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7 months ago
PRECIOUS-Gold dips from seven-week high on dollar strength
January 13, 2017 / 1:05 AM / 7 months ago

PRECIOUS-Gold dips from seven-week high on dollar strength

Jan 13 (Reuters) - Gold slipped early on Friday after
hitting a seven-week high in the previous session as the dollar
edged up, but the yellow metal was on track to end higher for a
third straight week.
    
    FUNDAMENTALS
    * Spot gold eased 0.1 percent to $1,193.38 per ounce
by 0041 GMT. Bullion on Thursday touched a high of $1,206.98,
its best since Nov. 23.
    * U.S. gold futures fell 0.5 percent to $1,194 per
ounce.
    * The dollar index, which measures the greenback
against a basket of currencies, rose 0.2 percent to 101.530.
 
    * Federal Reserve Chair Janet Yellen did not comment on the
outlook for the U.S. economy or monetary policy in remarks to
teachers, saying improving U.S. education could help raise
living standards.
    * Several Fed officials on Thursday cautioned that the
fiscal and tax plans sketched out by the incoming Trump
administration could spur a short-term economic boost that would
result in longer-run inflation and debt problems.
    * In an array of appearances Fed regional bank presidents
agreed in principle that the policies likely to be pursued by
President-elect Donald Trump will raise economic growth -
through direct spending, the consumption and investment spurred
by tax cuts, and the boost to business from lighter regulation.
 
    * The number of Americans filing for unemployment benefits
rose less than expected last week, pointing to a tightening
labor market that is starting to spur faster wage growth.
 
    * Industries across the euro zone cranked up output in
November and Germany ended the year with its strongest growth in
five years, data showed on Thursday, pointing to an economic
spurt that may be arriving earlier than some ECB policymakers
expect. 
    * South African bullion producer Harmony Gold said
on Thursday that 1,700 miners were staging a wildcat sit-in at
its Kusasalethu mine west of Johannesburg, an operation that has
been a flashpoint of labour unrest and violence in the past.
 
    * Goldcorp Inc agreed to sell its Los Filos mine in
Mexico to Leagold Mining Corp in a deal valued at $438
million on Thursday, as the world's No. 3 gold miner by market
value focuses more squarely on core assets. 
    * Mali produced 50.9 tonnes of gold in 2016, up from 50.5
tonnes produced in 2015, the mines ministry said on Thursday.
  
    * For the top stories on metals and other news, click
 or 
    
    DATA AHEAD (GMT)  
    
      *     China      Trade data                       Dec 
     0700   Germany    Wholesale price index            Dec 
     1330   U.S.       Retail sales                     Dec 
     1500   U.S.       Business inventories             Nov 
     1500   U.S.       Univ of Michigan sentiment index Jan 
     * No exact timing for China trade data 

 (Reporting By Nallur Sethuraman in Bengaluru; Editing by Sonali
Paul)

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