November 13, 2018 / 1:39 AM / a month ago

PRECIOUS-Gold prices inch up after hitting 1-month low

Nov 13 (Reuters) - Gold prices edged higher on Tuesday, as investors looked for bargains after the metal fell to a more than one-month low on a stronger U.S. dollar.

FUNDAMENTALS

* Spot gold was up 0.2 percent at $1,202.99 per ounce at 0125 GMT, having touched their lowest since Oct. 11 at $1,199.72 earlier in the session.

* U.S. gold futures were flat at $1,203.4 per ounce.

* Asian shares stumbled on Tuesday after a rout in tech stocks inflicted a hefty sell-off on Wall Street, while the dollar hit a 16-month peak on safe haven bets amid political risks in Europe and acrimonious Sino-U.S. trade relations.

* With the U.S. economy at or beyond full employment and inflation likely to rise slightly above a 2 percent goal over the next year, the Federal Reserve should continue to raise rates gradually, its newest policymaker said Monday — but not necessarily next month.

* British Prime Minister Theresa May said on Monday that there were still considerable unresolved issues with the European Union over Brexit as the two sides approached the “endgame” in negotiations for departure from the bloc.

* China will further open its economy in the face of rising protectionism, Premier Li Keqiang said as he arrived in Singapore on Monday for meetings with Asia-Pacific leaders that will focus on speeding up work on a major new trade pact.

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.90 percent to 762.00 tonnes on Monday.

* Turkey raised gold holdings by 7.87 tonnes to 471.44 tonnes in October, according to International Monetary Fund.

* The Bank of France has partnered with U.S. banking group JPMorgan to expand its range of gold bullion services for central banks, sources familiar with the matter said on Monday.

DATA AHEAD (GMT)

1000 Germany ZEW economic sentiment Nov

1000 Euro zone ZEW survey expectations Nov

1100 U.S. NFIB business optimism Oct (Reporting by Eileen Soreng in Bengaluru)

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