June 6, 2017 / 1:19 AM / in 6 months

PRECIOUS-Gold steady near late April highs as Asian stocks slip

    June 6 (Reuters) - Gold held steady early Tuesday, hovering
close to a more than six-week high hit in the previous session,
on weaker Asian stocks and amid tapered expectations for
aggressive U.S. rate hikes this year.     
    
    FUNDAMENTALS    
    * Spot gold        rose 0.1 percent to $1,280.60 per ounce
at 0105 GMT. On Monday, it hit a peak of $1,283.27 an ounce, its
highest level since April 21.
    * U.S. gold futures         for August delivery rose 0.1
percent to $1,283.6 an ounce.  
    * Palladium        on Monday hit its strongest level since
September 2014 at $849.40.
    * MSCI's broadest index of Asia-Pacific shares outside Japan
                fell 0.2 percent in early trade, pulling back
from a two-year high hit on Monday.            
    * U.S. services sector activity slowed in May as new orders
tumbled, but a jump in employment to a near two-year high
pointed to sustained labor market strength despite a
deceleration in job growth last month.             
    * Euro zone business activity remained strong in May,
underpinned by increasing demand, according to a survey released
on Monday, which suggested the pace of growth was putting the
economy on a path towards a sustained recovery.               
    * The Arab world's biggest powers cut ties with Qatar on
Monday, accusing it of support for Islamist militants and Iran,
and reopening a festering wound two weeks after U.S. President
Donald Trump's demand for Muslim states to fight
terrorism.            
    * China's economy is likely to have remained on a stable
footing in May, buoyed by solid gains in trade and investment as
economic ties with the United States take a positive turn and
infrastructure spending cushions domestic growth.             
    * India's gold imports in May surged fourfold from a year
ago to 103 tonnes as jewellers increased purchases to replenish
inventory and stock up ahead of a new national sales tax,
provisional data from consultancy GFMS showed.             
    * Russia's largest gold producer Polyus on Monday announced
its intention to conduct offering on the London Stock Exchange
and the Moscow Exchange.             
    * Russia produced 68.68 tonnes of gold in the first four
months of 2017, up from 67.75 tonnes in the same period last
year, the finance ministry said in a statement on Monday.
            
                    
    DATA AHEAD (GMT)  
    0830  Euro zone   Sentix index   Jun 
    0900  Euro zone   Retail sales   Apr     

 (Reporting by Vijaykumar Vedala in Bengaluru; Editing by
Richard Pullin)
  

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