Bank of America just raised its EUR/USD forecast
Aug 21 (Reuters) - Gold prices were steady on Wednesday
after recovering to above the key $1,500 an ounce level in the
previous session, with investors waiting for the minutes of the
Federal Reserve's July meeting for possible clues on further
U.S. interest rate cuts.
FUNDAMENTALS
* Spot gold XAU= had inched down 0.1% to $1,505.42 per
ounce by 0116 GMT.
* Gold on Tuesday recovered from a more-than-1% slide the
day before, climbing above $1,500 an ounce again. * U.S. gold futures GCcv1 were flat at $1,516.20 an ounce.
* Investors are now focused on the minutes of the Fed's most
recent meeting, which are due on Wednesday.
* They are also waiting for the central bank's Jackson Hole
seminar later this week and a Group of Seven summit this weekend
for clues on what additional steps policymakers may take to
boost economic growth.
* Traders see an about 94% chance of a 25 basis-point cut in
U.S. interest rates in September. FEDWATCH
* SPDR Gold Trust (P:GLD) GLD , the world's largest gold-backed
exchange-traded fund, said its holdings rose 0.21% to 845.17
tonnes on Tuesday.
* The dollar index .DXY , which measures the greenback's
value against a basket of six major currencies, was flat after
drifting away from a three-week high hit on Monday. USD/
* U.S. President Donald Trump on Tuesday said he had to
confront China over trade even if it caused short-term harm to
the U.S. economy because Beijing had been cheating Washington
for decades. * U.S. Secretary of State Mike Pompeo said on Tuesday the
U.S. was not sending "mixed messages" on Huawei Technologies
HWT.UL , and he does not believe a U.S. blacklist of the
Chinese telecommunications giant will block a trade deal with
Beijing. * Earlier, the U.S. extended a reprieve that permits Huawei
to buy components from U.S. companies to supply existing
customers, but also moved to add more than 40 of Huawei's units
to its economic blacklist. AHEAD (GMT)
* 1400 US Existing Home Sales July
* 1800 US Federal Open Market Committee releases the
minutes from its July 30-31 policy meeting