August 3, 2018 / 1:09 AM / 15 days ago

PRECIOUS-Gold holds steady near 1-year low

    BENGALURU, Aug 3 (Reuters) - Gold prices were little changed
early Friday, having hit a one-year low in the previous session
on a resilient U.S. dollar.    
    
    FUNDAMENTALS  
    * Spot gold        was up 0.1 percent at $1,209.15 an ounce
at 0050 GMT, after hitting the lowest since July 2017 at
$1,206.80 in the previous session. For the week, the precious
metal was down more than 1 percent, in what could be its fourth
straight weekly drop.
    * U.S. gold futures         were, however, 0.2 percent lower
at $1,217.20 an ounce on Friday.  
    * The dollar stayed firm against the yuan and a basket of
currencies as worries about an escalation in trade tensions
between the United States and China supported the U.S. currency.
      
    * China vowed on Thursday to retaliate if the United States
acted on a threat to raise tariffs on the Asian nation's
exports, fueling fears in financial markets that the trade war
between the world's two biggest economies would escalate.
            
    * The number of Americans filing for unemployment benefits
rose less than expected last week, pointing to sustained
strength in the labour market despite trade tensions.
            
    * California and 18 other U.S. states promised on Thursday
to fight a Trump administration proposal to weaken fuel
efficiency standards for cars and trucks and force states into
line, arguing the United States has an obligation to protect the
environment for future generations.             
    * The Bank of England pushed interest rates above their
financial crisis lows on Thursday, but signalled it was in no
hurry to raise them further as Britain heads for Brexit next
year with no clear plan for leaving the European Union.
            
    * Bank of Japan Deputy Governor Masayoshi Amamiya said the
central bank had no fixed time frame for how long it would keep
interest rates low but signalled the chance of taking more steps
to address the rising cost of easing on parts of the economy.
            
    * Euro zone producer prices rose more than expected in June,
data showed on Thursday, lifted mainly by more expensive energy.
            
    * Slower income growth and soft home sales are hurting
consumer spending growth in China, an official with the
country's planning agency said on Thursday, although consumption
was expected to pick up again as various seasonal factors
recede.             
    
    DATA AHEAD (GMT)
    
    0145  China              Caixin services PMI       Jul
    0750  France             Markit services PMI       Jul
    0755  Germany            Markit services PMI       Jul
    0800  Euro zone          Markit services PMI       Jul
    0900  Euro zone          Retail sales              Jun
    1230  U.S.               Nonfarm payrolls          Jul
    1230  U.S.               Unemployment rate         Jul
    1230  U.S.               International trade       Jun
    1400  U.S.               ISM non-manufacturing PMI Jul

 (Reporting by Apeksha Nair in Bengaluru; Editing by Subhranshu
Sahu)
  
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