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Gold prices steady as interest rate outlook pressures dollar

Reuters  |  BENGALURU 

BENGALURU (Reuters) - Gold prices held near seven-month highs on Thursday as the dollar was pressured by rising expectations the will keep steady this year, while investors also waited for further on Sino-U.S. trade talks.

FUNDAMENTALS

* Spot gold was a tad lower at $1,292.46 per ounce at 0141 GMT, hovering near Friday's peak of $1,298.42 - a level last seen in June.

* U.S. gold futures rose 0.1 percent to $1,293.20 per ounce.

* Palladium dipped 0.8 percent to $1,316.00, having scaled an all-time peak of $1,342.43 per ounce on Wednesday after a Chinese said the government was contemplating policies to increase domestic buying of automobiles.

* The dollar index, which tracks the greenback against major currencies, was marginally lower during early Asian trade.

* A range of policymakers said last month that they could be patient about future interest rate increases and a few did not support the central bank's rate increase that month, minutes from their Dec. 18-19 policy meeting showed.

* China's commerce ministry said on Thursday that trade talks with the this week were extensive, deep and detailed, and established a foundation for the resolution of each others' concerns.

* Asian shares began cautiously on Thursday, struggling to rise after a multi-day rally.

* U.S. stormed out of talks with Democratic congressional leaders on Wednesday over funding for a border wall with and reopening the government, complaining the meeting in the was "a total waste of time".

* The is currently on the 19th day of a partial shutdown caused by the dispute over the wall.

* Meanwhile, British suffered an early defeat to her Brexit plans on Wednesday when parliament demanded the government come up with a plan-B within days if she loses a vote on her deal to leave the

* Holding in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.33 percent to 799.18 tonnes on Wednesday. [GOL/ETF]

DATA AHEAD (GMT)

0130 Consumer prices(Dec)

0130 Producer prices(Dec)

1330 U.S. Initial jobless claims

1745 U.S. Fed Chair Jerome Powell speaks at Economic Club of Washington

(Reporting by K. Sathya Narayanan in Bengaluru; Editing by Joseph Radford)

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

First Published: Thu, January 10 2019. 09:19 IST
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