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PRECIOUS-Gold steady as risk appetite fades, dollar pressured
May 15, 2017 / 1:36 AM / in 6 months

PRECIOUS-Gold steady as risk appetite fades, dollar pressured

    May 15 (Reuters) - Gold prices on Monday held on to their
gains in the previous session, as weaker-than-expected economic
data from the U.S. and a missile test by North Korea over the
weekend weighed on risk appetite and pressured the dollar.   

    FUNDAMENTALS
    * Spot gold        was flat at $1,228.32 per ounce at 0058
GMT. The yellow metal rose about 0.3 percent on Friday.
    * U.S. gold futures         were up 0.04 percent at $1228.20
an ounce.
    * The dollar started the week on the defensive on Monday,
after U.S. retail sales fell short of expectations and North
Korea's missile test underpinned the perceived safe-haven yen.
          
    * U.S. data on Friday showed a smaller-than-expected 0.4
percent increase in April retail sales from the previous month,
while a disappointing report on consumer prices raised concerns
about the retail sector and the broader economy.             
    * The U.S. Federal Reserve could adjust the pace at which it
trims its $4.5 trillion in bond holdings depending on how
financial markets react, Philadelphia Fed President Patrick
Harker said on Friday.             
    * The Fed is likely to start reducing its balance sheet at
the end of 2017 and may need to smooth out the process which
could take three to four years, Fed policymaker Charles Evans
said on Friday.             
    * U.S. lawmakers on Sunday called on President Donald Trump
to turn over any tapes of conversations with fired FBI chief
James Comey, potentially setting up a showdown with the White
House as Democrats considered a boycott of the vote on Comey's
replacement.             
    * Finance chiefs from many of the world's leading rich
nations pressed the United States on Friday not to break a
decades-long global consensus in areas such as trade and
financial regulation criticised by Trump.             
    * Hedge funds and other money managers cut their net long
position in COMEX gold to a six-week low in the week ended May
9, U.S. Commodity Futures Trading Commission (CFTC) data showed.
                
    * U.S. environmental regulators have cleared the path for a
stalled copper and gold mine in Alaska by agreeing to settle
current lawsuits and other issues over the project.             
 
    * North Korea said on Monday it had successfully conducted a
newly developed mid-to-long range missile test on Sunday,
supervised by leader Kim Jong Un and aimed at verifying the
capability to carry a "large scale heavy nuclear warhead."
              
    
    DATA/EVENT AHEAD (GMT) 
  0200  China  Industrial output         Apr 
  0200  China  Retail sales              Apr 
  0200  China  Urban investment          Apr 
  1230  U.S. New York Fed manufacturing  May 
  1400  U.S. NAHB housing market index   May 

 (Reporting by Vijaykumar Vedala in Bengaluru; Editing by
Amrutha Gayathri)
  

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