1. Gold prices inch up, set for third straight weekly gain

Gold prices inch up, set for third straight weekly gain

Spot gold was up 0.2 percent at $1,281.30 an ounce at 0107 GMT. Bullion, which has risen 0.7 percent this week so far, fell one percent on Thursday to notch up its biggest one-day loss since May 24.

By: | Published: June 17, 2016 7:47 AM
gold-660-RE On a topsy-turvy Thursday, the safe haven asset breached the ,300 level and hit a peak of ,315.55 to touch a near two year high before turning one percent lower following the suspension of campaigning for next week’s Brexit referendum in Britain. (Reuters)

Gold edged up in early trade on Friday after registering its biggest one-day fall in over three weeks in the previous session, supported by a weaker dollar, and was still headed for a third straight weekly gain.

FUNDAMENTALS

* Spot gold was up 0.2 percent at $1,281.30 an ounce at 0107 GMT. Bullion, which has risen 0.7 percent this week so far, fell one percent on Thursday to notch up its biggest one-day loss since May 24.

* U.S. gold fell one percent to $1,285

* On a topsy-turvy Thursday, the safe haven asset breached the $1,300 level and hit a peak of $1,315.55 to touch a near two year high before turning one percent lower following the suspension of campaigning for next week’s Brexit referendum in Britain.

* A British member of parliament was shot dead in the street on Thursday, causing deep shock across the country and the suspension of campaigning for referendum on the country’s EU membership.

* The yen held at multi-year highs against the dollar and euro early on Friday, having surged across the board after the Bank of Japan refrained from adding fresh stimulus while sterling staged a rebound in a volatile session.

* Federal Reserve Chair Janet Yellen will appear before lawmakers in the House of Representatives on Wednesday to discuss monetary policy and the state of the economy, officials said.

* Glencore is planning to sell its option in a gold mine owned by Falco Resources, two sources familiar with the situation said on Thursday, as the mining group and commodities trader presses ahead with asset sales.

* Asian physical gold demand remained subdued this week as the metal rallied to its highest in nearly two years, with discounts in India widening the most in 3-1/2 months as consumers shied away from making new purchases.

* Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.20 percent to 902.53 tonnes on Thursday, the highest since October 2013.

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