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Gold up on a softer dollar; U.S. CPI, Fed minutes in focus

Reuters  |  BENGALURU 

BENGALURU (Reuters) - Gold prices rose early on Wednesday as the dollar index hovered near two-week lows, with markets awaiting key U.S. data and minutes from the Federal Reserve's March meeting.

FUNDAMENTALS

* Spot gold was on track for a fourth straight session of gains, up 0.2 percent at $1,341.26 an ounce as of 0114 GMT. Prices earlier rose to a one-week high of $1,342.64 an ounce.

* U.S. gold futures were unchanged at $1,346 an ounce.

* The dollar index <.DXY>, which measures the greenback against six other major currencies, was steady at 89.567, not far from a two-week low of 89.544 hit on Tuesday.

* Chinese promised on Tuesday to open the country's further and lower import tariffs on products like cars, in a speech seen as an attempt to defuse an escalating trade dispute with the

* U.S. welcomed Xi's promise to open China's further, expressing confidence the world's two largest economies would come through an ongoing trade spat and "make great progress together."

* U.S. prices increased more than expected in March, boosted by rising and food costs, pointing to a steady buildup of pressures.

* The U.S. likely expanded at a 2.0 percent annualised rate in the first quarter in the wake of the March payrolls data released on Friday, the Atlanta Federal Reserve's GDPNow forecast model showed on Tuesday.

* The should not delay raising interest rates again, one of its top policymakers, said, pointing to the possibility of faster pay rises and the recent strong pick-up in the world

* The could stagger the process of raising euro zone interest rates by first lifting its sub-zero deposit rate back toward positive territory, one of its longest-standing policymakers, Ewald Nowotny, said on Tuesday.

* NL decided to curtail construction works on the Leonora gold project pending a full review of capital cost and schedule for completion, the company said on Wednesday.

(Reporting by in Bengaluru; editing by Richard Pullin)

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

First Published: Wed, April 11 2018. 06:56 IST
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