July 2, 2018 / 1:36 AM / in 16 days

PRECIOUS-Gold prices inch down as dollar firms

    BENGALURU, July 2 (Reuters) - Gold prices edged down in
early Asian trade on Monday as the dollar firmed, changing
direction from Friday when the metal rose for the first time in
five sessions.
    
    FUNDAMENTALS  
    * Spot gold        was down 0.1 percent at $1,250.95 an
ounce as of 0116 GMT. It gained about 0.4 percent on Friday.
    * U.S. gold futures         were 0.1-percent lower at
$1,252.70 an ounce.
    * The dollar index       , which measures the greenback
against a basket of six major currencies, climbed 0.1 percent to
94.701.       
    * U.S. consumer prices accelerated in the year to May, with
a measure of underlying inflation hitting the Federal Reserve's
2 percent target for the first time in six years.             
    * White House national security adviser John Bolton said on
Sunday he believed the bulk of North Korea's weapons programmes
could be dismantled within a year, although some experts say the
complete process could take far longer.             
    * German Interior Minister Horst Seehofer offered his
resignation to party colleagues late on Sunday, party officials
said, escalating a row over migration with Chancellor Angela
Merkel that threatens her fragile government.             
    * Euro zone inflation rose to its highest rate in more than
a year this month as surging energy prices pushed price growth
above the European Central Bank's target, even if only
temporarily, data from Eurostat showed on Friday.             
    * Gold demand improved this week in India as prices fell to
their lowest level in nearly three months, while demand
elsewhere in Asia remained tepid as investors waited for prices
to fall further.         
    * Mining has resumed and power has been restored at the
Porgera gold mine in Papua New Guinea's remote highlands run by
Barrick Gold Co         , four months after an earthquake
disrupted production, the mine's operator said.             
    * China's central bank on Friday revised up the value of its
end-May gold reserves to $77.323 billion, from $73.739 billion
stated earlier this month.             
    * The U.S. Mint sold 19,500 ounces of American Eagle gold
coins in June, down 18.8 percent from the previous month,
according to the latest data.             
    * Speculators cut their net long positions in COMEX gold and
silver contracts in the week to June 26, U.S. Commodity Futures
Trading Commission (CFTC) data showed on Friday.        
    * Holdings of SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund, fell 0.18 percent to 819.04
tonnes on Friday.          
    
    DATA AHEAD (GMT)
    
    0145  China        Caixin manufacturing PMI final     June
    0750  France       Markit manufacturing PMI           June
    0755  Germany      Markit/BME manufacturing PMI       June
    0800  Euro zone    Markit manufacturing PMI           June
    0800  Euro zone    Unemployment rate                  May
    1400  U.S.         Construction spending              May
    1400  U.S.         ISM manufacturing PMI              June

 (Reporting by Karen Rodrigues in Bengaluru
Editing by Joseph Radford)
  
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