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PRECIOUS-Gold inches down as dollar gains amid Fed chair speculation
October 25, 2017 / 1:17 AM / 25 days ago

PRECIOUS-Gold inches down as dollar gains amid Fed chair speculation

    Oct 25 (Reuters) - Gold prices slipped on Wednesday,
pressured by a firmer dollar amid speculation over who will be
the next U.S. Federal Reserve chief.
     
    FUNDAMENTALS    
    * Spot gold        was down 0.1 percent at $1,274.91 an
ounce by 0053 GMT.
    * U.S. gold futures         for December delivery fell about
0.2 percent to $1,276.30 per ounce.
    * The dollar index       , which measures the greenback
against a basket of major currencies, was up 0.2 percent at
93.992.
    * Asian shares trod water in early trade on Wednesday, while
U.S. Treasury yields and the dollar got a lift following a
report Republican senators were leaning towards John Taylor to
be the next head of the Fed.            
    * U.S. President Donald Trump used a luncheon with Senate
Republicans on Tuesday to get their views on who he should tap
to be the next head of the central bank, according to senators
who attended.             
    * A source familiar with the matter said Trump polled the
Republicans on whether they would prefer Stanford University
economist John Taylor or current Fed Governor Jerome Powell for
the job, and more senators preferred Taylor.
    * Tensions among Republicans about President Trump boiled
over on Tuesday as two senators accused Trump of debasing U.S.
politics and the country's standing abroad, a rebellion that
could portend trouble for his legislative agenda.             
    * Investor expectations for long-term inflation in the euro
zone rose to a seven-month high on Tuesday, an encouraging sign
for the European Central Bank as it prepares to step back from
its extraordinary monetary stimulus.             
    * The ECB is likely to decide the fate of its 2.3 trillion
euro stimulus scheme on Thursday in one of the ECB's most keenly
anticipated policy meetings for months.            
    * Private sector growth across the euro zone slowed more
sharply than predicted this month, a survey showed on Tuesday,
but activity remained strong even though firms increased prices
at the steepest rate in over six years.             
    * The likelihood of a disorderly Brexit has crept higher but
that won't deter the Bank of England from raising rates next
week for the first time in a decade, even though many economists
believe that would be a mistake, a Reuters poll showed on
Tuesday.                
    
    DATA/EVENT AHEAD (GMT)

    0800  Germany        Ifo business climate         Oct
    0830  Britain        Preliminary GDP              Q3
    1230  U.S.           Durable goods                Sep
    1300  U.S.           Monthly home price index     Aug
    1400  U.S.           New home sales               Sep

 (Reporting by Apeksha Nair in Bengaluru; Editing by Joseph
Radford)
  

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