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PRECIOUS-Gold eases as equities gain on Brexit, Hong Kong progress

Published 05/09/2019, 02:59
Updated 05/09/2019, 03:00
© Reuters.  PRECIOUS-Gold eases as equities gain on Brexit, Hong Kong progress
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Sept 5 (Reuters) - Gold prices fell on early Thursday, with

an uptick in equities propped up by positive developments around

Brexit deadlock and Hong Kong protests, but prices hovered near

over six-year high hit in the last session on persistent

concerns about slowing global growth.

FUNDAMENTALS

* Spot gold XAU= was 0.5% lower at $1,544.66 per ounce at

0133 GMT. It had touched $1,557 on Wednesday, a fresh peak since

April 2013.

* U.S. gold futures GCv1 were down 0.2% at $1,557.8 an

ounce.

* The dollar index .DXY , which measures the greenback

against a basket of currencies, dipped to a one-week low, while

Asian stocks perked up on progress in the political crises in

Britain and Hong Kong. USD/ MKTS/GLOB

* Hong Kong leader Carrie Lam, in a pre-recorded televised

message, on Wednesday formally withdrew the bill, acceding to

one of the five demands by pro-democracy protesters, although

many demonstrators and lawmakers said the move was too little,

too late. * The British parliament voted on Wednesday to prevent Prime

Minister Boris Johnson taking Britain out of the European Union

without a deal on Oct. 31, but rejected his first bid to call a

snap election two weeks before the scheduled exit. * The U.S. economy grew at a modest pace in recent weeks,

with manufacturing buffeted by a global slowdown while consumer

purchases gave mixed signals on the strength of household

spending, the Federal Reserve reported on Wednesday.

[ * Christine Lagarde took a major step towards becoming the

European Central Bank's next president on Wednesday, securing

the backing of a European Parliament committee after pledging to

keep policy loose while undertaking a broader strategy review.

* The London Metal Exchange's gold and silver futures are

being thrown into doubt, with the imminent resignation of

Societe Generale SOGN.PA as a market maker threatening to

deepen a decline in trading activity, three sources said.

* Holdings in SPDR Gold Trust (P:GLD) GLD , the world's largest

gold-backed exchange-traded fund, rose 0.66% to 895.90 tonnes on

Wednesday. * India's gold imports plunged 73% in August from a year ago

to the lowest level in three years as a rally in local prices to

a record high and a hike in import duty discouraged retail

buying, a government source said on Wednesday. AHEAD

0600 Germany Industrial Orders MM July

1230 U.S. Initial Jobless Claims Weekly

1345 U.S. Markit Comp, Svcs Final PMIs Aug

1400 U.S. Factory Orders MM July

1400 U.S. ISM N-Mfg PMI Aug

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