August 8, 2018 / 1:05 AM / a month ago

CORRECTED-PRECIOUS-Gold steady as dollar softens versus stabilising yuan

(Corrects currency in headline)

BENGALURU, Aug 8 (Reuters) - Gold prices were steady early on Wednesday, after rising in the previous session, as the U.S. dollar softened against China’s yuan and the euro.

FUNDAMENTALS

* Spot gold was unchanged at $1,210.91 an ounce at 0043 GMT, after rising 0.4 percent in the previous session.

* U.S. gold futures were up 0.1 pct at $1219.4 an ounce.

* The dollar index, which measures the greenback against a basket of six major currencies, was down 0.1 percent at 95.133.

* Asian shares rose on Wednesday on the back of firmer Wall Street earnings while expectations for increased Chinese stimulus helped take the edge off wider concerns about the worsening Sino-U.S. trade dispute.

* The United States will begin collecting 25 percent tariffs on another $16 billion in Chinese goods on Aug. 23, the U.S. Trade Representative’s office said on Tuesday as it published a final tariff list targeting 279 imported product lines.

* Companies doing business with Iran will be barred from the United States, President Donald Trump said on Tuesday, as new U.S. sanctions took effect despite pleas from Washington’s allies.

* U.S. job openings held near record highs in June amid a modest decline in hiring, pointing to a further tightening of labour market conditions, which economists hope will soon spur faster wage growth.

* The prospect of a “no-deal Brexit” appears to have grown after the European Union’s negotiator rejected last month central elements of Prime Minister Theresa May’s proposals for a new trade agreement.

* The European Parliament has agreed to ease tough new liquidity rules for banks trading gold, marking a success for the London Bullion Market Association’s (LBMA) campaign to revise the plans.

* Gold-backed exchange-traded funds (ETFs) saw outflows in North America, Europe and Asia in July as a strong U.S. dollar helped weaken gold prices, the World Gold Council said on Tuesday.

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.15 percent to 787.53 tonnes on Tuesday from 788.71 tonnes on Monday.

DATA AHEAD (GMT)

*China Trade data Jul

*No fixed timing (Reporting by Apeksha Nair in Bengaluru Editing by Eric Meijer)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below