May 25, 2018 / 1:27 AM / 4 months ago

CORRECTED-PRECIOUS-Gold prices slip but hold above $1,300

 (Corrects to change day in the first paragraph)
    BENGALURU, May 25 (Reuters) - Gold prices eased on Friday
amid a firmer dollar, after breaking above $1,300 in the
previous session as U.S. President Donald Trump's decision to
call off a meeting with North Korean leader Kim Jong Un
triggered safe-haven buying.
    
    FUNDAMENTALS  
    * Spot gold        was down 0.2 percent at $1,302 per ounce
at 0100 GMT, after gaining nearly 1 percent in the previous
session in its biggest one-day percentage rise since April 11.
    * U.S. gold futures         for June delivery eased 0.2
percent to $1,301.90 per ounce.
    * The dollar index       , which measures the greenback
against a basket of six major currencies, was up 0.1 percent at
93.846. It was up 0.2 percent versus the yen        after
hitting a more than two-week low in the previous session.
    * Trump on Thursday called off a summit with North Korean
leader Kim Jong Un scheduled for next month, citing Pyongyang's
"open hostility," and warned that the U.S. military was ready in
the event of any reckless acts by North Korea.              
    * President Trump's threat to impose tariffs on auto imports
drew strong criticism abroad and at home where U.S. business
groups and members of his own Republican Party warned of damage
to the industry and raised the prospect of a global trade war
that would harm American interests.                          
    * Nations that remain in the Iran nuclear deal meet on
Friday for the first time since U.S. President Donald Trump left
the pact, but diplomats see limited scope to salvage it after
Washington vowed to be tougher than ever on Tehran.             
    * Euro zone growth could slow further and uncertainty is on
the rise but the bloc's expansion remains solid and broad-based,
European Central Bank policymakers concluded in April, the
minutes of the meeting showed on Thursday.             
   * The U.S. Federal Reserve and Bank of England on Thursday
urged global financial markets to step up efforts to shift from
the scandal-plagued Libor reference rate to alternative interest
rate benchmarks.             
    * Polyus          , Russia's largest gold producer, said on
Thursday 2018 production was likely to be at the upper end of
its forecast range of 2.375-2.425 million troy ounces.
            

    DATA/EVENT AHEAD (GMT)
    0800  Germany         Ifo business climate            May
    0830  UK              GDP 2nd release                 Q1
    1230  U.S.            Durable goods                   Apr

 (Reporting by Karen Rodrigues in Bengaluru)
  
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