June 27, 2018 / 1:05 AM / 4 months ago

PRECIOUS-Gold prices hover near six-month low as dollar firms

    BENGALURU, June 27 (Reuters) - Gold prices sat near a more
than six-month high low hit in the previous session, as the
dollar firmed amid easing risk aversion and expectations of
further interest rate hikes by the U.S. Federal Reserve.
    
    FUNDAMENTALS  
    * Spot gold        dipped 0.1 percent to $1,257.81 an ounce,
as of 0045 GMT. It touched its lowest since mid-December at
$1,254.16 in the prior session.
    * U.S. gold futures         for August delivery were nearly
unchanged at $1,259.70 per ounce.
    * The dollar index        was steady at 94.674 after gaining
0.4 percent overnight to snap a four-session losing run.       
    * The U.S. House of Representatives overwhelmingly passed a
bill on Tuesday to tighten foreign investment rules, spurred by
bipartisan concerns about Chinese bids to acquire sophisticated
U.S. technology.             
    * U.S. President Donald Trump on Tuesday endorsed U.S.
Treasury Secretary Steven Mnuchin's measured approach to
restricting Chinese investments in U.S. technology companies,
saying a strengthened merger security review committee could
protect sensitive American technologies.             
    * Trump said on Tuesday the government was completing a
study about increasing import tariffs on cars from the European
Union and suggested he would take action soon.             
    * The recent imposition of import duties by the U.S. and
counter-measures by other countries have come at a "frustrating
moment" when policymakers should be working on longer term
issues, the head of the International Monetary Fund said on
Tuesday.             
    * Dallas Fed Bank President Robert Kaplan said he believes
the U.S. central bank's monetary policy is still accommodative
and suggested the Fed could raise rates at least two more times
before it stops being accommodative.             
    * Intensifying trade tensions over the last week have raised
the risks to the U.S. economy, Atlanta Fed bank president
Raphael Bostic said, adding that he may rule out a fourth rate
increase for the year if the developing trade war gets worse.
            
    * China's central bank issued draft guidelines on gold asset
management products on Tuesday, in a bid to strengthen gold
market supervision.             
    * China's net gold imports via main conduit Hong Kong surged
50 percent in May from the previous month, data showed on
Tuesday.             
    * Holdings of SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund, said its holdings rose 0.54
percent to 824.63 tonnes on Tuesday.          
    * Russian gold and silver producer Polymetal           said
on Tuesday it has launched its Kyzyl mine in Kazakhstan ahead of
schedule and below budget.             
    
    DATA AHEAD (GMT)
    
    0645  France        Consumer confidence          June
    0800  Euro zone     Lending and money supply     May
    1230  U.S.          Durable goods                May
    1230  U.S.          Wholesale inventories        May
    1400  U.S.          Pending homes sales          May
    

 (Reporting by Karen Rodrigues in Bengaluru; editing by Richard
Pullin)
  
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