December 5, 2018 / 1:52 AM / 12 days ago

PRECIOUS-Gold prices steady as dollar edges higher

    BENGALURU, Dec 5 (Reuters) - Gold prices were steady early
Wednesday as the dollar edged up, while palladium dipped from
record highs touched in the previous session but was in close
proximity to the bullion.
    
    FUNDAMENTALS
    * Spot gold        was at $1,236.85 per ounce at 0121 GMT.
In the previous session, prices touched a peak of $1,241.86,
their highest since Oct. 26. 
    * U.S. gold futures         were down 0.4 percent at
$1,241.4 per ounce.
    * Palladium        dropped 0.1 percent to $1,231.99 per
ounce. Prices soared to a record high of $1,239.50 per ounce on
Tuesday, fuelled by speculative interest and tight supplies of
the autocatalyst metal, briefly surpassing the bullion.
    * The dollar index       , which measures the greenback
against a basket of six major currencies, was marginally up by
about 0.1 percent.       
    * Asian stocks fell on Wednesday, dragged by Wall Street's
tumble as sharp declines in long-term U.S. Treasury yields and
resurgent trade concerns stoked investor worries about global
economic growth.            
    * One of the most influential Federal Reserve policymakers
said on Tuesday he expects further interest rate hikes
continuing next year since the U.S. economy is "in really good
shape," reinforcing the Fed's upbeat tone in the face of growing
doubts in financial markets.             
    * U.S. President Donald Trump on Tuesday held out the
possibility of an extension of the 90-day trade truce with
China, but warned he would revert to tariffs if the two sides
could not resolve their differences.             
    * British Prime Minister Theresa May suffered embarrassing
defeats on Tuesday at the start of five days of debate over her
plans to leave the European Union that could determine the
future of Brexit and the fate of her government.             
    * U.S. delivered Russia a 60-day ultimatum on Tuesday to
come clean about what Washington says is a violation of an arms
control treaty that keeps missiles out of Europe, saying only
Moscow could save the pact.             
    * Senior U.S. senators said on Tuesday they were more
certain than ever that Saudi Arabia's crown prince, Mohammed bin
Salman, was responsible for the killing of journalist Jamal
Khashoggi after receiving a CIA briefing on the matter.
            

    
    DATA AHEAD (GMT)
    0145  China         Caixin services PMI             Nov
    0745  France        Current account                 Oct
    0850  France        Markit services PMI             Nov
    0855  Germany       Markit services PMI             Nov
    0900  Euro zone     Markit services PMI final       Nov
    1000  Euro zone     Retail sales                    Oct
    1315  U.S.          ADP national employment         Nov
    1500  U.S.          ISM non-manufacturing PMI       Nov
    1900  Federal Reserve issues Beige Book of economic 
          Condition
    


 (Reporting by Eileen Soreng in Bengaluru, Editing by Sherry
Jacob-Phillips)
  
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