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PRECIOUS-Gold edges down as dollar gains against yen
December 27, 2016 / 1:04 AM / a year ago

PRECIOUS-Gold edges down as dollar gains against yen

Dec 27 (Reuters) - Gold prices edged lower on Tuesday after
the long Christmas weekend, as the U.S. dollar rose against the
safe-haven Japanese yen.

    FUNDAMENTALS
    * Spot gold was down 0.1 percent at $1,132.06 an
ounce by 0045 GMT.
    * U.S. gold futures were little changed at $1,133.50
per ounce.
    * The dollar inched up against the yen on Tuesday while the
euro held to modest gains against the greenback, as the market
looked to emerge out of the holiday lull and into the last
trading stretch of the year. 
    * The dollar was up 0.2 percent at 117.29 yen.
    * Asian stocks were little changed on Tuesday, in thin trade
and with little to guide them as most major markets were closed
on Monday for Christmas holidays, while the dollar reclaimed
some of its losses from Monday.     
    * Japan's core consumer prices marked the ninth straight
month of annual declines in November, data showed on Tuesday,
suggesting that the economy still lacks enough momentum to
jump-start inflation toward the central bank's ambitious 2
percent target. 
    * Hedge funds and money managers cut their net long position
in COMEX gold for a sixth straight week in the week to Dec. 20,
Commodity Futures Trading Commission data showed on Friday.
 
    * Gold demand in India remained subdued this week despite a
sharp fall in prices to over 10-1/2 month lows as a severe cash
crunch and holidays kept buyers away from the market, while
premiums in China fell from near 3-year highs touched in the
prior week. 
    * Germany's Bundesbank has this year taken back more of its
gold than planned as it moves toward hoarding half of the
world's second-largest reserve at home, Bundesbank President
Jens Weidmann told German daily Bild. 
    * Workers at an AngloGold Ashanti gold mine in
eastern Guinea are on strike in a dispute over year-end bonuses,
Saadou Nimaga, secretary general of the ministry of mines, said
on Sunday. 
    * Russian state conglomerate Rostec would consider selling
25 percent in the joint venture created to develop giant Sukhoi
Log gold deposit with Russia's largest gold producer Polyus
 to the partner in the JV, Rostec's head Sergei
Chemezov said. 
    * President Pedro Pablo Kuczynski proposed dredging a
reservoir in a dry northern region of Peru to extract what he
described as "much more gold" than what the country's biggest
gold mine holds, according to an interview with a local
newspaper. 
    * For the top stories on metals and other news, click
 or 
       
  DATA AHEAD (GMT)
     
    1400  U.S.  Case-Shiller home prices              October
    1500  U.S.  Conference Board consumers confidence index
December 

 (Reporting by Swati Verma in Bengaluru; Editing by Michael
Perry)

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