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PRECIOUS-Gold holds steady amid softer dollar
September 7, 2017 / 1:17 AM / 2 months ago

PRECIOUS-Gold holds steady amid softer dollar

    Sept 7 (Reuters) - Gold was steady early Thursday, supported
by a weaker dollar, after dipping slightly in the previous
session on easing concerns of a potential U.S. government
shutdown.
    
    FUNDAMENTALS    
    * Spot gold        was unchanged at $1,333.70 per ounce at
0049 GMT, after easing 0.3 percent in the previous session.
    * U.S. gold futures         for December delivery were
little changed at $1,338.70.
    * The dollar index       , which tracks the greenback
against a basket of six major rivals, was down 0.12 percent at
92.182.       
    * The euro held firm on Thursday ahead of a European Central
Bank policy meeting, while the Canadian dollar consolidated its
gains, having surged to two-year highs after the Bank of Canada
surprised many by raising interest rates.       
    * President Donald Trump forged a surprising deal with
Democrats in Congress on Wednesday to extend the U.S. debt limit
and provide government funding until Dec. 15, embracing his
political adversaries and blindsiding fellow Republicans in a
rare bipartisan accord.                 
    * U.S. Treasury yields rose on Wednesday as a congressional
fiscal plan that includes a three-month suspension of the debt
ceiling gained support from President Donald Trump, reducing
safe-haven demand among investors worried about a short-term
default.      
    * President Donald Trump warned on Wednesday that the United
States would no longer tolerate North Korea's actions but said
the use of military force against Pyongyang will not be his
"first choice."             
    * U.S. Federal Reserve Vice Chair Stanley Fischer, a veteran
central banker, said on Wednesday he will step down from his
position in mid-October, potentially accelerating President
Donald Trump's opportunity to reshape the direction of the
central bank.             
    * European Central Bank President Mario Draghi is set to
start laying the groundwork for stimulus reduction when
policymakers meet on Thursday, giving investors some hints but
probably holding off on any major commitment.             
    * SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.35 percent to
837.12 tonnes on Wednesday.          
          
    DATA/EVENT AHEAD (GMT) 
    
         * China       Forex reserves                 Aug 
     0600  Germany     Industrial output              Jul 
     0645  France      Current account                Jul 
     0645  France      Trade balance                  Jul 
     0900  Euro zone   Revised GDP                    Q2 
     1145  European Central Bank interest rate decision 
     1230  ECB President Mario Draghi holds news conference  
     1230  U.S.         Weekly jobless claims 
    
     * No exact timing 

 (Reporting by Apeksha Nair in Bengaluru; Editing by Richard
Pullin)
  

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