November 28, 2016 / 12:51 AM / 2 years ago

PRECIOUS-Gold rises from multi-month lows as dollar eases

Nov 28 (Reuters) - Gold on Monday regained its footing after
dropping to a 9-1/2 month low in the previous session, as the
U.S. dollar shed further gains after touching near 14-year highs
last week.
    
    FUNDAMENTALS
    * Spot gold was up 0.55 percent at $1,189.43 an ounce
by 0031 GMT. The metal shed nearly 0.4 percent in the previous
session and marked its lowest since Feb. 8 at $1,171.21 per
ounce.
    * U.S. gold futures rose 0.9 percent to $1,189.0 per
ounce.
    * The dollar index, which measures the greenback
against a basket of currencies, was down 0.25 percent at
101.230.
    * The dollar pulled further back from near 14-year highs as
investors braced for upcoming events that could at least
temporarily knock the greenback's bull run off course. 
    * Oil prices tumbled on Monday on worries that producer
countries may not agree on a deal to cut output, pressuring U.S.
stock futures and Asian shares. 
    * After a year of huge shocks to the market, investors'
nerves will be tested twice more in the coming week as OPEC
debates an oil output cut and Italy provides the first of
several upcoming major European electoral tests. 
    * Gold premiums in top consumer China jumped to the highest
in nearly three years in the week to Nov. 25 on worries over a
supply shortage that traders said were due to Beijing's efforts
to restrict import licenses. 
    * SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.73 percent to
885.04 tonnes on Friday from 891.57 tonnes on Wednesday.
 
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  DATA AHEAD (GMT) 
  1000  Euro zone    Business climate                     Nov 
  1000  Euro zone    Consumer confidence                  Nov 
  1530  U.S.         Dallas Fed manufacturing index       Nov  
 

 (Reporting by Apeksha Nair in Bengaluru; Editing by Michael
Perry)
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