June 27, 2017 / 12:59 AM / 4 months ago

PRECIOUS-Gold inches down on firmer dollar ahead of Yellen speech

    BENGALURU, June 27 (Reuters) - Gold edged down on Tuesday on
a firmer dollar ahead of a speech by Federal Reserve Chair Janet
Yellen, which may give clues on the pace of possible interest
rate hikes by the U.S. central bank.
    
    FUNDAMENTALS    
    * Spot gold        had fallen 0.2 percent to $1,241.11 per
ounce by 0046 GMT. It hit a near six-week low of $1,236.46 in
the previous session.
    * U.S. gold futures         for August delivery dropped 0.3
percent to $1,241.90 per ounce.
    * On Monday, gold tumbled to its lowest price in nearly six
weeks as a large sell order hit sentiment, though losses were
limited by political uncertainty around the world.             
    * The Fed's Yellen is set to deliver a speech in Europe on
Tuesday. Analysts said traders were expecting Yellen to maintain
a positive outlook on the U.S. economy despite a recent batch of
weak U.S. economic data, thereby supporting the Fed's forecast
of raising interest rates once more this year and three times
next year.    
    * The U.S. dollar hit a one-month high against the yen and
rebounded against the euro on Monday after the European Central
Bank chief defended the ECB's easy monetary policy.       
    * The U.S. Supreme Court on Monday handed a victory to
President Donald Trump by reviving parts of a travel ban on
people from six Muslim-majority countries that he said is needed
for national security but that opponents decry as
discriminatory.                 
    * Twenty-two million Americans would lose insurance over the
next decade under the healthcare bill drafted by U.S. Senate
Republicans, a nonpartisan congressional office said on Monday,
likely making it more difficult for the already-fraught
legislation to win support for speedy passage.             
    * Prime Minister Theresa May struck a deal on Monday to prop
up her minority government by agreeing to at least 1 billion
pounds ($1.3 billion) in extra funding for Northern Ireland in
return for the support of the province's biggest Protestant
party.             
    *  South African precious metals producer Sibanye Gold
         aims to resume production at its strike-hit Cooke Mine
later this week, but first plans to conduct safety inspections
in the shafts on Monday.             
    * Russia raised its gold holdings by 7.2 tonnes to 1,687.3
tonnes in April, while Kazakhstan ramped up its holdings by 3.2
tonnes to 270.918 tonnes during the same period, according to
IMF data                    
    
    DATA AHEAD (GMT) 
    1300   US   S&P/Case-Shiller home price index    April 
    1400   US   Richmond Fed manufacturing index      June  
    1400   US   Consumer confidence index          June

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

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