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Gold ticks higher on softer dollar; cenbank meetings in focus

Reuters  |  BENGALURU 

BENGALURU (Reuters) - Gold prices edged higher in early Asian trade on Monday as the dollar softened ahead of key central and the U.S.-this week, and as a weekend fanned trade war fears.


* Spot gold was up 0.1 percent at $1,298.78 per ounce at 0049 GMT.

* U.S. gold futures for August delivery were nearly unchanged at $1,302.80 per ounce.

* The dollar index, which measures the greenback against a basket of six major currencies, was down 0.1 percent at 93.452.

* Tightening policy by a notch just one day apart, the world's top two central banks will hope to signal confidence in global economic growth, despite risks of a trade war, currency swings and political turbulence.

* U.S. arrived in on Sunday for a historic with North Korean leader that could lay the groundwork for ending a nuclear stand-off between the old foes and the transformation of the isolated Asian nation.

* The and swung sharply towards a diplomatic and trade crisis on Sunday as top advisers lashed out at Canadian a day after Trump called him "very dishonest and weak."

* Chinese Xi Jinping, whose country is locked in a high-stakes trade dispute with the United States, on Sunday said rejects "selfish, shortsighted" trade policies, and called for building an open global

* Speculators cut their net long position in COMEX gold by 3,169 contracts to 58,066 contracts in the week to June 5, (CFTC) data showed on Friday.

* Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.46 percent to 828.76 tonnes on Friday.

* Physical gold demand was soft in major Asian hubs last week with global prices moving in a tight range, while forced sellers in to offer wider discounts during a slow period for buying the

* Palladium, widely used in catalytic converters in cars, looks buoyant as visible stockpiles slide to eight-year lows, but it may become a victim of its own success if concerns over availability hasten a drive among carmakers towards substitutes.

(Reporting by in Bengaluru; Editing by Subhranshu Sahu)

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

First Published: Mon, June 11 2018. 09:12 IST