November 23, 2017 / 1:25 AM / 22 days ago

PRECIOUS-Gold inches down amid Fed inflation concerns

    Nov 23 (Reuters) - Gold prices nudged lower early Thursday,
after gaining nearly one percent in the previous session on
weaker U.S. economic data and concerns by some Federal Reserve
policymakers about lower inflation.
              
    FUNDAMENTALS    
    * Spot gold        was down 0.1 percent at $1,290.74 per
ounce by 0109 GMT. 
    * U.S. gold futures         for December delivery edged 0.1
percent lower at $1,290.70.
    * Many Federal Reserve policymakers expect that interest
rates will have to be raised in the "near term," according to
the minutes of the U.S. central bank's last policy meeting
released on Wednesday. However, some members expressed concern
over the inflation outlook and emphasized they would be looking
at upcoming economic data before deciding the timing of future
rate rises.            
    * New orders for key U.S.-made capital goods unexpectedly
fell in October after three straight months of hefty gains, but
a sustained increase in shipments pointed to robust business
investment and economic momentum as the year winds down.
            
    * Asian shares edged ahead on Thursday as speculation the
Federal Reserve might not tighten U.S. policy as aggressively as
first thought slugged the dollar and boosted bonds globally.
           
    * Brexit-bound Britain slashed its economic growth forecasts
and ramped up its borrowing plans going into the 2020s, but
finance minister Philip Hammond announced a number of spending
steps aimed at winning back voters.             
    * The European Central Bank will reaffirm its policy stance
at its December meeting, and rate-setters hope to put off debate
on new moves until well into next year, five sources with direct
knowledge of the discussion told Reuters.             
    * When Theresa May visits Brussels on Friday, EU negotiators
will be listening intently for signs the British prime minister
is preparing to risk a domestic backlash and raise her offer to
secure a Brexit deal in December.             
    * Germany's Social Democrats (SPD) faced pressure on
Wednesday to consider offering coalition talks to Chancellor
Angela Merkel's conservatives to settle the worst political
crisis in modern German history.                 
    
    DATA/EVENT AHEAD (GMT)
    0700  Germany  Detailed GDP                        Q3
    0745  France Business climate                      Nov
    0800  France Markit manufacturing PMI flash        Nov
    0830  Germany Markit manufacturing PMI flash       Nov
    0900  Euro zone Markit manufacturing PMI flash     Nov
    0930  Britain GDP 2nd Release                      Q3       

 (Reporting by Vijaykumar Vedala in Bengaluru; editing by
Richard Pullin)
  

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