April 26, 2018 / 1:21 AM / 5 months ago

PRECIOUS-Gold hovers near 5-wk lows amid dollar pressure, rising yields

    BENGALURU, April 26 (Reuters) - Gold prices on Thursday
stayed close to five-week lows hit in the previous session,
pressured by a stronger dollar, which hovered near more than
three-month highs, and a rise in U.S. Treasury yields. 

    FUNDAMENTALS  
    * Spot gold        was little changed at $1,323.34 per ounce
at 0101 GMT. The yellow metal on Wednesday hit a low of
$1,318.51 an ounce, its lowest since March 21.
    * U.S. gold futures         gained 0.1 percent at $1,324.60
an ounce.
    * The dollar index       , which measures the greenback
against a basket of currencies, was steady at 91.177 after
rising to as much as 91.261 in the previous session, its highest
since Jan. 12.       
    * Asian stocks edged up on Thursday as robust corporate
earnings helped Wall Street quell concerns over a surge in U.S.
bond yields.            
    * The benchmark U.S. Treasury 10-year yield edged above 3
percent on Wednesday as jitters about growing federal borrowing
spurred more selling in the U.S. government bonds, paving the
path for it to visit levels not seen since July 2011.      
    * The European Central Bank is set to keep policy unchanged
on Thursday, playing down worries over recent softness in the
euro zone economy and leaving the door open to ending its lavish
bond purchase scheme by the close of the year.             
    * U.S. retail investors are losing their appetite for
physical gold as buoyant stock markets offer tempting
alternatives, sending sales of newly minted coins to their
lowest in a decade.             
    * Australia's biggest gold miner Newcrest Mining Ltd
         on Thursday reported a fall in third-quarter output and
cut its full year production forecast for gold and copper.
            
    * Kyrgyz gold miner Kyrgyzaltyn has not yet seen or studied
an offer by Chaarat Gold Holdings         to take over the
Kumtor gold mine, its deputy chief executive, Bektur Sagynov,
said on Wednesday.             
    * South Africa's Gold Fields          reported lower
production for the March quarter and flagged more challenges at
its problematic South Deep mine on Wednesday, sending its share
price sharply lower.             
    * World No. 1 platinum producer Anglo American Platinum
(Amplats)          said on Wednesday it had raised 390 million
rand ($31 million) after the sale of most of its stake in
smaller black-owned rival Royal Bafokeng Platinum         .
            
    
    DATA/EVENT AHEAD (GMT)
    
    0600  Germany       GfK consumer sentiment          May
    1145  European Central Bank interest rate announcement
    1230  ECB President Mario Draghi holds news briefing
    1230  U.S.          Durable goods                 March
    1230  U.S.          Advance goods trade balance   March
    1230  U.S.          Wholesale inventories         March
    1230  U.S.          Weekly jobless claims

 (Reporting by Swati Verma in Bengaluru; Editing by Biju
Dwarakanath)
  
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