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PRECIOUS-Gold edges up on softer dollar; Brexit concerns ease further

Published 2016-06-20, 09:15 p/m
© Reuters. PRECIOUS-Gold edges up on softer dollar; Brexit concerns ease further
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BENGALURU, June 21 (Reuters) - Gold inched higher early on
Tuesday as the dollar weakened, even as some opinion polls
indicated Britain could be more likely to opt to remain in the
European Union in a referendum later this week.

FUNDAMENTALS
* Spot gold XAU= had risen 0.2 percent to $1,292.0 an
ounce by 0054 GMT. Bullion fell 0.7 percent on Monday, touching
a low of $1,277.34.
* U.S. gold GCcv1 was up 0.2 percent at $1,294.70
* Two opinion polls on Monday suggested support for Britain
staying in the European Union had recovered some ground
following the murder of a pro-EU lawmaker, but a third poll
found support for a "Brexit" ahead by a whisker.
* A vote on June 23 by Britain to leave the 28-member EU,
dubbed "Brexit," could tip Europe back into recession, putting
more pressure on the global economy.
* The British pound held near three-week highs against the
dollar and euro on Tuesday, a day after it had made its biggest
daily gains since late 2008, while the dollar index .DXY stood
near a one-month low of 93.425 hit earlier this month. USD/
* George Soros, the billionaire who earned fame by betting
against the pound in 1992, said Brexit would trigger a bigger
and more disruptive sterling devaluation than the fall on Black
Wednesday.
* Brexit could have "moderate direct effects" on the U.S.
economy, but probably does not pose big financial risks, Neel
Kashkari, president of the Federal Reserve Bank of Minneapolis,
said.
* Confidence at Japanese manufacturers inched up in June
from the prior month's three-year low and is seen rising only
slightly ahead, a Reuters poll found, reflecting worries about
the yen's rise as Britain decides whether or not to quit the
EU.
* Holdings in SPDR Gold Trust GLD , the world's largest
gold-backed exchange-traded fund, rose 0.10 percent to 908.77
tonnes on Monday, the highest since September 2013. GOL/ETF
* Russia's gold reserves increased to 47.6 million troy
ounces as of the start of June from 47.5 million ounces a month
earlier, the central bank said on Monday.
* India is seeking the participation of Rio Tinto (LON:RIO) RIO.AX
and Anglo American's AAL.L De Beers to explore for diamonds
and gold, part of Prime Minister Narendra Modi's ambition to
make the country a major mineral producer, the mines secretary
said.
* For the top stories on metals and other news, click
TOP/MTL or GOL

DATA AHEAD (GMT)
0900 Germany ZEW economic sentiment Jun
1255 U.S. weekly redbook retail sales

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