October 3, 2016 / 1:56 AM / 10 months ago

PRECIOUS-Gold up on short covering as Deutsche Bank concerns ease

Oct 3 (Reuters) - Gold rose slightly early Monday on short
covering after a volatile session on Friday as concerns about
Deutsche Bank's health eased.
    
    FUNDAMENTALS
    * Spot gold edged up 0.3 percent to $1,319.40 an
ounce by 0151 GMT. 
    * U.S. gold futures were up 0.4 percent at $1,322.30
an ounce.
    * Deutsche Bank is throwing its energies into
reaching a settlement before next month's presidential election
with U.S. authorities demanding a fine of up to $14 billion for
mis-selling mortgage-backed securities.
    * The absence of top consumer China, where markets are shut
from Oct 1-9 for Chinese National Day holidays, is expected to
keep trading volumes low. 
    * U.S. consumer spending fell in August for the first time
in seven months while inflation showed signs of accelerating,
mixed signals that could keep the Federal Reserve cautious about
raising interest rates. 
    * Hedge funds and money managers raised their net long
position in COMEX gold for the first time in three weeks in the
week to Sept. 27. 
    * Holdings of the SPDR Gold Trust, the world's largest
gold-backed exchange-traded fund fell 0.13 percent to 947.95
tonnes on Friday. 
    * A drop in gold prices prompted consumers to buy the
precious metal, ahead of festivals in India, the wedding season
and China's long National Day holidays, boosting demand in Asia.
 
    * A judge in Argentina ruled on Friday to keep Barrick Gold
Corp's operations at Veladero mine suspended, saying
repairs were not sufficient to reopen it after a leak of
processing solution containing cyanide earlier this month.
 
    * Protesters blocking access to Goldcorp Inc's 
Penasquito gold mine in northern Mexico said on Friday they will
not leave until there is an agreement with the company over
demands for jobs and compensation for water use and
environmental damage. 
    * Russia may announce an auction for the Sukhoi Log gold
deposit in December and its results may be announced in January,
RIA news agency quoted Natural Resources Minister Sergei Donskoi
as saying on Friday. 
    * For the top stories on metals and other news, click
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 DATA/EVENT AHEAD (GMT)
    
   0755 Germany      Markit/BME manufacturing PMI      September
   0800 Euro zone    Markit manufacturing PMI final    September
   1400 U.S.         Construction spending             August 
   1400 U.S.         ISM manufacturing PMI             September

 (Reporting by Swati Verma in Bengaluru; Editing by Richard
Pullin)

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