August 7, 2018 / 1:08 AM / 3 months ago

PRECIOUS-Gold prices crawl up on steady dollar

    BENGALURU, Aug 7 (Reuters) - Gold prices edged up on a
steady U.S. dollar early Tuesday, but expectations for further
interest rate hikes in the United States supported the greenback
and limited interest in the  metal.   
    
    FUNDAMENTALS  
    * Spot gold        was up 0.2 percent at $1,208.06 an ounce
at 0051 GMT.
    * U.S. gold futures         were little changed at $1217.10
 an ounce.
    * Asian stocks were largely steady on Tuesday, with worries
over the U.S.-China trade conflict offsetting support from
earnings-led gains on Wall Street.            
    * On Tuesday the pound held near an 11-month low against the
dollar reached overnight on worries of a "hard" Brexit for
Britain, while simmering U.S.-China trade tensions helped
support the greenback.       
    * The dollar index       , which measures the greenback
against a basket of six major currencies, was unchanged at
95.348.
    * Chinese state media on Monday criticised U.S. President
Donald Trump's trade policies in an unusually personal attack,
and sought to reassure investors anxious about China's economy
as growth concerns battered its financial markets.             
    * China's central bank has reimposed reserve requirements on
some FX options from Monday, two people with direct knowledge of
the development said.             
    * China's exports are expected to have maintained solid
growth in July despite new tariffs on billions of dollars of
shipments to the United States, though the outlook has darkened
as both sides raised the stakes in a trade conflict that has
rattled financial markets.             
    * The Trump administration will aggressively enforce
economic sanctions that it is re-imposing on Iran this week and
expects the measures to have a significant impact on the Iranian
economy, senior U.S. administration officials said on Monday.
            
    * Trump's top security adviser urged Iran on Monday to take
up an offer of talks with the United States or suffer more pain
from economic sanctions, but Iran's president said Washington
needed first to prove it can be trusted.             
    * The European Central Bank continued to skew its government
bond purchases towards the longer end of the yield curve last
month, broadly maintaining the average remaining maturity of its
massive debt pile, data showed on Monday.             
    * SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.78 percent to
788.71 tonnes on Monday from 794.90 tonnes on Friday.
            
    
    DATA AHEAD (GMT)
    0600  Germany          Industrial output          Jun
    0600  Germany          Trade data                 Jun
    0645  France           Trade data                 Jun
    0645  France           Current account            Jun

 (Reporting by Apeksha Nair in Bengaluru
Editing by Eric Meijer)
  
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