April 27, 2018 / 1:01 AM / 7 months ago

PRECIOUS-Gold stays near 5-wk lows, set for biggest weekly fall in 4

    BENGALURU, April 27 (Reuters) - Gold prices languished near
five-week lows on Friday, set for a weekly decline of more than
1 percent on a stronger dollar, higher U.S. Treasury yields and
easing geopolitical concerns.     

    FUNDAMENTALS  
    * Spot gold        was steady at $1,317.03 an ounce at 0042
GMT, not far from a low of $1,315.06 an ounce hit in the
previous session - its weakest since March 21.
    * The  metal was on track to fall over 1 percent this week,
its second consecutive weekly drop and biggest decline in four
weeks. 
    * U.S. gold futures         were unchanged at $1,318 an
ounce.
    * The dollar index        was steady near a 3-1/2 month peak
hit on Thursday, supported by strong U.S. economic data and the
U.S. 10-year bond yield, which earlier this week hit its highest
level since early 2014.                          
    * Smiling and holding hands, North Korean leader Kim Jong Un
and South Korean President Moon Jae-in met at the heavily
fortified demilitarised zone between the countries on Friday in
the first summit for the two Koreas in over a decade.
            
    * Japan's central bank is set to keep monetary policy steady
on Friday and project inflation to hit its target next fiscal
year.             
    * European Central Bank chief Mario Draghi played down
concerns over softness in the euro zone economy on Thursday as
the ECB sought to bolster expectations for a gradual withdrawal
of the ECB's monetary stimulus.             
    * Banks and brokerages expect a largely flat gold market
over the rest of 2018 after a stubbornly uneventful few months,
a Reuters poll showed on Thursday.             
    * The rally in palladium is tipped to lose steam in the
years to come as appetite for the metal abates after its surge
to record highs, another Reuters poll showed on Thursday.
            
    * South African platinum producer Impala Platinum (Implats)
         said on Thursday its Marula mine was rebounding
strongly and ramping up production.             
    * Canadian miner Agnico Eagle Mines Ltd          on Thursday
said it sold some gold interests in the United States.
            
    * U.S. Gold miner Newmont Mining Corp         reported a
higher-than-expected quarterly profit on Thursday.             
    * China's net gold imports via main conduit Hong Kong jumped
78.67 percent in March from the previous month, data showed on
Thursday.             
    
    DATA AHEAD (GMT)
    
    0530  France         Preliminary GDP           Q1
    0600  Germany        Import prices             March
    0645  France         Consumer spending         March
    0800  Germany        Unemployment rate         April
    0900  Euro zone      Business climate          April
    1230  U.S.           Advance GDP               Q1
    1230  U.S.           Employment costs          Q1

 (Reporting by Swati Verma in Bengaluru
Editing by Joseph Radford)
  
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