May 15, 2018 / 1:13 AM / 10 months ago

PRECIOUS-Gold prices little changed amid firm dollar

    BENGALURU, May 15 (Reuters) - Gold prices were little
changed on Tuesday, as the dollar held on to gains from the
previous session after a Federal Reserve official backed the
case for further interest rate hikes in the United States.
    * Spot gold        rose 0.1 percent to $1,314.24 per ounce
at 0056 GMT.
    * U.S. gold futures         for June delivery were, however,
down 0.3 percent at $1,314.10 per ounce.
    * The dollar index       , which measures the greenback
against a basket of six major currencies, was steady at 92.631.
    * The Fed should continue its gradual approach to raising
interest rates given that inflation has not yet reached the U.S.
central bank's 2 percent goal in a sustained way, Cleveland Fed
President Loretta Mester said on Monday.             
    * The U.S. yield curve could invert later this year or early
2019, St. Louis Federal Reserve James Bullard said on Monday, in
a market move in which short-term U.S. interest rates rise above
longer-term bond yields, a scenario which has preceded recent
U.S. recessions.             
    * Three European Central Bank policymakers stuck with an
upbeat assessment of the euro zone economy on Monday, shrugging
off signs of a slowdown in inflation and activity.             
    * Asia stocks pulled back on Tuesday, after an uninspiring
performance on Wall Street eclipsed support from U.S.-China
trade optimism, while supply concerns kept crude oil prices near
3-1/2-year highs.            
    * Israeli troops shot dead dozens of Palestinian protesters
on the Gaza border on Monday when the high-profile opening of
the U.S. embassy to Israel in Jerusalem by the Trump
administration raised tension to boiling point after weeks of
    * President Donald Trump on Monday defended his decision to
revisit penalties for Chinese company ZTE Corp for flouting U.S.
sanctions on trade with Iran, saying the telecom maker is a big
buyer for U.S. suppliers.             
    * Holdings of SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund, fell 0.17 percent to 856.17
tonnes on Monday.             
    * Shanta Gold          will conduct further exploration near
its main mine in Tanzania after cutting costs in the past year
to cope with tougher mining laws, the chief executive told
    * CI Investments Inc sharply decreased its holdings in the
world's biggest gold-backed exchange-traded fund during the
first quarter of 2018, a U.S. Securities and Exchange Commission
13F filing showed on Monday.             

    1230  U.S.         Import prices                        Apr
    1230  U.S.         Export prices                        Apr
    1400  U.S.   University of Michigan sentiment index     May

 (Reporting by Apeksha Nair in Bengaluru; Editing by Sunil Nair)
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