Federal
reserve would tighten policy more aggressively than previously
    * The original trigger for the U.S. stock market sell-off
was a sharp rise in U.S. bond yields late last week, after data
showed U.S. wages increasing at the fastest pace since 2009.
That raised the alarm about higher inflation and, with it,
potentially higher interest rates.             
    *  Monday's rout on Wall Street frayed investors' nerves,
but it is not enough to knock the Federal Reserve off course
from its intended path to further raise interest rates in 2018
as the economy continues to hum along, analysts say.
    * Barrick Gold Corp          expects to record a pre-tax
charge of around $429 million at its stalled Pascua-Lama project
in South America in the fourth quarter due to reclassifying its
gold reserves.             
    * SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings fell 1.44 percent to
829.27 tonnes on Tuesday from 841.35 tonnes on Monday.          
    * U.S. exported about $21 billion worth of non-monetary gold
last year, up 4.4 percent from 2016 when it totalled $20.1
billion, federal data showed on Tuesday.             
     0700  Germany   Industrial output      Dec
     0745  France    Trade data             Dec
     0800  China     Forex reserves         Jan

 (Reporting by Nallur Sethuraman in Bengaluru; Editing by Sherry
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