June 11, 2018 / 4:03 AM / 8 days ago

PRECIOUS-Gold steady ahead of key cenbank meetings, U.S.-N.Korea summit

    * Silver touches 7-week high
    * Platinum hits 1-week high
    * SPDR holdings fall to lowest since Feb. 22
    * Gold specs cut net long position in week to June 5
    * Silver specs raise net long position; strongest since late
April

 (Adds details and updates prices)
    By Karen Rodrigues
    BENGALURU, June 11 (Reuters) - Gold traded steady on Monday
with investors awaiting key central bank policy meetings and the
United States-North Korea summit this week for direction.  
    Spot gold        was steady at $1,297.75 per ounce at 0719
GMT, while U.S. gold futures         for August delivery were
0.1 percent lower at $1,301.60 per ounce.
    The dollar index       , which measures the greenback
against a basket of six major currencies, fell 0.2 percent to
93.381.       
    "The market opened predictably quiet ahead of the abundance
of risk events this week and wholly ignored President Trump
going rogue at the G7," Stephen Innes, APAC trading head at
OANDA said, adding that with geopolitical risk moderating, it
will be the FED and ECB that will guide gold's near-term fate.
    U.S. President Donald Trump threw the G7's efforts to show a
united front into disarray after taking aim at Canadian Prime
Minister Justin Trudeau, adding he might double down on import
tariffs by hitting the sensitive auto industry.             
    The U.S. Federal Reserve's Federal Open Market Committee
(FOMC) starts its two-day meeting on Tuesday, where it is
anticipated to raise U.S. interest rates. The European Central
Bank (ECB) and Bank of Japan's policy meetings are also due this
week. 
    Markets are also keeping a close eye on the historic summit
between Trump and North Korean leader Kim Jong Un in Singapore
on Tuesday.             
    Gold is trading in a very tight range and people are waiting
for the next move, a Hong Kong-based trader said.
    "We have the FOMC coming up and the Trump meeting with Kim
Jong Un, so the markets are just watching what's going on. If
there's a better risk aversion money will fly into gold," said
the trader.
    Holdings of SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund, fell 0.46 percent to 828.76
tonnes on Friday, the lowest since February 22.          
    Speculators cut their net long position in COMEX gold by
3,169 contracts to 58,066 contracts in the week to June 5, U.S.
Commodity Futures Trading Commission (CFTC) data showed on
Friday. 
    Silver dealers raised their net long position by 3,431
contracts to 4,295 contracts. This was the strongest net long
position since late April, CFTC said.         
    In other precious metals, silver        gained 0.6 percent
to $16.83 an ounce, after hitting a seven-week high of $16.93
earlier in the session. 
    Palladium        was down 0.2 percent at $1,012.75 an ounce,
while platinum        rose 0.7 percent to $907.90 an ounce. It
touched a one-week high of $910.50 earlier in the session.

 (Reporting by Karen Rodrigues in Bengaluru; Editing by
Subhranshu Sahu and Sunil Nair)
  
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