Friday, 23 June 2017

Gold steady, heads for third weekly fall

Gold held steady on Friday above a five-week low touched earlier this week, supported by technicals, but the metal was still on track for a third weekly fall.

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FUNDAMENTALS

* Spot gold was nearly unchanged at $1,250.70 per ounce at 0053 GMT. It was set for a small weekly fall of about 0.3 percent, having eased about 1 percent in each of two preceding weeks.

* U.S. gold futures for August delivery gained 0.2 percent to $1,251.9 per ounce.

* The dollar was little changed against a basket of currencies on Thursday as low U.S. bond yields offset in-line data on domestic jobless claims and home prices, keeping it close to the one-month peak it reached earlier this week.

* Theresa May offered fellow EU leaders a "fair" deal on Thursday for compatriots living in Britain after Brexit, though her peers sounded sceptical and demanded more detail from a prime minister weakened by an electoral misfire two weeks ago.

* Bank of Japan Deputy Governor Kikuo Iwata on Thursday dismissed the need to raise interest rates any time soon, stressing that the economy still requires support from "powerful" monetary easing, with inflation far from the central bank's 2 percent target.

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