January 18, 2018 / 1:44 AM / 2 months ago

PRECIOUS-Gold hits 1-week low as dollar picks up

    Jan 18 (Reuters) - Gold prices on Thursday extended declines
from the day before to hit their lowest in nearly a week,
pressured as the U.S. dollar recovered from a 3-year low touched
on Wednesday.
    * Spot gold        had fallen 0.1 percent to $1,326.51 an
ounce by 0112 GMT. It earlier marked its weakest since Jan. 12
at $1,324.60.
    * Spot gold fell 0.8 percent on Wednesday, its worst one-day
percentage decline since Dec. 7.
    * U.S. gold futures         on Thursday lost 1 percent to
$1,324.70 an ounce. 
    * The dollar index was up 0.4 percent at 90.885       ,
after dropping to its lowest since December, 2014 at 90.113 on
    *  Asian stocks were near record highs on Thursday, with a
rally by Wall Street supporting bullish investor sentiment.
    * Longer-term, gold will be supported by risk that global
share prices could fall from record highs and strong growth
around the world could stoke inflation.
    * Some European Central Bank officials on Wednesday voiced
worries about the euro's strength.             
    * In an interview with Italian newspaper la Repubblica Vitor
Constancio, the ECB vice president, said he did not rule out
that monetary policy would still continue to be "very
accommodating for a long time".             
    * Cleveland Federal Reserve President Loretta Mester said on
Wednesday that her assumption the U.S. federal tax overhaul
would add 0.25 to 0.5 percentage points in growth over the next
two years might be too low.             
    * The U.S. economy should grow at a good clip this year,
boosted by tax cuts, two Fed officials said on Wednesday, though
they disagreed on how close the economy is to overheating and
the need for rate hikes this year.             
    * Industrial gold production in Mali rose to 49.6 tonnes in
2017, up 5 percent from the previous year, said a senior Mines
Ministry official in the West African nation.             
    * Financial crime fighters at the U.S. Treasury are
"aggressively" pursuing virtual currency platforms that lack
strong internal safeguards against money laundering, a top
official told a Senate panel on Wednesday.             
    * Digital currencies suffered another day of heavy losses on
Wednesday on worries about a widening regulatory crackdown.
    * Bitcoin            on Wednesday fell more than 10 percent
to below $10,000 for the first time since Dec. 1 on the
Luxembourg-based Bitstamp exchange. The biggest digital currency
has lost half its value since it peaked near $20,000 about a
month ago.
     0130  China          House prices            Dec
     0700  China          GDP                     Q4
     0700  China          Industrial output       Dec
     0700  China          Retail sales            Dec
     0700  China          Urban investment        Dec
     1330  U.S.           Housing starts          Dec
     1330  U.S.           Building permit         Dec
     1330  U.S.           Weekly jobless claims
     1330  U.S.           Philly Fed business index  Jan

 (Reporting by Nallur Sethuraman in Bengaluru; Editing by Joseph
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