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Gold prices edge up after hitting fresh 2018 low

Reuters  |  BENGALURU 

BENGALURU (Reuters) - Gold prices recovered slightly early on Wednesday, after sliding to the lowest level this year in the previous session on surging U.S. yields and a stronger dollar.

FUNDAMENTALS

* Spot gold rose 0.2 percent to $1,292.73 per ounce at 0048 GMT, after shedding 1.7 percent and marking the lowest this year at $1,288.31 in the previous session.

* This was also the lowest price level for the since Dec. 28.

* U.S. gold futures for June delivery were up 0.1 percent at $1,292.10 per ounce.

* The dollar hovered near a five-month high against a group of major currencies on Wednesday, as a surge in the benchmark 10-year Treasury yield above 3 percent reignited a rally that had lost steam last week. [USD/]

* The yield on the benchmark U.S. 10-year Treasury note hit its highest in about seven years on Tuesday on the heels of a report that indicated a pick-up in consumer spending, lifting the dollar to its strongest level this year. [US/]

* U.S. increased marginally in April as rising gasoline prices cut into discretionary spending, but consumer spending appeared on track to accelerate after slowing sharply in the first quarter.]

* Federal Reserve Jerome Powell's top deputies are edging toward a clash that could shape the pace of interest-rate hikes in coming months, as well as how the Fed should prepare for and combat the next economic downturn.

* of England said in an interview on Tuesday with that the central will not "spoon feed" markets with meeting-by-meeting interest rate hikes.

* The is seeking to make a trade deal with China, said on Tuesday.

* on Wednesday threw into question an unprecedented summit between its leader and U.S. scheduled for next month, denouncing military exercises between and the as a provocation and calling off high-level talks with

* Palestinians buried the dead on Tuesday from the bloodiest day in in years, after Israeli forces killed 60 Palestinians near the Gaza-border during demonstrations against the opening of the

* European powers vowed to keep the 2015 nuclear deal alive without the by trying to keep Iran's and investment flowing, but admitted they would struggle to provide the guarantees seeks.

* The said on Tuesday it had suspended the from its gold and silver good delivery lists due to "ownership related issues".

(Reporting by in Bengaluru; Editing by Sunil Nair)

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

First Published: Wed, May 16 2018. 06:57 IST
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