PRECIOUS-Gold up on weaker dollar after OPEC deal
Reuters
Published Sep 28, 2016 21:00
Updated Sep 28, 2016 21:10
PRECIOUS-Gold up on weaker dollar after OPEC deal
Sept 29 (Reuters) - Gold prices inched up on Thursday as the dollar slipped following a deal by oil producers to curb output.
FUNDAMENTALS
* Spot gold XAU= had risen 0.3 percent to $1,324.76 an ounce by 0047 GMT.
* U.S. gold futures GCcv1 were up 0.4 percent at $1,328.30 an ounce.
* OPEC agreed on Wednesday modest oil output cuts in the first such deal since 2008, with the group's leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices. The dollar index .DXY , which measures the greenback against a basket of currencies, fell 0.1 percent to 95.352.
* The Federal Reserve is considering changing the annual stress tests it gives to U.S. banks to see if they can withstand a massive financial crisis, Yellen said. The Fed's chair did not comment on the outlook for the economy or monetary policy in her prepared remarks.
* Chicago Fed President Charles Evans said that raising rates because of financial stability concerns could leave the U.S. central bank less able to reach its inflation target. Minneapolis Fed President Neel Kashkari said the central bank could keep rates low for a while as inflation remains weak. New orders for non-military U.S. capital goods other than aircraft rose for a third straight month in August, a positive signal for the business investment outlook. European Central Bank President Mario Draghi rejected German criticism that sub-zero interest rates were impoverishing savers and straining top lender Deutsche Bank DBKGn.DE , saying its monetary policy was a necessity to get the euro zone back on the path to growth and revive inflation. Russia's central bank is ready to keep buying gold from banks but has no quotas or objective to increase bullion's share in its reserves, the bank's First Deputy Governor Dmitry Tulin said on Wednesday. For the top stories on metals and other news, click TOP/MTL or GOL
MARKET REPORT
* Asian stocks gained on Thursday in tandem with an oil price rally. AHEAD (GMT)
0755 Germany
Unemployment rate
September
0900 Euro zone
Business climate
September
1200 Germany
Consumer prices
September
1230 U.S.
Wholesale inventory
August
1230 U.S.
GDP Final
Q2
1230 U.S.
Weekly jobless claims
1400 U.S.
Pending home sales
August
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Written By: Reuters
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