May 29, 2018 / 1:24 AM / in 23 days

PRECIOUS-Gold prices inch up, but stronger dollar weighs

    BENGALURU, May 29 (Reuters) - Gold prices inched up on
Tuesday after falling for the two previous sessions, but
remained under pressure on hopes a U.S.- North Korean summit was
back on track and as the U.S. dollar hovered near 6-1/2-month
peaks.
   
    FUNDAMENTALS  
    * Spot gold        was 0.2-percent higher at $1,300.20 per
ounce at 0057 GMT.
    * U.S. gold futures         for June delivery fell 0.3
percent to $1,300 per ounce.
    * The dollar index       , which measures the greenback
against a basket of six major currencies, stood at 94.376 after
hitting a peak of 94.496 on Monday, its highest since Nov. 14,
2017.
    * The euro struggled near a 6-1/2-month low against the
dollar on Tuesday, the bounce seen at the start of the week
fading out as investors took a grim view of Italy seemingly
heading towards another election.       
    * Italy's president set the country on a path to fresh
elections on Monday, appointing a former International Monetary
Fund official as interim prime minister with the task of
planning for snap polls and passing the next budget.
            
    * South Korean President Moon Jae-in said on Monday there
could be more impromptu talks and summits with North Korea's Kim
Jong Un, as U.S. officials sought to revive what would be a
historic meeting between U.S. President Donald Trump and Kim.
                        
    * Trump and Japanese Prime Minister Shinzo Abe discussed
North Korea by phone on Monday and confirmed they would meet
before an expected U.S.-North Korea summit, the White House
said.              
    * Chinese and U.S. envoys sparred at the World Trade
Organization on Monday over Trump's claims that China steals
American ideas, the subject of two lawsuits and a White House
plan to slap huge punitive tariffs on Chinese goods.
            
    * China's net gold imports via main conduit Hong Kong fell
35.3 percent in April from the previous month as demand for
bullion weakened, data showed on Monday.             
    * Pan American Silver Corp           became the latest
company to curtail operations in Mexico due to rising violence
and crime, saying on Monday it has faced security incidents
along the roads used to transport personnel and materials to its
Dolores mine.             

    DATA AHEAD (GMT)
    
    0645  France        Consumer confidence               May
    0800  Euro zone     Lending and money supply          April
    1300  U.S.          S&P/Case-Shiller housing index    March
    1400  U.S.          Consumer confidence               May

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