January 3, 2020 / 2:10 AM / 18 days ago

PRECIOUS-Gold edges up on weaker dollar, set for 4th weekly gain

    Jan 3 (Reuters) - Gold prices inched up on Friday, on track
to record a fourth consecutive weekly gain, as the dollar eased,
while investors awaited the release of minutes from the U.S.
Federal Reserve's December meeting.
    
    FUNDAMENTALS
    * Spot gold        rose 0.1% to $1,530.35 per ounce by 0119
GMT. Prices of the metal had touched their highest since Sept.
25 at $1,531.20 in the previous session. U.S. gold futures
       gained 0.3% to $1,533.
    * For the week, spot gold was set to rise 1.3%, a fourth
consecutive weekly increase.
    * The dollar index        was down against a basket of
rivals, making gold cheaper for holders of other currencies.
      
    * Investors now eye the minutes of the Federal Reserve's
Dec. 10-11 policy meeting, due at 1900 GMT. Lower interest rates
reduce the opportunity cost of holding non-yielding bullion.
    * The number of Americans filing claims for jobless benefits
edged lower last week, a positive signal for the U.S. labour
market amid recent signs that new claims may be trending
slightly higher.             
    * Confusion around details of the Phase 1 trade deal also
supported gold prices this week. U.S. President Donald Trump
said on Tuesday the interim deal would be signed on Jan. 15.
            
    * SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings rose 0.23% to 895.30
tonnes on Thursday from 893.25 tonnes on Tuesday.             
    * Among other precious metals, silver        rose 0.1% to
$18.04 per ounce, while platinum        gained 0.5% to $983.22,
having risen as much as 3% in the previous session. Palladium
       edged up 0.2% to $1,963.23 per ounce.

DATA AHEAD (GMT)
0700   UK        Nationwide House Price MM, YY   Dec
0745   France    CPI (EU Norm) Prelim YY         Dec
0855   Germany   Unemployment Chg, Rate SA       Dec
1300   Germany   CPI Prelim YY                   Dec
1300   Germany   HICP Prelim YY                  Dec
1500   US        ISM Manufacturing PMI           Dec
1900   US        Federal Open Market Committee issues minutes
from its meeting of December 10-11

 (Reporting by Sumita Layek in Bengaluru; editing by Uttaresh.V)
  
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