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PRECIOUS-Gold prices gain on weaker U.S. dollar
December 19, 2016 / 1:14 AM / a year ago

PRECIOUS-Gold prices gain on weaker U.S. dollar

Dec 19 (Reuters) - Gold prices edged up in Asian trade on
Monday, rising above the lowest level touched in 10-1/2 months
the previous week, as the U.S. dollar slipped against a basket
of currencies.

    FUNDAMENTALS
    * Spot gold edged 0.3 percent higher to $1,137.10 an
ounce by 0055 GMT. The bullion touched $1,122.35 on Thursday,
its weakest since Feb. 2.
    * U.S. gold futures gained 0.1 percent to $1,139 per
ounce. 
    * The dollar index, which measures the greenback
against a basket of currencies, fell 0.2 percent at 102.730. The
dollar hit a 14-year high of 103.56 following the Federal
Reserve's hawkish interest rate forecasts on Wednesday. 
    * The Federal Reserve will likely need to raise interest
rates more than three times next year and faces challenges in
gradually cooling off the U.S. economy, Richmond Fed President
Jeffrey Lacker said on Friday. 
    * U.S. homebuilding fell more than expected in November,
tumbling from a nine-year high as construction activity declined
broadly, the latest sign of slower economic growth in the fourth
quarter. 
    * Holdings of the SPDR Gold Trust, the world's largest
gold-backed exchange-traded fund, fell 0.63 percent to 836.99
tonnes on Friday. 
    * Hedge funds and money managers cut their net long position
in COMEX gold contracts for the fifth straight week, taking it
to a 10-month low in the week to Dec. 13, U.S. Commodity Futures
Trading Commission data showed on Friday. 
    * Gold premiums in China surged to their highest in nearly
three years this week on fears of limited supply of the metal,
while demand in India remained weak amid low prices due to a
severe cash crunch following the government's demonetisation
move. 
    * Two Canadian gold miners shuffled their executive ranks on
Friday, as Goldcorp Inc promoted a senior vice president
to replace Chief Operating Officer George Burns, hired by
Eldorado Gold Corp as chief executive officer.
 
    * Argonaut Gold said on Friday that Mexico's
environmental authority had denied its environmental permit to
develop the San Antonio mine and it would consider legal action,
resubmitting a revised study or more dialogue. 
    * For the top stories on metals and other news, click
 or 
       
  DATA AHEAD (GMT)
    0130  China       House prices                November
    0900  Germany     Ifo business climate        December 
    1000  Euro zone   Labour costs                Q3  
    1445  U.S.        Markit services PMI flash   December

 (Reporting by Swati Verma in Bengaluru; Editing by Amrutha
Gayathri)

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