June 15, 2018 / 1:16 AM / 5 days ago

PRECIOUS-Gold steady below 1-month high, heads for 2nd weekly gain

    BENGALURU, June 15 (Reuters) - Gold traded steady in early
Asian trade on Friday, after hitting a one-month high in the
previous session on the European Central Bank's decision to keep
interest rates steady through the summer of 2019 and looming
trade worries.
    
    FUNDAMENTALS  
    * Spot gold        was unchanged at $1,301.31 per ounce at
0047 GMT. It touched its highest since May 15 at $1,309.30 an
ounce on Thursday. The metal was on track for a second straight
weekly gain.
    * U.S. gold futures         for August delivery were 0.2
percent lower at $1,305.10 per ounce.
    * The European Central Bank will shut its hallmark bond
purchase scheme by the close of the year, taking its biggest
step yet towards dismantling crisis-era stimulus a decade after
the start of the euro zone's economic downturn. It also sees
interest rates steady "at least through the summer of 2019"
            
    * U.S. President Trump has made up his mind to impose
"pretty significant" tariffs on Chinese goods, an administration
official said on Thursday, as Beijing warned that it was ready
to respond if Washington chose to ratchet up trade tensions.
            
    * Tough sanctions will remain on North Korea until its
complete denuclearisation, the U.S. secretary of state said on
Thursday, apparently contradicting the North's view that the
process agreed at this week's summit would be phased and
reciprocal.             
    * China's economy is finally starting to cool under the
weight of a multi-year crackdown on riskier lending that is
pushing up borrowing costs for companies and consumers, with
data on Thursday pointing to a broad slowdown in activity in
May.             
    * Japan's central bank will likely debate on Friday
structural factors that may be dragging on inflation, which has
been disappointingly weak and could make talk of an exit from
ultra-loose monetary policy a distant prospect.             
    * Gold discounts in India were at their widest in nine
months this week as higher domestic prices tempered retail
purchases, while buying in other Asian centres remained subdued
amid a lack of significant momentum in global prices.         
    * German technology group Heraeus            will open a
precious metals refinery and recycling plant in China in
September to take advantage of the country's rising demand for
platinum group metals.             

    DATA AHEAD (GMT)
    
    0130  China      House prices                           May
    0600  Germany    Wholesale price index                  May
    0900  Euro zone  Eurostat trade                        April
    1230  U.S.       New York Fed manufacturing             June
    1315  U.S.       Industrial production                  May
    1400  U.S.       University of Michigan sentiment index June

 (Reporting by Karen Rodrigues in Bengaluru; Editing by
Subhranshu Sahu)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below