Dec 12 (Reuters) - Gold prices on Thursday hovered near a
one-week high hit in the previous session, as the dollar nursed
its steepest losses in weeks after the U.S. Federal Reserve
stood pat on interest rates and signalled moderate economic
growth for next year.
FUNDAMENTALS
* Spot gold XAU= was largely unchanged at $1,474.71 per
ounce, by 0217 GMT. In the previous session, the bullion hit
$1,478.80, its highest since Dec. 5.
* U.S. gold futures GCcv1 were up 0.3% at $1,479.10.
* Gold prices gained 1% on Wednesday, after the Fed held
interest rates steady and signalled borrowing costs will not
change anytime soon, with moderate economic growth and
historically low unemployment expected to persist through the
2020 presidential election. * The dollar fell to a four-month low after the central
bank's announcement, making gold cheaper for holders of other
currencies. USD/
* Lower interest rates reduce the opportunity cost of
holding bullion and weigh on the dollar.
* Traders are bracing for a series of make-or-break events
over the next few days that have the potential to cause huge
swings in financial markets for months to come.
* On the trade front, U.S. President Donald Trump is
expected to meet top advisers on Thursday about tariffs on
nearly $160 billion in Chinese consumer goods set to kick off on
Dec. 15, three sources familiar with the plans said.
* Investors were also focused on Christine Lagarde's first
meeting of the European Central Bank later in the day.
* In the UK, voters will go to the polls in an election that
will pave the way for Brexit under Prime Minister Boris Johnson
or propel Britain towards another referendum that could
ultimately reverse the decision to leave the European Union.
* Palladium XPD= rose 0.1% to $1,911.84 an ounce. Plagued
by supply deficit, the autocatalyst metal notched an all-time
high of $1,917.50 earlier in the session.
* The metal surpassed $1,900 for the first time ever on
Tuesday as mines across South Africa shut down after flash
flooding triggered the most severe power blackouts in more than
a decade, threatening a key export sector. * Holdings of the world's largest gold-backed
exchange-traded fund SPDR Gold Trust GLD rose 0.03% to 886.22
tonnes on Wednesday. * Elsewhere, silver XAG= was up 0.2% at $16.89 per ounce,
while platinum XPT= fell 0.2% to $936.60.
DATA/EVENTS (GMT)
0700 Germany HICP Final YY Nov
0745 France CPI (EU Norm) Final MM, YY Nov
1200 India Industrial Output YY Oct
1245 EU ECB Refinancing & Deposit Rates Dec
1300 Russia GDP YY Quarterly Revised Q3
1330 US Initial Jobless Claims weekly
1330 Germany Press conference following the governing council
meeting of the ECB in Frankfurt
1700 US The Federal Reserve releases quarterly financial
accounts of the United States