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PRECIOUS-Gold edges up from five-week lows as equities fall
June 21, 2017 / 1:06 AM / 6 months ago

PRECIOUS-Gold edges up from five-week lows as equities fall

    BENGALURU, June 21 (Reuters) - Gold inched up on Wednesday
after hitting its lowest in five weeks in the previous session,
buoyed as equities fell.
      
    FUNDAMENTALS    
    * Spot gold        had risen 0.2 percent to $1,245.30 per
ounce by 0038 GMT, after dropping as far as $1,241 in the
previous session.
    * U.S. gold futures         for August delivery climbed 0.2
percent to $1,246.3 an ounce. 
    * A renewed slump in oil prices to seven-month lows put
Asian investors on edge on Wednesday, overshadowing a decision
by U.S. index provider MSCI to add mainland Chinese stocks to
one of its popular benchmarks.            
    * However, MSCI shocked many emerging market investors by
failing to upgrade Argentina from the frontier market category
where it has languished in recent years.             
    * Oil fell about 2 percent on Tuesday, with Brent settling
at seven-month lows and U.S. crude at its cheapest level since
September, after increased supply from several key producers
overshadowed high compliance by OPEC and non-OPEC oil producers
with a deal to cut global output.          
    * The outlook for inflation and the future of financial
stability are emerging as dueling concerns at the heart of a
debate at the U.S. central bank over how fast to proceed on
future interest-rate hikes.             
    * Dallas Federal Reserve Bank President Robert Kaplan on
Tuesday expressed doubt that short-term interest rates are very
accommodative and said he wants to wait for more data to
understand whether recent weak inflation readings are transitory
as he suspects.             
    * Bank of England Governor Mark Carney doused speculation
that he might soon back higher interest rates, telling bankers
on Tuesday that he first wanted to see how the economy coped
with Brexit talks in coming months.             
    * British finance minister Philip Hammond said on Tuesday
the world's fifth-biggest economy faced tough times as it tries
to avoid a damaging "cliff-edge" departure from the European
Union.             
    * British Prime Minister Theresa May said on Tuesday that
her government was committed to leaving the EU and would listen
to others' views while delivering a Brexit that commanded
"maximum public support".             
    * Russia's central bank posted an increase in gold reserves
in May, the fifth consecutive month of gains.             
    
    DATA AHEAD (GMT) 
     1400  U.S.        Existing home sales                May 

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

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