December 6, 2017 / 1:31 AM / 9 days ago

PRECIOUS-Gold prices ease despite slightly weaker dollar

    Dec 6 (Reuters) - Gold prices nudged down early on Wednesday
after touching a two-month low in the previous session, despite
a slightly weaker dollar.
                     
    FUNDAMENTALS    
    * Spot gold        was down 0.1 percent at $1,264.42 an
ounce by 0104 GMT. The session before, it hit its lowest since
Oct. 6 at $1260.71.
    * U.S. gold futures         were up 0.2 percent at
$1,266.80.
    * The dollar edged down on Wednesday, as concerns about a
possible U.S. government shutdown offset optimism about progress
on tax reform legislation.           
    * Democrats have a rare chance to win major concessions in a
U.S. Congress they do not control by taking advantage of a
battle within the Republican Party over keeping the government
open.             
    * The Republican-controlled U.S. House of Representatives
voted on Monday to go to conference on tax legislation with the
Senate, moving Congress another step closer to a final bill.
            
    *  A U.S. Senate committee advanced legislation Tuesday that
would ease financial rules for banks for the first time since
the 2007-2009 financial crisis.             
    * The U.S. Senate Banking Committee on Tuesday voted to
approve Fed Governor Jerome Powell to lead the Federal Reserve,
sending his nomination to the full Senate for a vote.
            
    * The U.S. trade deficit increased to a nine-month high in
October due to rising oil prices and the widening of America's
long-standing deficits with China and Mexico.             
    * Business activity across the euro zone looks set to end
2017 on a high note after a busy November, according to a survey
giving the latest evidence the bloc's economy was a star
performer this year.             
    * Britain's economy is ending 2017 lagging the euro zone's
strong recovery as the effects of last year's Brexit vote weigh
on shoppers and on businesses, according to a range of data
released on Tuesday.             
    *  SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.17 percent to
845.47 tonnes on Tuesday from 846.93 tonnes on Monday.          
   
    DATA/EVENT AHEAD (GMT)
    0700  Germany        Industrial orders             Oct
    1315  U.S.           ADP national employment       Nov

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

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