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  1. Gold prices hold steady on weaker dollar

Gold prices hold steady on weaker dollar

Gold prices held steady on Thursday after falling to 1-1/2 week lows the day before, buoyed by a weaker dollar amid uncertainty over US economic and trade policy under President Donald Trump.

By: | Published: January 26, 2017 7:32 AM
gold-reu US gold futures rose 0.3 percent, also standing at around ,201 per ounce. (Reuters)

Gold prices held steady on Thursday after falling to 1-1/2 week lows the day before, buoyed by a weaker dollar amid uncertainty over US economic and trade policy under President Donald Trump.

FUNDAMENTALS

* Spot gold prices were firm at $1,201 per ounce at 0046 GMT. On Wednesday, they hit their lowest since Jan. 13 at $1,192.74.

* US gold futures rose 0.3 percent, also standing at around $1,201 per ounce.

* The Dow closed atop the 20,000-mark for the first time overnight, boosted by solid earnings. * Asian stocks gained early on Thursday, lead by the Wall Street Rally.

* However, the currency markets focused more on Trump’s trade protectionism and the negative impact it could have on the dollar.

* The dollar index , which measures the greenback against a basket of currencies, fell 0.2 percent to 99.846.

* European Central Bank researchers say monetary policy is working with a longer-than-usual lag in the current economic conditions, although the fundamental nature of inflation has not changed.

* U.S. loan application activity for home purchases rose last week to its highest since early June even as borrowing costs increased for the first time in four weeks, according to Mortgage Bankers Association data released on Wednesday.

* Holdings of SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, fell 0.63 percent to 799.07 tonnes on Wednesday from 804.11 tonnes on Tuesday.

* China’s 2016 gold output rose 0.76 percent from the year before to 453.49 tonnes, the China Gold Association said on Wednesday.

* Kazakhstan continued to boost its gold reserves in December, data from the International Monetary Fund showed on Wednesday.

* Canadian miner Barrick Gold Corp on Wednesday estimated its gold production in 2016 fell 9.8 percent to 5.52 million ounces.

* Russian gold producer Polyus’s parent company, Polyus Gold International, plans to meet investors in Europe and the United States from Jan. 27 to test market appetite for a possible dollar-denominated Eurobond.

* India’s drive to bring transparency to bullion trading, along with the rise of branded gold jewellery, could help major retailers raise their share of the world’s second-biggest gold market to 40 percent by 2020, the World Gold Council (WGC) said.

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