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PRECIOUS-Gold rally pauses ahead of U.S. inflation data
October 13, 2017 / 1:18 AM / 8 days ago

PRECIOUS-Gold rally pauses ahead of U.S. inflation data

    Oct 13 (Reuters) - Gold prices were little changed amid a
steady dollar on Friday, halting a five-day rally as investors
wait for key U.S. inflation data for clues on the outlook for
potential hikes in U.S. interest rates.
       
    FUNDAMENTALS    
    * Spot gold        was nearly unchanged at $1,293.76 an
ounce at 0054 GMT after gaining for five straight sessions.  
    * U.S. gold futures         for December delivery were flat 
at $1,296.10 per ounce.
    * The dollar steadied in early Asian trading on Friday, on
track for weekly losses as investors awaited the U.S. inflation
data to gauge the likelihood that the Federal Reserve will stick
to its plan to raise interest rates again this year.       
    * U.S. producer prices rose in September as the price of
gasoline recorded its biggest gain in more than two years amid
hurricane-related production disruptions at oil refineries in
Texas.             
    * The Fed needs to mount a clear defence of its 2 percent
inflation target and stop raising rates until the pace of price
increases strengthens, St. Louis Fed President James Bullard
said on Thursday.              
    * European Central Bank policymakers broadly agree to extend
asset purchases at a lower volume at their October policy
meeting with views converging on a nine-month extension, five
people with direct knowledge of the discussion told Reuters.
            
    * The head of the European Central Bank defended a pledge to
keep interest rates at rock bottom on Thursday, batting back
German calls for a speedy exit from years of easy money in the
euro zone.             
    * Bank of Japan Governor Haruhiko Kuroda on Thursday
stressed the central bank's resolve to maintain its ultra-loose
monetary policy, even as its U.S. and European counterparts
begin to dial back their massive, crisis-mode monetary stimulus.
            
    * The Russian central bank is considering buying gold on the
Moscow Exchange, First Deputy Governor Ksenia Yudayeva said,
TASS state news agency said, confirming an earlier report by
Reuters.             
    * Republican lawmakers are considering indirect paths to
meeting President Donald Trump's goal of slashing the corporate
tax rate to 20 percent, one of the toughest challenges they face
in trying to overhaul the U.S. tax code.             
    * Canada's Barrick Gold Corp         , the world's largest
gold miner, estimated a decline in third-quarter gold production
amid pressure from the Tanzanian government on its Acacia Mining
         unit.                 
    
    DATA/EVENT AHEAD (GMT)
    
     *      China         Trade balance                     Sep 
     1230   U.S.          Consumer prices                   Sep 
     1230   U.S.          Retail sales                      Sep 
     1400   U.S.          Business inventories              Aug 
     1400   U.S.         Univ of Michigan sentiment index   Oct 
     *No fixed timing 

 (Reporting by Apeksha Nair in Bengaluru; Editing by Joseph
Radford)
  

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