July 9, 2018 / 1:17 AM / in a month

PRECIOUS-Gold prices edge up as dollar hovers near 3-1/2 week lows

    BENGALURU, July 9 (Reuters) - Gold prices inched up early
Monday as the dollar hovered close to a 3-1/2-week low after
U.S. jobs data showed an increase in the unemployment rate and
slower wage growth.
    
    FUNDAMENTALS  
    * Spot gold        was 0.2 percent higher at $1,256.85 an
ounce at 0055 GMT. 
    * U.S. gold futures         for August delivery were up 0.1
percent at $1,257.60 an ounce.
    * The dollar struggled near 3-1/2-week lows against its
peers on Monday after U.S. jobs data showed slower-than-expected
wages growth.       
    * The U.S. economy created more jobs than expected in June,
but steady wage gains pointed to moderate inflation pressures
that should keep the Federal Reserve on a path of gradual
interest rate increases this year.             
    * British Brexit Secretary David Davis has resigned over the
handling of a meeting to hammer out a cabinet agreement for
Prime Minister Theresa May's plans to leave the European Union,
a source close to the minister said on Monday.             
    * The United States and China exchanged the first salvos in
what could become a protracted trade war on Friday, slapping
tariffs on $34 billion worth of each others’ goods and giving no
sign of willingness to start talks aimed at a reaching a truce.
             
    * U.S. Secretary of State Mike Pompeo brushed off North
Korean charges that he used "gangster-like" diplomacy in
negotiations in Pyongyang, saying on Sunday after meeting his
Japanese and South Korean counterparts that he would keep
pursuing denuclearization talks with North Korea.             
    * European leaders say they no longer have any illusions
about Donald Trump as they welcome the U.S. president at a NATO
summit this week, but they fear his "America first" agenda may
force a moment of reckoning that works to no-one's benefit.
            
    * Over a third of sovereign investors plan to cut their
equity exposure over the next three years after a strong run in
2017, citing trade wars, geopolitics and high valuations as
headwinds to performance, a study by asset manager Invesco
showed.             
    * Gold was sold at a premium in India this week after a drop
in domestic prices boosted demand, while buyers elsewhere in
Asia were sidelined, waiting to see how the escalating trade
tensions between the United States and China would evolve,
traders said.         
    * Holdings of SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund, fell 0.15 percent to 802.24
tonnes on Friday.          
    
    DATA AHEAD (GMT)
   
    0600  Germany       Trade balance          May
    0830  Euro zone     Sentix index           July
    1400  U.S.          Employment trends      June
    

 (Reporting by Karen Rodrigues in Bengaluru; editing by Richard
Pullin)
  
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