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PRECIOUS-Gold prices steady after Hawkish Yellen comments
September 27, 2017 / 1:28 AM / 3 months ago

PRECIOUS-Gold prices steady after Hawkish Yellen comments

    Sept 27 (Reuters) - Gold prices were steady early Wednesday
after falling over 1 percent in the previous session on hawkish
comments from U.S. Federal Reserve Chair Janet Yellen.
        
    FUNDAMENTALS    
    * Spot gold        rose 0.1 percent to $1,294.62 per ounce
at 0108 GMT. Gold fell 1.3 percent in the previous session, its
biggest loss in over two weeks. 
    * U.S. gold futures         for December delivery fell 0.35
percent to $1,297.10 per ounce.
    * The Fed needs to continue gradual rate hikes despite broad
uncertainty about the path of inflation, Yellen said on Tuesday
in remarks that acknowledged the central bank's struggles to
forecast one of its key policy objectives.             
    * The dollar climbed to a one-month high and bond yields
rose on Wednesday as risks grew for a U.S. interest rate hike in
December, while Asian stocks hovered near multi-week lows as
tensions in the Korean peninsula remain elevated.            
    * President Donald Trump warned North Korea on Tuesday that
any U.S. military option would be "devastating" for Pyongyang,
but said the use of force was not Washington's first option to
deal with the country's ballistic and nuclear weapons program.
            
    * U.S. consumer confidence fell in September and home sales
dropped to an eight-month low in August due to the impact of
Hurricanes Harvey and Irma, supporting the view that the storms
would hurt economic growth in the third quarter.             
    * Sula Iron & Gold         , a London-listed mining firm
focused on Sierra Leone, said on Tuesday it had found gold of
almost "bonanza grade" and its board would forgo their salaries
while the company exploits the resource.             
    * China's net gold imports via its main conduit Hong Kong
plunged 55 percent month-on-month in August to the lowest level
since January as higher domestic prices dented demand.
            
    * New York-based Paulson & Co, led by longtime gold bull
John Paulson, called on Tuesday for the world's biggest
investors in gold-mining stocks to form a coalition to tackle
miners' "dreadful" performance.                 
    
    DATA/EVENT AHEAD (GMT)
    1100 U.S.   Mortage Market index    weekly 
    1230 U.S.   Build Permits           Aug 
    1230 U.S.   Durable Goods           Aug 
    1400 U.S.   Pending Homes index     Aug 

 (Reporting by Nithin Prasad in Bengaluru)
  

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