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Last Updated : Dec 21, 2016 01:19 PM IST | Source: Reuters

Gold on back foot as dollar stays near 14-year high

(Reuters) - Gold extended its losses on Wednesday after dipping in the previous session, dragged down as the U.S. dollar stayed near 14-year highs against a basket of currencies.


Gold extended its losses on Wednesday after dipping in the previous session, dragged down as the US dollar stayed near 14-year highs against a basket of currencies.


FUNDAMENTALS


* Spot gold <XAU=> was down 0.1 percent at USD1,131.01 an ounce by 0053 GMT. It fell 0.6 percent the day before.

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* U.S. gold futures were also 0.1-percent lower, at USD1,133 per ounce.


* The U.S. dollar was encamped near 14-year peaks on Wednesday as global yield spreads moved inexorably in its favour, while a falling yen lifted Japanese shares to a one-year top.


* The dollar index , which measures the greenback against a basket of currencies, stood at 103.270, having touched 103.65 on Tuesday, its highest since December 2002.


* Bank of Japan Governor Haruhiko Kuroda on Tuesday offered an upbeat view of the economy but sought to douse market talk the central bank may soon consider raising interest rates.


* Russia's central bank, which is seeking to diversify its reserves, posted a large monthly gain in its gold reserves for the second consecutive month on Tuesday.


* India's gold imports from Switzerland hit their highest in a year last month, data from the Swiss customs bureau showed on Tuesday, making it the biggest destination for bullion exports from the trading and refining hub.


* Great Panther Silver Ltd has entered into agreement with units of Nyrstar N.V. to acquire the Coricancha gold-silver-lead-zinc-copper mine and mill complex in Peru.


* New standards for the use of precious metals in Islamic finance are encouraging the development of financial products based on gold and silver, from futures contracts to a mobile app.




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First Published on Dec 21, 2016 10:43 am
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