Gold steady as investors wait for next week’s Fed meeting

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20 juillet 2018

BENGALURU, June 8 (Reuters) – Gold prices were largely unchanged on Friday as investors remained cautious ahead of key events next week such as a U.S. Federal Reserve policy meeting and a summit between the United States and North Korea. FUNDAMENTALS * Spot gold was steady at $1,296.60 per ounce at 0052 GMT. It has risen about 0.3 percent so far this week. * U.S. gold futures for August delivery fell 0.2 percent to $1,301.10 per ounce. * The dollar index , which measures the greenback against a basket of six major currencies, was little changed at 93.439. It fell to a three-week low in the previous session. * The U.S. dollar’s dominance is forecast to fade soon, with any sudden change in expectations for the policies of other central banks posing the biggest risk, a Reuters poll of currency strategists showed. * Leaders of the Group of Seven rich nations headed for a summit in Canada on Thursday more divided than at any time in the group’s 42-year history, as U.S. President Donald Trump’s « America First » policies risk causing a global trade war and deep diplomatic schisms. * Trump on Thursday held out the prospect of inviting North Korean leader Kim Jong Un to the White House if he deemed next week’s summit a success while also signaling he was willing to walk away if he thought talks did not go well. * The U.S. Fed will likely raise its target interest rate to above the rate of inflation for the first time in a decade next week, igniting a new debate: when to stop. * The number of Americans filing for unemployment benefits unexpectedly fell last week, pointing to a further tightening in labour market conditions. * The euro zone began the year with slower economic growth as fears of a trade war with the United States appeared to take their toll, official data showed on Thursday. * Russian gold miner Polyus said on Thursday it planned to make a final investment decision on Sukhoi Log, one of the world’s largest untapped gold deposits, by 2020-2021, when it would also begin capital spending on construction. * Spot silver prices are poised to reach $20 per ounce by the end of the year, boosted by global growth, increased industrial demand and safe-haven bids amid geopolitical worries, analysts said on Thursday. DATA AHEAD (GMT) * China Trade data May 0600 Germany Industrial output April 0600 Germany Trade data April 0645 France Industrial output April 1400 U.S. Wholesale sales April *No exact timing (Reporting by Karen Rodrigues in Bengaluru Editing by Joseph Radford)

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