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PRECIOUS-Gold edges up after falling to over 3-month lows
October 5, 2016 / 1:46 AM / a year ago

PRECIOUS-Gold edges up after falling to over 3-month lows

Oct 5 (Reuters) - Gold edged higher early on Wednesday,
after falling 3.3 percent in the prior session to its lowest in
more than three months, as the dollar eased back and equities

    * Spot gold was up 0.3 percent at $1,271.44 an ounce
by 0115 GMT, while U.S. gold futures rose 0.3 percent to
$1,273.50 an ounce after falling over 3 percent in the previous
    * Spot gold fell 3.3 percent to a low of 1,266.33 on
Tuesday, its biggest one day percentage drop since September
2013 after a report of a possible tapering of bond purchases
sooner than expected by the European Central Bank.
    * Bloomberg reported on Tuesday that the European Central
Bank would probably wind down its 80-billion-euro ($90-billion)
monthly bond purchases gradually before ending its quantitative
easing programme, citing unnamed officials at euro zone
countries' central banks. 
    * ECB media officer Michael Steen later tweeted that the
central bank's decision-making body has not discussed reducing
the pace of its monthly bond buying. 
    * The dollar index, which tracks the currency against a
basket of major peers, fell 0.1 percent to 96.049 
    * Asian shares edged lower on Wednesday and bond yields were
near two-week highs. 
   * Richmond Federal Reserve President Jeffrey Lacker said he
would have voted in favor of an interest rate hike at the Fed's
September policy meeting had he been able to vote, reflecting
the growing pressure on Fed Chair Janet Yellen to raise rates.
    * The International Monetary Fund maintained its forecast
for weak global growth on Tuesday and warned that further
stagnation will fuel more populist sentiment against trade and
immigration that would stifle activity, productivity and
    * Barrick Gold Corp said on Tuesday normal
operations had resumed at its Veladero mine in Argentina.
    * Work at Sibanye Gold's South African Cooke mine
has been suspended after two members of the National Union of
Mineworkers were left in a critical condition after being
    * For the top stories on metals and other news, click
     0750  France         Markit services PMI          September
     0755  Germany        Markit services PMI          September
     0800  Euro zone      Markit services PMI final    September
     0900  Euro zone      Retail sales                 August 
     1215  U.S.           ADP national employment      September
     1230  U.S.           International trade          August 
     1400  U.S.           ISM non-manufacturing PMI    September

 (Reporting by Swati Verma in Bengaluru; Editing by Richard

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