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PRECIOUS-Gold edges up as dollar eases; markets brace for Fed meeting
September 19, 2017 / 1:23 AM / 3 months ago

PRECIOUS-Gold edges up as dollar eases; markets brace for Fed meeting

    Sept 19 (Reuters) - Gold on Tuesday inched up from its
lowest in over two weeks as the dollar shed some of its gains
from the previous session, with market focus on a two-day
Federal Reserve meeting that kicks off later in the day.
        
    FUNDAMENTALS    
    * Spot gold        was up 0.2 percent at $1,308.86 an ounce
by 0044 GMT, after dropping to its lowest level since Aug. 31 at
$1,304.10 in the previous session.
    * U.S. gold futures         for December delivery edged up
0.1 percent to $1,312.60 an ounce.
    * The dollar index       , which measures the greenback
against a basket of currencies was down 0.1 percent at 91.924.
It eased 0.1 percent versus the yen after marking its highest
since July 27 overnight.
    * Asian shares wavered on Tuesday, bolstered by record highs
on Wall Street but hobbled by uncertainty as traders waited on
the Fed meeting for clues on U.S. monetary policy.            
    * The Fed is set on Wednesday to announce the start of a
plan to trim its $4.5-trillion portfolio of assets, much of it
amassed in response to the 2007-2009 financial collapse, marking
another milestone in bringing to an end the crisis-era measures.
            
    * Bank of England Governor Mark Carney said on Monday that
Brexit is likely to hurt Britain's growth prospects in the short
term and push up inflation as the country adjusts to life
outside the European Union.             
    * Euro zone headline inflation hit its highest level in four
months in August, official data showed on Monday, confirming the
European Union statistics office's earlier flash estimate.
            
    * The U.S. military staged bombing drills with South Korea
over the Korean peninsula and Russia and China began naval
exercises ahead of a U.N. General Assembly meeting on Tuesday
where North Korea's nuclear threat is likely to loom large.
            
    * Chinese President Xi Jinping and U.S. President Donald
Trump spoke about keeping pressure on North Korea with economic
sanctions imposed through the United Nations, the White House
said in a statement on Monday.             
    * SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings rose 0.63 percent to
843.96 tonnes on Monday from 838.64 tonnes on Friday.          
    * Kinross Gold Corp       , as expected, gave the go-ahead
on Monday to spend more than $1 billion to expand two of its
gold mines, including its Tasiast mine in West
Africa.            
    
    DATA/EVENT AHEAD (GMT)
    0800    Euro Zone   Current account data            Jul  
    0900    Germany     ZEW economic sentiment index    Sep  
    1230    U.S.        Current account data            Q2  
    1230    U.S.        Import and export prices        Aug  
    1230    U.S.        Housing starts                  Aug 

 (Reporting by Apeksha Nair in Bengaluru; Editing by Joseph
Radford)
  

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