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PRECIOUS-Gold holds steady as dollar eases
October 31, 2017 / 1:21 AM / 2 months ago

PRECIOUS-Gold holds steady as dollar eases

    Oct 31 (Reuters) - Gold held steady early on Tuesday as the
dollar eased after reports that two former aides of U.S.
President Donald Trump were charged by federal authorities
probing Russian interference in the 2016 election. 
    
    FUNDAMENTALS    
    * Spot gold        was little changed at $1,276.32 per ounce
at 1254 GMT. The yellow metal has shed about 0.2 percent so far
in October, in what could be its second straight monthly
decline. 
    * U.S. gold futures         for December delivery were
little changed at $1,277.30.    
    * The dollar index        against a basket of currencies
held on to its losses from the previous session, when it fell
about 0.4 percent. 
    * Federal investigators charged Trump's former campaign
manager, Paul Manafort, and another aide, Rick Gates, with money
laundering on Monday. A third former Trump adviser, George
Papadopoulos, pleaded guilty in early October to lying to the
FBI, it was announced on Monday.             
    * Trump is likely to pick Federal Reserve Governor Jerome
Powell as the next head of the central bank, a source familiar
with the matter said on Monday, prompting investors to push down
yields on Treasury notes. Trump is expected to announce his
choice on Thursday.             
    * U.S. consumer spending recorded its biggest increase in
more than eight years in September, likely as households in
Texas and Florida replaced flood-damaged motor vehicles, but
underlying inflation remained muted.             
    * As a self-imposed mid-week deadline for unveiling a
tax-cut bill loomed, Republicans in the U.S. Congress were still
grappling with key provisions and some lobbyists expressed
concern that a bill might not be ready as expected on Wednesday.
            
    * The Bank of Japan is set to keep monetary policy steady
and roughly maintain its ambitious price forecasts on Tuesday,
pointing to signs of growing strength in the economy that
policymakers hope will accelerate inflation towards its elusive
2 percent target.            
    * Asian stocks were mostly sluggish on Tuesday following
weakness on Wall Street with MSCI's broadest index of
Asia-Pacific shares outside Japan                 gaining 0.1
percent.
    * Spain's state prosecutor accused sacked Catalan leader
Carles Puigdemont on Monday of rebellion and sedition as the
former regional president travelled to Belgium with other
members of his ousted administration and hired a lawyer there.
                
       
    DATA/EVENT AHEAD (GMT)
    0100       China      NBS Non-Mfg PMI       Oct
    0300-0500  Japan      BOJ rate decision 
    0630       France     GDP Preliminary       Q3
    1000       Euro Zone  GDP Flash Prelim      Q3
    1300       U.S.       CaseShiller 20 MM SA  Aug    

 (Reporting by Vijaykumar Vedala in Bengaluru; Editing by
Subhranshu Sahu)
  

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