December 21, 2016 / 1:16 AM / 8 months ago

PRECIOUS-Gold on back foot as dollar stays near 14-year high

Dec 21 (Reuters) - Gold extended its losses on Wednesday
after dipping in the previous session, dragged down as the U.S.
dollar stayed near 14-year highs against a basket of currencies.

    FUNDAMENTALS
    * Spot gold was down 0.1 percent at $1,131.01 an
ounce by 0053 GMT. It fell 0.6 percent the day before.
    * U.S. gold futures were also 0.1-percent lower, at
$1,133 per ounce. 
    * The U.S. dollar was encamped near 14-year peaks on
Wednesday as global yield spreads moved inexorably in its
favour, while a falling yen lifted Japanese shares to a one-year
top. 
    * The dollar index, which measures the greenback
against a basket of currencies, stood at 103.270, having touched
103.65 on Tuesday, its highest since December 2002. 
    * Bank of Japan Governor Haruhiko Kuroda on Tuesday offered
an upbeat view of the economy but sought to douse market talk
the central bank may soon consider raising interest rates.
 
    * Russia's central bank, which is seeking to diversify its
reserves, posted a large monthly gain in its gold reserves for
the second consecutive month on Tuesday. 
    * India's gold imports from Switzerland hit their highest in
a year last month, data from the Swiss customs bureau showed on
Tuesday, making it the biggest destination for bullion exports
from the trading and refining hub. 
    * Great Panther Silver Ltd has entered into
agreement with units of Nyrstar N.V. to acquire the Coricancha
gold-silver-lead-zinc-copper mine and mill complex in Peru.
 
    * New standards for the use of precious metals in Islamic
finance are encouraging the development of financial products
based on gold and silver, from futures contracts to a mobile
app. 
    * For the top stories on metals and other news, click
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  DATA AHEAD (GMT)
     1500  Euro zone      Consumer confidence flash    December 
     1500  U.S.           Existing home sales          November

 (Reporting by Swati Verma in Bengaluru; Editing by Joseph
Radford)

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