Wednesday, 21 June 2017

Gold edges up from five-week lows as equities fall

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Gold inched up on Wednesday after hitting its lowest in five weeks in the previous session, buoyed as equities fell.

FUNDAMENTALS
* Spot gold had risen 0.2 percent to $1,245.30 per ounce by 0038 GMT, after dropping as far as $1,241 in the previous session.

* U.S. gold futures for August delivery climbed 0.2 percent to $1,246.3 an ounce.

* A renewed slump in oil prices to seven-month lows put Asian investors on edge on Wednesday, overshadowing a decision by U.S. index provider MSCI to add mainland Chinese stocks to one of its popular benchmarks.

* However, MSCI shocked many emerging market investors by failing to upgrade Argentina from the frontier market category where it has languished in recent years.

* Oil fell about 2 percent on Tuesday, with Brent settling at seven-month lows and U.S. crude at its cheapest level since September, after increased supply from several key producers overshadowed high compliance by OPEC and non-OPEC oil producers with a deal to cut global output.

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