October 18, 2017 / 1:24 AM / a year ago

PRECIOUS-Gold prices inch up from one-week low

    Oct 18 (Reuters) - Gold prices inched up on Wednesday from a
one-week low with the dollar holding steady, but speculation
that President Donald Trump might pick a policy hawk to lead the
U.S. Federal Reserve weighed on the metal.  
    * Spot gold        was up 0.1 percent to $1,286.10 an ounce
at 0053 GMT. It hit a one-week low of $1,281.31 in the previous
    * U.S. gold futures         for December delivery rose 0.2
percent at $1,288.3 per ounce.
    * The dollar index       , which measures the greenback
against a basket of currencies, was little changed at 93.449
after gaining for four straight days.  
    * Asian shares consolidated recent gains and currencies kept
to tight ranges on Wednesday as investors waited to see what
policies might emerge from China's Communist Party conference.
    * U.S. President Donald Trump has a pool of five candidates
to choose from for the next chair of the Federal Reserve and is
likely to announce his choice before going to Asia in early
November, a source familiar with the situation said on Tuesday.
    * Jerome Powell likely will be the next Federal Reserve
chairman, according to a slim majority of economists in a
Reuters poll - but most of them said current Fed Chair Janet
Yellen would be the best option.             
    * The Federal Reserve Bank of Kansas City in September voted
to raise the rate commercial banks are charged for emergency
loans, according to minutes of a U.S. central bank meeting
released on Tuesday.             
    * U.S. industrial production rebounded modestly in September
as the lingering effects of Hurricanes Harvey and Irma hobbled
activity at factories, but the outlook for the industrial sector
remains bullish amid a strengthening global economy and
weakening dollar.             
    * The price of gold is expected to rise to $1,369 an ounce
by October next year, delegates to the London Bullion Market
Association's annual gathering predicted on Tuesday.
    * Open interest on the London Metal Exchange's (LME)
precious metals contracts has topped 3 million ounces of gold,
the exchange said, as it tries to muscle into a futures business
dominated by rival CME Group.             
    * India's Multi Commodity Exchange (MCX)           on
Tuesday launched the country's first gold options contract in
New Delhi to coincide with the gold-buying festival of

    0810  Opening speech by ECB President Mario Draghi at 
          ECB Conference in Germany
    1230  U.S.       Housing starts               Sep
    1230  U.S.       Building permits             Sep
    1800  Federal Reserve releases Beige Book on economic

 (Reporting by Apeksha Nair in Bengaluru; Editing by Amrutha
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