1. Gold inches lower as market awaits rate hike cues

Gold inches lower as market awaits rate hike cues

Gold edged lower early Tuesday on a firmer dollar after touching near four-month lows in the previous session as the market waits for cues from the central bank on the path of U.S. interest rate hikes.

By: | Published: July 11, 2017 7:49 AM
Gold, market, rate hike, bank, US interest rate, dollar, market Gold edged lower early Tuesday on a firmer dollar after touching near four-month lows in the previous session as the market waits for cues from the central bank on the path of US interest rate hikes.

Gold edged lower early Tuesday on a firmer dollar after touching near four-month lows in the previous session as the market waits for cues from the central bank on the path of US interest rate hikes.

FUNDAMENTALS
* Spot gold fell 0.2 percent to $1,212.01 per ounce at 0043 GMT. It hit a low of $1,204.45 in the previous session, its lowest since March 15.
* U.S. gold futures for August delivery rose 0.3 percent to $1,212.80 per ounce.
* Traders were looking ahead to Wednesday and Thursday, when U.S. Federal Reserve Chair Janet Yellen will address Congress.
* The U.S. dollar climbed to a two-month high against the yen on Monday and global equity markets rallied, lifted by robust economic data from Germany and renewed interest in U.S. technology stocks spurred by an Amazon online sale event.
* U.S. Treasury yields slipped on Monday, in line with weak European markets, as sharp gains following Friday’s strong U.S. non-farm payrolls report prompted investors to consolidate positions.
* More than two tonnes of gold were traded through the London Metal Exchange’s new LMEprecious spot contract by late afternoon on its first day as the exchange began its bid to take a slice of the world’s biggest over-the-counter (OTC) gold market.
* Consumers expect to boost spending in the months ahead and voiced confidence they are more likely to find a job and less likely to lose one in a strong labor market, the New York Federal Reserve reported Monday in its latest monthly survey of consumer expectations.
* Investors expect euro zone bonds to be pummelled in the coming months as the European Central Bank starts turning off the money taps after years of unprecedented largesse, a Sentix poll showed on Monday.
* Holdings at SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund fell 0.35 percent to 832.39 tonnes on Monday from 835.35 tonnes on Friday.
* The French government will push ahead with tax cuts promised by President Emmanuel Macron, sources said on Monday, rowing back on comments from the prime minister that some could wait.

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