March 13, 2018 / 1:21 AM / 8 months ago

PRECIOUS-Gold prices edge higher as dollar sags

    March 13 (Reuters) - Gold prices inched up on Tuesday as the
dollar remained subdued and as investors waited for U.S.
consumer price data later in the day to gauge the outlook for
inflation and Federal Reserve policy.
   
    FUNDAMENTALS  
    * Spot gold        had edged up 0.1 percent to $1,324.08 per
ounce at 0057 GMT.          
    * U.S. gold futures         for April delivery climbed 0.3
percent to $1,324.50 per ounce.
    * The dollar index against a basket of six major currencies
was flat at 89.900        after shedding about 0.2 percent
overnight.
    * Asian stocks stalled on Tuesday, halting an earlier rally
after Wall Street shares lost steam, while the dollar sagged on
the back of declining U.S. yields.            
    * The benchmark 10-year U.S. Treasury note yield            
stood little changed at 2.873 percent. The yield declined by 2.5
basis points overnight. 
    * U.S. inflation expectations edged higher last month, with
one measure hitting its highest level in a year, according to a
Federal Reserve Bank of New York survey published Monday that
adds to signs of price pressures.             
    * The U.S. government had a $215 billion budget shortfall in
February as revenues into the government's coffers fell and
outlays increased, the Treasury Department said on Monday.
            
    * Japanese wholesale prices rose 2.5 percent in the year to
February, Bank of Japan data showed on Tuesday.             
    * Japanese Prime Minister Shinzo Abe and his close ally,
Finance Minister Taro Aso, faced growing pressure on Monday over
a suspected cover-up of a cronyism scandal that has dogged the
premier for more than a year.             
    * Central banks should think hard about potential risks and
spillovers before issuing their own cryptocurrency, the Bank for
International Settlements (BIS) said in a report on Monday.
            
    * Turkey raised gold holdings by 8.75 tonnes to 590.997
tonnes in February 2018 -IMF Data             
    
    
    DATA AHEAD (GMT)
    
    1000  U.S.          NFIB business optimism index       Feb
    1230  U.S.          Consumer prices                    Feb
    1500  U.S.          Cleveland Fed CPI                  Feb

 (Reporting by Eileen Soreng in Bengaluru
Editing by Joseph Radford)
  
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