1. Gold prices steady, softer dollar supports

Gold prices steady, softer dollar supports

Gold prices held steady early on Monday, supported by a weaker dollar and lower equities, with US markets closed for the Presidents Day holiday.

By: | Published: February 20, 2017 7:06 AM
export india-reu Spot gold was little changed at ,235.10 per ounce at 0045 GMT, while U.S. gold futures were down 0.2 percent, to ,236.5. (Reuters)

Gold prices held steady early on Monday, supported by a weaker dollar and lower equities, with US markets closed for the Presidents Day holiday.

FUNDAMENTALS

* Spot gold was little changed at $1,235.10 per ounce at 0045 GMT, while U.S. gold futures were down 0.2 percent, to $1,236.5. The dollar index was down 0.1 percent to 100.88.

* Asian share markets got off to a subdued start on Monday as political uncertainty kept investors cautious, while the U.S. dollar softened a touch ahead of a busy week for Federal Reserve speakers. Turnover was light with U.S. markets closed for the Presidents Day holiday.

* A host of results from retailers due this week will be watched for a read on spending as well as for commentary from executives on President Donald Trump’s proposal to tax imports.

* On the interest rate front, no less than five heads of regional Federal Reserve bank are due to speak this week.

* Two hard-left candidates said on Friday they were discussing cooperation in their bid for the French presidency, jolting investors already nervous over the possibility of a win for far-right, anti-globalisation candidate Marine Le Pen.

* Gold started trading at a discount to official prices in India on Friday for the first time in seven weeks, and buyers elsewhere in Asia held back purchases, waiting for rallying bullion prices to ease.

* SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.28 percent to 841.17 tonnes on Friday from 843.54 tonnes on Thursday.

* After five years of painful belt-tightening, the world’s biggest gold miners are starting to cautiously loosen their purse strings and spend more money to find new deposits and build mines.

* Hedge funds and money managers cut their net long position in COMEX gold for the first time in three weeks in the week to Feb. 14, U.S. Commodity Futures Trading Commission data showed on Friday.

* Investment flows into the euro zone surged in December while the 19-country bloc’s adjusted current account surplus narrowed slightly. DATA AHEAD (GMT) 0700 Germany Producer prices Jan 1500 Euro zone Consumer confidence flash Feb U.S. markets closed for the Presidents Day holiday

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