Thursday 21 December 2017

Gold Hovers Near 2-Week High Amid Steady Dollar, Weaker Stocks

Gold prices edged up on Thursday, trading within sight of a two-week high touched in the previous session, as the dollar held steady and Asian stocks slipped.

Fundamentals

* Spot gold was up 0.1 percent at $1,266.56 an ounce at 0104 GMT, after hitting its best since Dec. 6 at $1,267.81 in the previous session.

* U.S. gold futures were steady at $1,270 an ounce.

* The dollar edged down 0.1 percent at 113.25 yen. The dollar was steady against a basket of six major currencies .

* The European Union introduced new rules on Wednesday to guard against excessively cheap imports and singled out China for special attention in a report spelling out how its economy is distorted by the state.

* Bank of England Governor Mark Carney sees "fundamental problems" with the idea of a digital currency issued by a central bank that could be used by the general public.

* The Bank of Japan is expected to keep monetary policy steady on Thursday and reassure markets it will only end crisis-mode stimulus when inflation is heading more decisively towards its 2 percent target. 

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