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PRECIOUS-Gold edges up despite firm dollar
January 3, 2017 / 1:14 AM / a year ago

PRECIOUS-Gold edges up despite firm dollar

Jan 3 (Reuters) - Gold began the new year quietly, edging up
slightly on Tuesday, despite pressure from a strong dollar.
    
    FUNDAMENTALS
    * Spot gold rose 0.2 percent to $1,154.26 per ounce
at 0109 GMT.
    * Bullion gained more than 8 percent in 2016, snapping three
years of declines.
    * U.S. gold futures rose 0.3 percent at $1,155.4
    * The most active COMEX gold futures contract finished 2016
up 7.1 percent as compared to the end of 2015 after strong gains
on economic uncertainty earlier in the year were pared by heavy
selling as the U.S. dollar rallied following the U.S.
presidential election. 
    * The dollar index - which measures the greenback against
six major rivals - climbed over half a percent. 
    * The U.S. dollar held on to broad gains on Tuesday,
resuming its ascent after last week's brief wobble as the
prospect of rising U.S. interest rates this year kept sentiment
bullish on the long-run. 
    * Asian stocks began 2017 on a flat note on Tuesday,
uninspired by a surge in European markets to their highest in
more than a year, while the dollar resumed its climb after last
week's stumble. 
    * Starting in July 2017, banks and other financial
institutions in China will have to report all domestic and
overseas cash transactions of more than 50,000 yuan ($7,201),
compared with 200,000 yuan previously, the central bank said on
Friday. 
    * China's new rules on overseas currency transfers are not
capital controls, the official Xinhua news agency reported, even
as some banks told customers that purchases of foreign currency
for property, securities and life insurance were not allowed.
 
    * After a late-year rally fuelled by the U.S. election
pushed stocks to surprising new peaks, investors are wary that
the market could be primed for a spill to start 2017.
 
    * Hedge funds and money managers slashed their net long
positions in COMEX gold to a near 11-month low and trimmed
bullish bets in silver contracts in the week to Dec. 27, U.S.
Commodity Futures Trading Commission data showed on Friday.
 
    * SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.14 percent to
822.17 tonnes on Friday from 823.36 tonnes on Thursday.
 
    * For the top stories on metals and other news, click
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 (Reporting By Nallur Sethuraman in Bengaluru; Editing by
Richard Pullin)

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