June 5, 2018 / 1:43 AM / 4 months ago

PRECIOUS-Gold flat as dollar inches up against yen

    BENGALURU, June 5 (Reuters) - Gold prices held steady on
Tuesday after three days of falls, as the dollar rose to a near
two-week high against the yen after strong U.S. economic data
sparked expectations of more U.S. interest rate hikes.
    
    FUNDAMENTALS  
    * Spot gold        was nearly unchanged at $1,291.40 per
ounce by 0112 GMT. 
    * U.S. gold futures         for August delivery were down
0.2 percent at $1,295.40 per ounce.
    * The dollar index       , which measures the greenback
against a basket of six major currencies, was up 0.1 percent at
94.063. The U.S. dollar rose to 109.99 yen       , the highest
since May 24.       
    * U.S. Treasury yields rose on Monday with the 10-year yield
hitting one-week highs as investors pared safe-haven holdings of
lower-risk government debt due to fading fears about political
turmoil in Italy and Spain.             
    * China's door to talks is open in principle, the country's
Foreign Ministry said on Monday, a day after Beijing warned that
any trade and business deals reached with Washington would be
void if the United States implemented tariffs.             
    * The White House said on Monday its policy of tough
sanctions on North Korea has not changed, days after U.S.
President Donald Trump said he no longer wanted to use the
phrase "maximum pressure" to describe the campaign to press
North Korea to give up its nuclear weapons.             
    * Prime Minister Justin Trudeau this week plays host to a
summit of the Group of Seven leading industrialized nations with
six of the seven members outraged at the United States over a
slew of recent moves by President Donald Trump.             
    * Canada's government vowed on Monday to do all it could to
protect its steel and aluminum sectors from U.S. tariffs but
sidestepped an industry call to strike back quickly, saying it
needed time to study the issue.             
    * Investor morale in the euro zone deteriorated for the
fifth month in a row in June to its lowest level since October
2016.             
    * Five illegal gold miners in the Indonesian province of
North Sulawesi died after the mine they were working in
collapsed and buried them during heavy rain on Sunday afternoon,
Indonesia's Disaster Mitigation Agency (BNPB) said.             
    
    DATA AHEAD (GMT)
    
    0145  China        Caixin services PMI          May
    0645  France       Budget balance               April
    0750  France       Markit services PMI          May
    0755  Germany      Markit services PMI          May
    0800  Euro zone    Markit services PMI final    May
    0900  Euro zone    Retail sales                 April
    1400  U.S.         ISM non-manufacturing PMI    May

 (Reporting by Karen Rodrigues in Bengaluru; editing by Richard
Pullin)
  
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