Moneycontrol
Oct 11, 2017 08:39 AM IST | Source: Reuters

Gold gains on weaker dollar

Spot gold was up 0.2 percent at $1,290.56 an ounce by 0053 GMT. It touched its highest level since Sept. 27 in the previous session.

Gold gains on weaker dollar

Gold rose for a fourth day on Wednesday, after hitting a near two-week high in the previous session, supported by weakness in the U.S. dollar.

FUNDAMENTALS

* Spot gold was up 0.2 percent at $1,290.56 an ounce by 0053 GMT. It touched its highest level since Sept. 27 in the previous session.

* U.S. gold futures for December delivery were nearly unchanged at $1,293 per ounce.

* The dollar wobbled against its peers on Wednesday and edged further away from a 10-week high scaled recently amid speculation that the U.S. tax overhaul plan introduced by President Donald Trump would stall, with a buoyant euro adding further pressure on the greenback. [USD/]

* Asian shares rose on Wednesday, tracking Wall Street's rally to all-time highs, while the euro hovered near a 10-day peak after Catalonia's leader talked down immediate plans to secede from Spain, easing near-term concerns about euro zone instability. [MKTS/GLOB]

* North Korean hackers may have stolen a large amount of classified military documents, including the latest South Korea-U.S. wartime operational plan, a South Korean ruling party lawmaker said, Yonhap News reported on Tuesday.

* Catalonia's leader balked at making a formal declaration of independence from Spain on Tuesday, calling for talks with Madrid over the region's future in a gesture that eased fears of immediate unrest in the heart of the euro zone.

* The German government will raise its 2017 growth forecast for Europe's biggest economy to 2 percent, a sharp increase from its earlier estimate of 1.5 percent and the strongest rate since 2011, a source told Reuters on Tuesday.

* Short-term inflation expectations among U.S. consumers were stuck near their lowest level since early 2016 in September as the one-year outlook on wages and family finances deteriorated, a New York Federal Reserve survey released on Tuesday showed.

* Spanish banks stocked up on European Central Bank money at a weekly auction on Tuesday, fearing jitters on the funding market if Catalonia breaks away from Spain.

* Britain's Brexit-bound economy remains stuck in a low gear but is probably not weak enough to dissuade the Bank of England from raising interest rates next month, economic data showed.

* China will have no problem meeting its economic growth target of around 6.5 percent this year, and may even beat it, the head of the Statistics Bureau said on Tuesday, confirming widespread market expectations.
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