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PRECIOUS-Gold prices steady, but off 9-month highs as dollar firms
August 21, 2017 / 1:28 AM / a month ago

PRECIOUS-Gold prices steady, but off 9-month highs as dollar firms

    BENGALURU, Aug 21 (Reuters) - Gold prices held steady early
on Monday as the dollar firmed, with the precious metal trading
below an intra-day nine-month high hit on Friday when political
and security concerns jangled investors' nerves and stoked
demand.
     
    FUNDAMENTALS    
    * Spot gold        was nearly unchanged at $1,283.30 an
ounce by 0111 GMT, after surging to its highest in over nine
months on Friday at $1300.80.
    * U.S. gold futures         for December delivery slipped
0.2 percent to $1,289.40 per ounce.
    * The dollar edged up in early Asian trading on Monday,
moving tentatively away from the previous session's four-month
low against the yen when concerns that personnel changes at the
White House weighed on expectations for U.S. President Donald
Trump's ability to pass tax reform and stimulus steps.       
    * The New York Federal Reserve on Friday raised its estimate
of U.S. gross domestic product growth for the third quarter
above 2 percent based on this week's data on retail sales,
industrial output and regional manufacturing.             
    * The stock market's steady rise, still low long-term bond
yields and a generally sagging dollar are girding the Fed's
intent to raise interest rates again this year despite concerns
about weak inflation, according to comments this week from Fed
officials and analysts anticipating remarks next week by Chair
Janet Yellen.             
    * The Dubai Gold and Commodities Exchange and Saudi Arabian
conglomerate Ayedh Dejem Group said on Sunday they plan to
develop and launch the Middle East's first sharia-compliant spot
gold contract to be traded on an international exchange.
            
    * Gold prices in India were at their widest discount to
international prices in 11 months on Friday due to sluggish
demand and an influx of the precious metal sourced from South
Korea.          
    * SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings rose 0.48 percent to
799.29 tonnes on Friday.          
    * Hedge funds and money managers hiked their net long
position in COMEX gold futures and options for a fifth straight
week in the week to Aug. 15, as geopolitical worries sent prices
to a two-month high.              
            
     DATA AHEAD (GMT) 
   
     1230  U.S.      National activity index         Jul 
   

 (Reporting by Apeksha Nair in Bengaluru; Editing by Kenneth
Maxwell)
  

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