May 23, 2018 / 1:30 AM / 3 months ago

PRECIOUS-Gold rises, market eyes US-China trade talks, Fed minutes

    BENGALURU, May 23 (Reuters) - Gold prices rose on Wednesday amid a steady
dollar and uncertainty over the outcome of U.S.-China trade talks, while
investors waited for minutes from the Federal Reserve's meeting for clues on the
outlook for U.S. interest rates.
            
    FUNDAMENTALS  
    * Spot gold        was up 0.2 percent at $1,293.53 per ounce, as of 0112
GMT. 
    * U.S. gold futures         for June delivery were little changed at
$1,292.50 per ounce.
    * The dollar index       , which measures the greenback against a basket of
six major currencies, was almost steady at 93.557.
    * Asian shares edged up on Wednesday but investors were cautious after U.S.
President Donald Trump tempered optimism over progress made so far in trade
talks between the world's two largest economies.            
    * Trump on Tuesday said he was not pleased with recent trade talks between
the United States and China, but kept the door open for further negotiations.
            
    * Donald Trump said on Tuesday there was a "substantial chance" his summit
with North Korean leader Kim Jong Un will not take place as planned on June 12
amid concerns that Kim is resistant to giving up his nuclear weapons.
            
    * The U.S. House of Representatives passed on Tuesday bipartisan legislation
that would ease bank rules introduced in the wake of the 2007-2009 financial
crisis, giving Trump a major legislative victory.             
    * Households are feeling more stable, small businesses are making money and
many expect to expand and hire in the coming year, signs of continued optimism
in two key parts of the economy, the Federal Reserve reported Tuesday in a pair
of annual surveys.             
    * Underlying inflation in the euro zone will need time to accelerate and
support the rise in headline inflation, European Central Bank policymaker Erkki
Liikanen said in a presentation to the Finnish parliament on Tuesday.
            
    * Bank of England Governor Mark Carney said on Tuesday he expected Britain's
economy would bounce back from a weak start to the year when it was hit by heavy
snowstorms, keeping the prospect of higher interest rates on the table.
            
    * Bank of Japan Governor Haruhiko Kuroda said the central bank will
telegraph to markets how it plans to exit from ultra-easy policy when conditions
for hitting its price goal become robust.                

    DATA/EVENT AHEAD (GMT)
    0700  France     Markit manufacturing flash PMI  May
    0730  Germany    Markit manufacturing flash PMI  May
    0800  Euro zone  Markit manufacturing flash PMI  May
    1345  U.S.       Markit manufacturing flash PMI  May
    1400  U.S.       New home sales                  April
    1400  U.S.       Consumer confidence             May
    1800  Federal Reserve releases minutes from May 1-2 meeting

 (Reporting by Karen Rodrigues in Bengaluru, Editing by Sherry Jacob-Phillips)
  
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