April 19, 2018 / 1:22 AM / 5 months ago

PRECIOUS-Gold flat, dollar up on higher U.S. yields

    BENGALURU, April 19 (Reuters) - Gold prices were flat early
Thursday while the dollar stayed firm helped by higher long-term
U.S. Treasury yields, though lingering U.S.-China trade tensions
kept the greenback's gains in check.
    
    FUNDAMENTALS  
    * Spot gold        was flat at $1,348.80 per ounce at 0058
GMT, while U.S. gold futures         fell 0.1 percent to $1,352
per ounce.
    * The dollar index       , which measures the greenback
against a basket of currencies, was up about 0.1 percent at
89.673.       
    * "Robust" business borrowing, rising consumer spending, and
tight labour markets indicate the U.S. economy remains on track
for continued growth, the Federal Reserve reported on Wednesday,
with the risks of a global trade war the one big outlier.
            
    * U.S. President Donald Trump said on Wednesday he hoped an
unprecedented summit with North Korean leader Kim Jong Un would
be successful after a recent visit to Pyongyang by CIA Director
Mike Pompeo, but warned he would call it off if he did not think
it would produce results.             
    * Trump and Japanese Prime Minister Shinzo Abe said on
Wednesday they had agreed to intensify trade consultations
between the two longtime allies, with an aim to expand
investment and trade between both countries.             
    * British inflation unexpectedly cooled to a one-year low in
March, calling into question whether the Bank of England will
raise interest rates more than once before the end of the year.
            
    * Russian gold and silver producer Polymetal           said
on Wednesday its first-quarter revenue rose 19 percent
year-on-year to $354 million due to an increase in production
and higher sales of gold.             
    * Demand for physical gold was lower-than-usual during a key
festival in the world's second biggest consumer India as local
prices peaked and a cash crunch curbed retail spending.
            
    * Sri Lanka imposed a 15 percent tax on imported gold with
effect from Wednesday to prevent illegal smuggling of the metal
from the island nation, a finance ministry official said.
            

    
    DATA AHEAD (GMT)
    0800  Euro zone  Current account                Feb
    0830  UK         Retail sales                   Mar   
    1230  U.S.       Weekly jobless claims
    1230  U.S.       Philly Fed business index      Apr
    1245  U.S.       International Monetary Fund Managing
                     Director Christine Lagarde holds news
                     conference ahead of the spring meeting of
                     the IMF and World Bank 
    1400  U.S.       Leading index                  Mar

 (Reporting by Eileen Soreng in Bengaluru)
  
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