March 29, 2018 / 1:59 AM / 6 months ago

PRECIOUS-Gold prices edge up from one-week low after steep fall

    March 29 (Reuters) - Gold prices inched up on Thursday,
still hovering near a one-week low hit in the previous session
when a rebound in the dollar pushed bullion to its biggest
one-day fall in nearly nine months.
    
    FUNDAMENTALS  
    * Spot gold        rose 0.2 percent to $1,327.20 per ounce
at 0152 GMT. Prices fell 1.5 percent on Wednesday, their biggest
one-day percentage decline since July 3, 2017. 
    * U.S. gold futures         for April delivery rose 0.2
percent to $1,326.50 per ounce.
    * The dollar held firm against the yen on Thursday, helped
in part by hopes of easing tensions in East Asia. The dollar
index       , which measures the greenback against six other
major currencies, was steady at 90.039.       
    * Asian stocks edged up amid perceived progress on North
Korean tensions, although equity gains were limited after a
tech-led retreat on Wall Street.            
    * North Korea's leader Kim Jong Un pledged his commitment to
denuclearisation and to meet U.S. officials, China said on
Wednesday after his meeting with President Xi Jinping, who
promised China would uphold friendship with its isolated
neighbour.             
    * U.S. President Donald Trump's tariffs on Chinese goods may
not be imposed until early June, administration officials said
on Wednesday, with public consultations and potential tariff
revisions buying time for negotiations to forestall them.
            
    * China could target a broad range of U.S. businesses from
agriculture to aircraft, autos, semiconductors and even services
if the trade conflict with the United States escalates, the
China Daily newspaper said on Thursday.             
    * U.S. economic growth slowed less than previously estimated
in the fourth quarter as the biggest gain in consumer spending
in three years partially offset the drag from a jump in imports.
             
    * The U.S. Federal Reserve should continue to raise interest
rates back to the long-term neutral rate given how close the
central bank is to its goals, Atlanta Fed President Raphael
Bostic said on Wednesday.             
    * South Africa's DRDGOLD          said on Wednesday its
shareholders voted in favour of all resolutions relating to the
firm's proposed acquisition of assets from Sibanye-Stillwater
        .             
    * Mexico's silver output fell 13.6 percent in January
compared to the same month last year, data from the national
statistics institute INEGI showed on Wednesday.             

 (Reporting by Eileen Soreng in Bengaluru; editing by Richard
Pullin)
  
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