SINGAPORE, Oct 9 (Reuters) - Gold ticked higher on Friday,
recovering modestly from overnight losses, but uncertainty over
whether the Federal Reserve would hike U.S. rates this year
weighed on the market.
FUNDAMENTALS
* Spot gold XAU= edged up 0.1 percent to $1,140.10 an
ounce by 0040 GMT, after dropping 0.6 percent in the previous
session following the release of minutes from the Fed's Sept.
16-17 meeting. The metal is up 0.2 percent for the week.
* The Fed thought the economy was close to warranting an
interest rate hike in September but policymakers wanted firmer
evidence a global economic slowdown was not knocking America off
course. urn:newsml:reuters.com:*:nL1N128230
* Most policymakers, according to the minutes, thought the
Fed's first rate hike in a decade should still come this year
and that financial market turmoil had not "materially altered"
the outlook for the U.S. economy.
* The minutes pointed to a deeply cautious Fed even before
subsequent economic data showed a sharp slowdown in hiring by
U.S. employers.
* Gold had climbed to its highest in nearly two weeks
earlier this week after a string of U.S. economic data pointed
to sluggishness that might prevent the Fed from hiking rates
soon.
* A delayed rate rise could support non-interest-paying gold
in the near term.
* San Francisco Federal Reserve President John Williams on
Thursday repeated his view that an interest rate hike will be
appropriate "sometime later this year," citing near-full
employment and his expectation inflation will rise. urn:newsml:reuters.com:*:nL1N1281UF
* Among other precious metals, silver XAG= was headed for
a 3 percent weekly jump, after hitting a 3-1/2-month high on
Wednesday on a softer dollar and expectations of a delay in the
Fed rate hike.
* Platinum XPT= was on track for 4.6 percent gain for the
week, its best weekly performance since October 2013.
* The gain follows a drop in prices to a near-seven-year low
last week, as investors believed the Volkswagen (XETRA:VOWG) emissions
scandal would reduce demand for diesel cars, in which the metal
is used in catalysts.
* Palladium XPD= was headed for its fifth straight weekly
gain.
* For the top stories on metals and other news, click
TOP/MTL or GOL
DATA AHEAD (GMT)
0645 France Industrial output Aug
1230 U.S. Import prices Sep
1230 U.S. Export prices Sep
1400 U.S. Wholesale inventories Aug
PRICES AT 0040 GMT
Metal Last Change Pct chg
Spot gold 1140.1 1.54 0.14
Spot silver 15.67 0.01 0.06
Spot platinum 948.5 4.75 0.5
Spot palladium 701 3 0.43
Comex gold 1139.8 -4.5 -0.39
Comex silver 15.665 -0.101 -0.64
COMEX gold and silver contracts show the
most active months