May 8, 2018 / 1:04 AM / 7 months ago

PRECIOUS-Gold prices inch up on steady dollar

    BENGALURU, May 8 (Reuters) - Gold prices rose slightly on
Tuesday, after easing in the previous session, as the dollar
held steady after marking a fresh 2018 peak.    
    
    FUNDAMENTALS  
    * Spot gold        rose 0.1 percent to $1,315.24 per ounce
at 0051 GMT.
    * U.S. gold futures         for June delivery were up 0.1
percent at $1,315.80 per ounce.
    * The dollar index       , which measures the greenback
against a basket of six major currencies, was little changed at
92.697 after hitting its best since December at 92.974 on
Monday.        
    * Oil prices retreated from three-and-a-half-year highs on
Tuesday as investors waited on an announcement by President
Donald Trump on whether the United States will reimpose
sanctions on Iran.      
    * Trump said he would announce a decision on Tuesday about
the future of an international nuclear agreement with Iran, as
Tehran hinted it might stay in the 2015 accord even if
Washington pulls out.             
    * China's top economic official will visit Washington next
week to resume trade talks with the Trump administration, the
White House said on Monday, after discussions in Beijing last
week failed to produce agreement on a long list of U.S. trade
demands.             
    * As benchmark oil prices touched $70 a barrel, Federal
Reserve officials on Monday said that rising U.S. inflation and
wage pressures are not enough yet to prompt a change in the
central bank's rate outlook.             
    * Government bond yields in the euro area rose in late
Monday trading after the European Central Bank's chief economist
Peter Praet said an unexpected drop in euro zone core inflation
may be a one-off.             
    * The Bank of Japan's decision to drop a timeframe for
hitting its inflation target shows it is losing confidence in
its price outlook and could mean it puts off exiting easy policy
for years to come, a former central bank executive said.
            
        
    DATA/EVENT AHEAD (GMT)
      *     China      Trade data                Apr
      0600  Germany    Industrial output         Mar
      0600  Germany    Trade data                Mar
      1000  U.S.       NFIB business optimism    Apr
      
     * No exact timing
     

 (Reporting by Apeksha Nair in Bengaluru; editing by Richard
Pullin)
  
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