January 11, 2018 / 1:19 AM / 7 months ago

PRECIOUS-Gold inches up on weaker dollar, equities

    Jan 11 (Reuters) - Gold prices edged up early on Thursday
after hitting a near four-month high in the previous session, on
a weaker dollar and as a rally in equities ran out of steam. 
    
    FUNDAMENTALS    
    * Spot gold        was up 0.1 percent at $1,318.49 an ounce
by 0048 GMT. Prices hit a near four-month high at $1,326.56 an
ounce on Wednesday.
    * U.S. gold futures         were little changed at $1,319 an
ounce.
    * Gold prices on Wednesday reversed their losses and rose
over 1 percent as the dollar swooned after a report that Chinese
officials had recommended slowing or halting purchases of U.S.
Treasury securities.       
    * Officials reviewing China's foreign-exchange holdings have
recommended slowing or halting purchases of U.S. Treasuries,
Bloomberg News reported on Wednesday, citing people familiar
with the matter.             
    * The U.S. dollar fell to a more than six-week low against
the Japanese yen and weakened against a basket of major
currencies        on Wednesday after the report. It was mostly
unchanged at 92.320 on Thursday.       
    * The yen has been buoyed this week after a cut in the Bank
of Japan's bond buying on Tuesday fuelled speculation that the
central bank could eventually seek to exit from its stimulus
later this year, following the footsteps of other major central
banks.       
    * The New Year rally in Asian shares paused on Thursday as
concerns about the U.S. administration's protectionist stance
hit Wall Street while U.S. bonds were dented by speculation
China may curtail buying.            
    * Holdings of SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund, fell 0.35 percent to 828.96
tonnes on Wednesday from Tuesday.          
    * UBS on Wednesday said that its gold forecast for 2018
year-end stands at $1,325 per ounce.             
    * The class action brought by thousands of mineworkers who
contracted lung diseases while working for South African gold
miners has been postponed because the parties are close to a
settlement, lawyers for the companies said on Wednesday.
            
    
   DATA AHEAD (IN GMT)
    
     0900  Germany    Full Year GDP           2017
     1000  Euro Zone  Industrial Production   Nov

 (Reporting by Nallur Sethuraman in Bengaluru; Editing by Biju
Dwarakanath)
  
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