June 20, 2017 / 1:10 AM / in 6 months

PRECIOUS-Gold inches higher after 5-wk low as dollar gains on rate hike views

    BENGALURU, June 20 (Reuters) - Gold edged higher on Tuesday
after hitting near five-week lows in the previous session when
the dollar rose as an influential Federal Reserve official
reaffirmed the central bank's hawkish stance.
       
    FUNDAMENTALS    
    * Spot gold        rose 0.1 percent to $1,243.90 per ounce,
as of 0044 GMT, after it hit a fresh near five-week low of
$1,242.61 during the session.
    * U.S. gold futures         for August delivery fell 0.1
percent to $1,245.10 per ounce.   
    * New York Federal Reserve President William Dudley
reinforced expectations that the U.S. central bank will continue
on its path of tightening monetary policy.              
    * World stock markets climbed on Monday as technology and
retail stocks rebounded from recent weakness and U.S. Treasury
yields rose in the wake of hawkish comments from a Federal
Reserve official.            
    * The dollar reached to session highs against the euro and
yen on Monday as comments from New York Federal Reserve
President William Dudley, suggesting the central bank remains on
track to raise U.S. interest rates further despite recent
disappointing inflation data.       
    * With inflation stubbornly soft despite a 16-year low in
the U.S. unemployment rate, the Federal Reserve should move only
slowly to raise interest rates and trim its massive bond
portfolio, Chicago Fed President Charles Evans said Monday.
            
    * Confidence among Japanese manufacturers bounced in June to
match a decade-high level recorded in April and is expected to
rise for several months, a Reuters survey found, providing more
evidence of economic recovery.             
    * The two men in charge of Britain's economy are expected to
spell out on Tuesday how they plan to prevent a further hit to
its already weakened growth prospects following the launch of
the country's historic Brexit talks.                 
    * The British and EU Brexit negotiators agreed how to
organise talks on Britain's divorce at a first meeting in
Brussels on Monday, where both sides stressed goodwill but also
the huge complexity and tight deadline.             
    * Sibanye Gold's          Cooke mine in South Africa will
remain shut until at least Thursday as the company goes through
an appeals process for workers fired for taking part in a
wildcat strike, it said on Monday.   
    
    DATA AHEAD (GMT) 
     0600  Germany      Producer prices                May 
     0800  Euro zone    Current account                Apr 
     1230  U.S.         Current account                Q1 

 (Reporting by Nithin Prasad in Bengaluru; Editing by Richard
Pullin)
  

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