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PRECIOUS-Gold gains amid renewed North Korea fears
October 9, 2017 / 1:21 AM / a month ago

PRECIOUS-Gold gains amid renewed North Korea fears

    Oct 9 (Reuters) - Gold prices rose early on Monday, pulling
further away from a two-month low, as fresh concerns over North
Korea's nuclear ambitions stoked safe-haven demand for the
precious metal and weighed on the dollar.
      
    FUNDAMENTALS    
    * Spot gold        was up 0.3 percent to $1,278.81 an ounce
at 0105 GMT. It slipped to its lowest since early August on
Friday.
    * U.S. gold futures         for December delivery gained 0.5
percent to $1,281.50 per ounce.
    * The dollar held steady against the yen on Monday, having
retreated from 12-week highs set last week, due to a renewed
focus on geopolitical risks amid concerns that North Korea may
be preparing another missile test.       
    * Asian share markets inched higher on Monday as the flow of
economic news remained generally supportive for global growth,
while political uncertainty caused some early ructions in
currencies.            
    * North Korea's leader Kim Jong Un said his nuclear weapons
were a "powerful deterrent" that guaranteed its sovereignty,
state media reported on Sunday, hours after U.S. President
Donald Trump said "only one thing will work" in dealing with the
isolated country.             
    * Pyongyang is preparing to test a long-range missile which
it believes can reach the west coast of the United States, a
Russian lawmaker just returned from a visit to North Korea was
quoted as saying on Friday.             
    * U.S. employment fell in September for the first time in
seven years as Hurricanes Harvey and Irma left displaced workers
temporarily unemployed and delayed hiring, the latest indication
that the storms undercut economic activity in the third quarter.
            
    * Chalking up employment losses last month to the temporary
hit of a severe hurricane season and reiterating expectations
that inflation will strengthen, Federal Reserve policymakers on
Friday signalled they continue to see gradual U.S. interest-rate
hikes ahead.             
    * The Federal Reserve must respond to "very tight" U.S.
labour markets by gradually raising interest rates or risk
halting the economic recovery, a hawkish Fed official said on
Saturday.             
    * Hedge funds and money managers reduced their net long
positions in COMEX gold and silver contracts for the third
straight week, in the week to Oct. 3, U.S. Commodity Futures
Trading Commission (CFTC) data showed on Friday.        
    
     DATA/EVENT AHEAD (GMT)
     
     0145  China           Caixin services PMI        Sep 
     0600  Germany         Industrial output          Aug 
     0830  Euro zone       Sentix index               Oct 
     1400  U.S.            Employment trends          Sep 

 (Reporting by Apeksha Nair in Bengaluru; Editing by Kenneth
Maxwell)
  

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