August 28, 2017 / 1:17 AM / a year ago

PRECIOUS-Gold rises to 1-week high after Yellen's speech

    BENGALURU, Aug 28 (Reuters) - Gold rose to its highest in
over a week early Monday, extending gains from the previous
session, after Federal Reserve Chair Janet Yellen skipped any
mention of monetary policy in a speech at a central bankers
meeting in Jackson Hole.
    * Spot gold        rose 0.2 percent at $1,293.62 an ounce by
0046 GMT, after reaching its highest since Aug. 18 at $1,294.70
earlier. It gained nearly 0.4 percent in the previous session. 
    * U.S. gold futures         for December delivery were
nearly unchanged at $1,298.60 per ounce.
    * The euro hit a 2 1/2-year high against the dollar early on
Monday after European Central Bank President Mario Draghi
refrained from talking down the single currency.       
    * The European Central Bank's ultra-easy monetary policy is
working and the euro zone's economic recovery has taken hold
even if more time is needed to lift inflation to the bank's 2
percent target, ECB President Mario Draghi said on Friday.
    * Reforms put in place after the 2007 to 2009 crisis have
strengthened the financial system without impeding economic
growth and any changes to these rules should remain modest,
Yellen said on Friday in her fullest defense yet of the
regulations enacted after the Great Recession.             
    * Yellen also delivered a message to President Donald Trump
on Friday, making it clear that if he re-nominates her as
Federal Reserve chair she will not turn her back on the raft of
U.S. financial reforms that Republicans want to roll back.
    * Low inflation and a strong labor market in the United
States are allowing the Federal Reserve to be "patient" about
when it next raises interest rates, Fed Governor Jerome Powell
said on Friday.             
    * Dallas Federal Reserve Bank President Robert Kaplan
repeated on Friday his call for patience on raising interest
rates any further, but speed on starting the reduction of the
Fed's $4.5 trillion balance sheet.             
    * U.S. President Donald Trump renewed his threat to scrap
NAFTA and ripped on trading partners Canada and Mexico in a
tweet early on Sunday, days before the three countries were
scheduled to hold a second round of negotiations on rewriting
the 23-year-old agreement.             
    * India restricted imports of gold and silver from South
Korea from Friday, the government said in statement.
    1230  U.S.  Adv Good Trade Balance   Jul 
    1430  U.S.  Dalls Fed Mfg Bus Idx    Aug 

 (Reporting by Apeksha Nair in Bengaluru; Editing by Richard
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