Gold prices inched up on
Wednesday as the US dollar retreated from a 16-month high touched earlier in
week, easing amid a surge in the euro and sterling on a draft Brexit agreement.
FUNDAMENTALS
Spot gold was up about 0.1 per
cent at $1,202.55 per ounce at 0101 GMT.
US gold futures were up 0.1 per
cent at $1,203 per ounce.
The dollar index , which measures
the greenback against a basket of six major currencies, was down about 0.3 per
cent. USD/
US President Donald Trump's top
economic adviser said on Tuesday that the United States welcomed the resumption
of talks with China on trade, while Vice President Mike Pence warned Beijing to
change its behaviour so as to avoid a new cold war with the United States.
US inflation expectations were
unchanged in October from a month ago, even while Americans expected to spend
and earn more, according to a Federal Reserve Bank of New York survey published
on Tuesday.
Britain struck a draft divorce
deal with the European Union after more than a year of talks, thrusting Prime
Minister Theresa May into a perilous battle over Brexit that could shape her
country's prosperity for generations to come.
The British cabinet will meet at
1400 GMT on Wednesday to consider the draft withdrawal agreement, a Downing
Street spokesman said after Irish and British media were leaked details of the
agreement on the text.
The Italian government will
maintain its deficit and economic growth forecasts for 2019 despite European
Commission demands for the budget plan to be revised, Deputy Prime Minister
Matteo Salvini said late on Tuesday.
SPDR Gold Trust , the world's
largest gold-backed exchange-traded fund, said its holdings fell 0.11 per cent
to 761.16 tonnes on Tuesday from 762.00 tonnes on Monday.
Gold broker and storage company
Gold Core said on Tuesday it had opened a gold vault in Dublin, aiming to
attract investors looking for an alternative to London after Brexit.
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Source: Economictimes
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