Gold hovers near 2-week high amid steady dollar, weaker stocks

(Reuters) - Gold prices edged up on Thursday, trading within sight of a two-week high touched in the previous session, as the dollar held steady and Asian stocks slipped.

FUNDAMENTALS

* Spot gold was up 0.1 percent at $1,266.56 an ounce at 0104 GMT, after hitting its best since Dec. 6 at $1,267.81 in the previous session.

* U.S. gold futures were steady at $1,270 an ounce.

* The dollar edged down 0.1 percent at 113.25 yen . The dollar was steady against a basket of six major currencies <.DXY>.

* Asian markets offered a muted reaction on Thursday to the passage of U.S. tax cuts as benefits to company bottom lines were already baked into stock prices, while bonds were spooked by the blowout in government debt needed to fund the giveaways. [MKTS/GLOB]

* The Republican-controlled U.S. House of Representatives gave final approval on Wednesday to the biggest overhaul of the U.S. tax code in 30 years, sending a sweeping $1.5 trillion tax bill to President Donald Trump for his signature.

* Trump on Wednesday threatened to cut off financial aid to countries that vote in favor of a draft United Nations resolution calling for the United States to withdraw its decision to recognize Jerusalem as Israel's capital.

* U.S. home sales increased more than expected in November, hitting their highest level in nearly 11 years, the latest indication that housing was regaining momentum after almost stalling this year.

* The European Union introduced new rules on Wednesday to guard against excessively cheap imports and singled out China for special attention in a report spelling out how its economy is distorted by the state.

* Bank of England Governor Mark Carney sees "fundamental problems" with the idea of a digital currency issued by a central bank that could be used by the general public.

* The Bank of Japan is expected to keep monetary policy steady on Thursday and reassure markets it will only end crisis-mode stimulus when inflation is heading more decisively towards its 2 percent target.

DATA/EVENT AHEAD (GMT)

0745 France Business climate Dec

1330 U.S. GDP Final Q3

1330 U.S. Weekly jobless claims

1330 U.S. National activity index Nov

1330 U.S. Philly Fed business index Dec

1400 U.S. Monthly home price index Oct

1500 U.S. Leading index Nov

1500 U.S. Consumer confidence flash Dec

(Reporting by Apeksha Nair in Bengaluru; Editing by Amrutha Gayathri)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)