Gold recovers from two-week low on softer dollar
Reuters|
Updated: Oct 24, 2017, 08.10 AM IST
Commodity Summary MCX
| GOLD |
Gold edged up on Tuesday, recovering from a more than two-week low hit in the previous session, on the back of a slightly weaker dollar.
FUNDAMENTALS
* Spot gold was up 0.1 per cent at $1,283.36 an ounce by 0043 GMT. It hit its lowest since Oct. 6 at $1,271.86 in the previous session.
* US gold futures for December delivery rose 0.3 per cent to $1,284.80 per ounce.
* The dollar index was down 0.1 per cent at 93.788. The dollar slipped 0.1 per cent to 113.35 yen after touching an over three-month high in the previous session.
* US President Donald Trump will urge President Xi Jinping to make good on his commitments to pressure North Korea when he visits China next month, a senior White House official said on Monday, stepping up a strategy to have Beijing help rein in Pyongyang.
* Trump on Monday dismissed the possibility of curbing a popular tax-deferred US retirement savings programme to help pay for his sweeping tax cuts, and voiced doubts about adding another top bracket targeting the wealthiest Americans.
* Trump told reporters on Monday he is "very, very close" to making his decision on who should chair the Federal Reserve.
* The Fed will raise interest rates in December and twice next year, according to a Reuters poll of economists, who now worry that the central bank will slow its tightening because of expectations that inflation will remain low.
* Bank of England Deputy Governor Jon Cunliffe again raised doubts about whether he will back an interest rate rise next week, describing it as an "open question" in an interview published by a Welsh newspaper on Monday.
* Catalonia said on Monday it was confident all officials including police would defy attempts by Madrid to enforce direct rule on the region in a dispute that is raising fears of unrest among Spain's European allies.
* South Africa's Gold Fields said its third-quarter gold output rose 3 per cent compared with the previous quarter, buoyed by a 10 per cent surge in production at their South Deep mine.
FUNDAMENTALS
* Spot gold was up 0.1 per cent at $1,283.36 an ounce by 0043 GMT. It hit its lowest since Oct. 6 at $1,271.86 in the previous session.
* US gold futures for December delivery rose 0.3 per cent to $1,284.80 per ounce.
* The dollar index was down 0.1 per cent at 93.788. The dollar slipped 0.1 per cent to 113.35 yen after touching an over three-month high in the previous session.
* US President Donald Trump will urge President Xi Jinping to make good on his commitments to pressure North Korea when he visits China next month, a senior White House official said on Monday, stepping up a strategy to have Beijing help rein in Pyongyang.
* Trump on Monday dismissed the possibility of curbing a popular tax-deferred US retirement savings programme to help pay for his sweeping tax cuts, and voiced doubts about adding another top bracket targeting the wealthiest Americans.
* Trump told reporters on Monday he is "very, very close" to making his decision on who should chair the Federal Reserve.
* The Fed will raise interest rates in December and twice next year, according to a Reuters poll of economists, who now worry that the central bank will slow its tightening because of expectations that inflation will remain low.
* Bank of England Deputy Governor Jon Cunliffe again raised doubts about whether he will back an interest rate rise next week, describing it as an "open question" in an interview published by a Welsh newspaper on Monday.
* Catalonia said on Monday it was confident all officials including police would defy attempts by Madrid to enforce direct rule on the region in a dispute that is raising fears of unrest among Spain's European allies.
* South Africa's Gold Fields said its third-quarter gold output rose 3 per cent compared with the previous quarter, buoyed by a 10 per cent surge in production at their South Deep mine.
