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Oct 31 (Reuters) - Gold prices edged higher on Thursday
after the U.S. Federal Reserve cut interest rates as expected,
even as the central bank dropped a previous reference in its
statement that signalled future rate cuts.
FUNDAMENTALS
* Spot gold XAU= rose 0.3% to $1,499.06 per ounce as of
0137 GMT. U.S. gold futures GCcv1 inched 0.3% higher to
$1,501.40 per ounce.
* The U.S. central bank on Wednesday cut interest rates for
the third time this year to help sustain U.S. growth despite a
slowdown in other parts of the world, but signalled there would
be no further reductions unless the economy takes a turn for the
worse. * Gold prices gained modestly after the statement, but
turned negative soon after Fed Chair Jerome Powell said in a
news conference that the U.S. economy was doing well, and likely
to continue to do so under the current stance of monetary
policy.
* Asian shares cheered the rate cut and U.S. stock futures
edged higher with MSCI's broadest index of Asia-Pacific shares
outside Japan .MIAPJ0000PUS gaining 0.2%. MKTS/GLOB
* Investors now shift focus to Japan where its central bank
may trim its consumer price forecasts, but leave policy
unchanged due to hopes that progress in scaling back a
U.S.-China trade dispute will give it room to save its dwindling
policy tools. * A more than 15-month trade spat between China and the
United States has roiled financial markets and stirred global
recessionary fears.
* The dollar index .DXY against a basket of six major
currencies dipped 0.2% to 97.427, extending declines from
Wednesday. A lower U.S. currency makes dollar denominated metals
cheaper for holders of other currencies, which could help boost
their demand. USD/
* Elsewhere, gold consumption in China, the world's top
producer and consumer of the precious metal, fell 9.58%
year-on-year to 768.31 tonnes in the first nine months of 2019,
China Gold Association said on Wednesday. (DATA/EVENTS)
0030 Australia Building Approvals Sept
0100 China NBS Manufacturing PMI Oct
0745 France CPI (EU Norm) Prelim YY Oct
1000 EU HICP Flash YY Oct
1000 EU HICP-X F&E Flash YY Oct
1000 EU GDP Flash Prelim YY, QQ Q3
1000 EU Unemployment Rate Sept
1230 US Consumption Adjusted MM Sept
1230 US Initial Jobless Claims Weekly