Gold inches up, set for monthly rise as markets await BoJ decision

By: | Published: July 29, 2016 9:28 AM

Gold inched higher early Friday due to a weaker dollar and was on track for a gain of more than one percent for the month, as markets awaited a decision by the Bank of Japan on whether to expand monetary easing.

Spot gold crawled up 0.2 percent to ,337.57 an ounce at 0107 GMT. Bullion has risen 1.2 percent in July and is heading for its first weekly gain in three following a gain of more than one percent so far.    (PTI)Spot gold crawled up 0.2 percent to ,337.57 an ounce at 0107 GMT. Bullion has risen 1.2 percent in July and is heading for its first weekly gain in three following a gain of more than one percent so far. (PTI)

Gold inched higher early Friday due to a weaker dollar and was on track for a gain of more than one percent for the month, as markets awaited a decision by the Bank of Japan on whether to expand monetary easing.

* Spot gold crawled up 0.2 percent to $1,337.57 an ounce at 0107 GMT. Bullion has risen 1.2 percent in July and is heading for its first weekly gain in three following a gain of more than one percent so far.

* U.S. gold was up 0.2 percent at $1,335.1 an ounce.

* Asian shares held near one-year highs while the yen hit a two-week high on Friday in nervous trade as investors waited to see if the Bank of Japan will come up with stimulus that would meet markets’ expectations.

* The number of Americans filing for unemployment benefits rose more than expected last week, but the underlying trend continued to point to sustained labor market strength.

* The BoJ, under pressure from the government, is considering specific steps for expanding monetary stimulus on Friday to address signs of weakness in inflation, people familiar with the central bank’s thinking said.

* The yen last stood at 104.34, with all eyes on the BOJ’s policy decision, which is usually announced some time between 0230 GMT and 0500 GMT.

* Sub-zero European Central Bank interest rates are doing more good than harm and holding safely above a detrimental level, but the bloc remains at risk of falling into a damaging trap of low rates, ECB Executive Board Member Benoit Coeure said.

* Gold bullion prices have increased 26 percent this year, but the world’s biggest gold miners are paring costs and selling assets to lower debt despite the windfall rather than boosting spending.

* Anglo American said on Thursday net debt had fallen and that an aggressive cost-cutting and asset sale strategy was on track, although volatile commodity markets could make the second half of the year challenging.

* Goldcorp Inc has put its Los Filos gold and silver mine in Mexico on the block and is also looking at selling two other non-core mines, chief executive David Garofalo said on Thursday.

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