May 9, 2018 / 1:21 AM / 4 months ago

PRECIOUS-Gold prices dip as dollar regains footing

    BENGALURU, May 9 (Reuters) - Gold prices slipped in early
trade on Wednesday, as the dollar regained ground after briefly
dipping earlier following U.S. President Donald Trump's decision
to pull out of the Iran nuclear deal.   
    
    FUNDAMENTALS  
    * Spot gold        fell 0.2 percent to $1,311.81 per ounce
at 0111 GMT.
    * U.S. gold futures         for June delivery slipped 0.1
percent to $1,312.40 per ounce.
    * The dollar index       , which measures the greenback
against a basket of six major currencies, was up 0.1 percent at
93.199. 
    * Trump on Tuesday pulled the United States out of an
international nuclear deal with Iran, raising the risk of
conflict in the Middle East, upsetting European allies and
casting uncertainty over global oil supplies.             
    * Oil prices pushed higher in early trading on Wednesday
after the Iran announcement, a move that may curb the
OPEC-member's crude exports in an already tight market.      
    * Trump and Chinese President Xi Jinping discussed ongoing
trade issues on Tuesday, as both sides continue to position
themselves amid a heated feud over tariffs between the world's
two largest economies.             
    * The U.S. Federal Reserve is entering new terrain in its
post-crisis planning: how to describe the conditions under which
it would try to slow the economy and to do so without alarming
financial markets.             
    * A stronger-than-expected rebound in German industrial
output in March and an increase in exports in the same month
helped to ease concern on Tuesday that growth in Europe's
biggest economy had come to a standstill at the start of the
year.             
    * The slowdown in euro zone growth is not dramatic and the
European Central Bank can still end its bond purchase scheme
this year, ECB policymaker Vitas Vasiliauskas told German
newspaper Boersen-Zeitung on Tuesday.             
    * Many Bank of Japan policymakers have set their sights on
exiting from ultra-easy monetary policy and will favour raising
interest rates if the economy continues to recover, former
central bank board member Takahide Kiuchi told Reuters on
Tuesday.             
        
    DATA/EVENT AHEAD (GMT)
    
    0645  France           Industrial output            Mar
    1400  U.S.             Wholesale sales              Mar
     

 (Reporting by Apeksha Nair in Bengaluru; Editing by Biju
Dwarakanath)
  
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