August 24, 2017 / 1:23 AM / a month ago

PRECIOUS-Gold eases ahead of Jackson Hole central bankers meeting

    BENGALURU, Aug 24 (Reuters) - Gold nudged lower early
Thursday, giving up some of its gains made after U.S. President
Donald Trump's threat of a government shut down, while investors
began to focus on a major central bankers conference in Jackson
Hole.
    
    FUNDAMENTALS    
    * Spot gold        slipped 0.1 percent to $1,287.89 an ounce
by 0101 GMT, after gaining 0.4 percent in the previous session.
    * U.S. gold futures         for December delivery were down
0.1 percent at $1,293.50 per ounce.
    * Asian stocks edged up on Thursday, shaking off the risk
aversion that gripped financial markets overnight after U.S.
President Donald Trump's threat to shut down the government,
though the dollar remained sluggish.           
    * New U.S. single-family home sales unexpectedly fell in
July, dropping to their lowest in seven months amid a surge in
prices, raising concerns of a slowdown in the housing market
recovery.             
    * Euro zone business growth maintained a solid clip in
August, driven by the best manufacturing performance in 6-1/2
years despite a strong euro, easily offsetting a mild slowdown
in services growth, a key private sector survey showed on
Wednesday.             
    * Unconventional monetary policy is a success, but gaps in
understanding the relatively new tools remain, European Central
Bank President Mario Draghi said on Wednesday, cautioning
against hasty policy responses to the new reality.             
    * The European Central Bank should quickly end asset buys
next year as the outlook does not warrant the extension of its
2.3 trillion euro scheme, Bundesbank President Jens Weidmann
said, weighing in on the biggest issue facing the ECB this
autumn.                 
    * Germany's central bank has brought much of its gold
reserve back to Frankfurt, the Bundesbank said on Wednesday,
restoring a bulwark of economic stability the country had
stashed away at the height of the Cold War.             
        
   DATA AHEAD (GMT) 
   0645  France              Business climate               Aug 
   0830  Britain             GDP 2nd release                Q2 
   1230  U.S.                Weekly jobless claims 
   1400  U.S.                Existing home sales            Jul 

 (Reporting by Apeksha Nair in Bengaluru; Editing by Richard
Pullin)
  

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