December 5, 2017 / 1:14 AM / 2 months ago

PRECIOUS-Gold holds steady amid softer dollar

    Dec 4 (Reuters) - Gold was steady early Tuesday, supported
by a slightly weaker dollar, after falling in the previous
session as proposed changes to U.S. tax rules that could lead to
faster economic growth moved a step closer.
                   
    FUNDAMENTALS    
    * Spot gold        was nearly unchanged at $1,276.38 an
ounce by 0057 GMT. It shed 0.3 percent in the previous session.
    * U.S. gold futures         were up 0.1 percent at $1,279.
    * The dollar held on to modest gains against its peers on
Tuesday, with its rise made at the week's start slowing as the
market awaited the next phase of the U.S. tax reform saga for
cues.       
    * New orders for U.S.-made goods fell less than expected in
October and shipments of core capital goods were much stronger
than previously reported, pointing to sustained strength in
manufacturing that should buoy the economy.             
    * The U.S. Federal Reserve is almost certain to raise
interest rates later this month, according to a Reuters poll of
economists, a majority of whom now expect three more rate rises
next year compared with two when surveyed just weeks ago.
            
    * The Federal Reserve Bank of Richmond on Monday named
Thomas Barkin, an executive at global consulting firm McKinsey &
Co, as its next president, a position that will have a vote on
U.S. interest rate policy next year.            
    * The U.S. Supreme Court on Monday handed a victory to
President Donald Trump by allowing his latest travel ban
targeting people from six Muslim-majority countries to go into
full effect even as legal challenges continue in lower courts.
            
    * The Bank of Japan does not plan to change its massive
stimulus programme and will "immediately act" if risks to the
economy undermine the momentum toward achieving its inflation
target, central bank Governor Haruhiko Kuroda said on Monday.
            
    * The European Central Bank will not purchase bonds as part
of its stimulus package from Dec 21 to Dec 29 on expectation
market liquidity will drop sharply around the Christmas
holidays, it said on Monday.             
    * SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.14 percent to
846.93 tonnes on Monday from 848.11 tonnes on Friday.          
    * The Perth Mint's sales of gold and silver products nearly
halved in November from a month ago, the mint said in a blog
post on its website on Monday.             
   
    DATA/EVENT AHEAD (GMT)

    0145  China     Caixin services PMI              Nov
    0850  France    Markit services PMI              Nov
    0855  Germany   Markit services PMI              Nov
    0900  Euro zone Markit services PMI final        Nov
    1000  Euro zone Retail sales                     Oct
    1330  U.S.      International trade              Oct
    1500  U.S.      ISM non-manufacturing PMI        Nov
    

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