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Gold Inches Down On Firmer Dollar Ahead Of Yellen Speech

Spot gold had fallen 0.2 percent to $1,241.11 per ounce by 0046 GMT. It hit a near six-week low of $1,236.46 in the previous session.
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Gold Inches Down On Firmer Dollar Ahead Of Yellen Speech
Gold edged down on Tuesday on a firmer dollar ahead of a speech by Federal Reserve Chair Janet Yellen, which may give clues on the pace of possible interest rate hikes by the U.S. central bank.

FUNDAMENTALS

* Spot gold had fallen 0.2 percent to $1,241.11 per ounce by 0046 GMT. It hit a near six-week low of $1,236.46 in the previous session.

* U.S. gold futures for August delivery dropped 0.3 percent to $1,241.90 per ounce.

* On Monday, gold tumbled to its lowest price in nearly six weeks as a large sell order hit sentiment, though losses were limited by political uncertainty around the world.

* The Fed's Yellen is set to deliver a speech in Europe on Tuesday. Analysts said traders were expecting Yellen to maintain a positive outlook on the U.S. economy despite a recent batch of weak U.S. economic data, thereby supporting the Fed's forecast of raising interest rates once more this year and three times next year.

* The U.S. dollar hit a one-month high against the yen and rebounded against the euro on Monday after the European Central Bank chief defended the ECB's easy monetary policy.

* The U.S. Supreme Court on Monday handed a victory to President Donald Trump by reviving parts of a travel ban on people from six Muslim-majority countries that he said is needed for national security but that opponents decry as discriminatory.

* Twenty-two million Americans would lose insurance over the next decade under the healthcare bill drafted by U.S. Senate Republicans, a nonpartisan congressional office said on Monday, likely making it more difficult for the already-fraught legislation to win support for speedy passage.

* Prime Minister Theresa May struck a deal on Monday to prop up her minority government by agreeing to at least 1 billion pounds ($1.3 billion) in extra funding for Northern Ireland in return for the support of the province's biggest Protestant party.

* South African precious metals producer Sibanye Gold aims to resume production at its strike-hit Cooke Mine later this week, but first plans to conduct safety inspections in the shafts on Monday.

* Russia raised its gold holdings by 7.2 tonnes to 1,687.3 tonnes in April, while Kazakhstan ramped up its holdings by 3.2 tonnes to 270.918 tonnes during the same period, according to IMF data

© Thomson Reuters 2017



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