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PRECIOUS-Gold steady, on track for first monthly loss in three
September 29, 2017 / 1:07 AM / 3 months ago

PRECIOUS-Gold steady, on track for first monthly loss in three

    Sept 29 (Reuters) - Gold prices held steady early on Friday
just above the previous session's six-week low, supported by a
weaker dollar, but remained on course for their biggest monthly
fall this year.
   
    FUNDAMENTALS    
    * Spot gold        was nearly unchanged at $1,286.86 per
ounce at 0044 GMT, on track for a monthly drop of about 2.7
percent. That would mark its largest monthly decline so far in
2017 and the first such fall in three months.
    * The metal was also on track for a third straight weekly
decline, although it looks set to end the quarter up around 3.7
percent.     
    * U.S. gold futures         for December delivery edged up
0.1 percent to $1,289.80 per ounce.    
    * The dollar slipped against a basket of currencies on
Thursday, snapping a three-day winning streak, as investors
looked to take profits on the greenback's rally this week ahead
of the end of the quarter.       
    * Stocks globally rose modestly as investors digested U.S.
economic data and the prospects for a U.S. tax reform plan
proposed by President Donald Trump.            
    * The U.S. economy expanded a bit faster than previously
estimated in the second quarter, recording its quickest rate of
growth in more than two years, but the momentum likely slowed in
the third quarter due to the impact of Hurricanes Harvey and
Irma.             
    *  The White House struggled on Thursday to defend its new
tax plan against criticism that it would help the rich at the
expense of lower classes, as Republicans in Congress prepared to
move ahead with actual legislation.                  
    * The World Gold Council (WGC) plans to form a committee
soon to help set up India's first spot gold exchange within 12
to 18 months, a senior official from the industry body said on
Thursday.             
    * Japan's core consumer prices rose 0.7 percent in August
from a year earlier, government data showed on Friday. The core
consumer price index, which includes oil products but excludes
fresh food prices, compared with economists' median estimate for
a 0.7 percent annual gain.             
    * Japan's industrial output rose 2.1 percent in August from
the previous month, preliminary government data showed on
Friday.             
    
    DATA/EVENT AHEAD (GMT)
     - 0830  U.K.   GDP                     Q2 
     - 1230  U.S.   Personal Income         Aug 
     - 1345  U.S.   Chicago PMI             Sept 
     - 1400  U.S.   U Mich Sentiment Final  Sept 
     - 1430  U.S.   ECRI weekly index       Weekly     
    

 (Reporting by Nithin Prasad in Bengaluru; Editing by Joseph
Radford)
  

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