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PRECIOUS-Gold slips on U.S. Fed rate views

Published 2016-08-18, 09:23 p/m
© Reuters.  PRECIOUS-Gold slips on U.S. Fed rate views
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Aug 19 (Reuters) - Gold fell for the first time in five sessions early on Friday as hawkish comments from U.S. Federal Reserve officials renewed bets on a U.S. rate hike this year.

FUNDAMENTALS

* Spot gold XAU= was down 0.3 percent at $1,348.26 an ounce at 0103 GMT.

* U.S. gold GCcv1 dropped 0.3 percent to $1,353.50 an ounce.

* San Francisco Fed President John Williams on Thursday joined a growing chorus of his colleagues signalling support for a U.S. interest rate hike in coming months, saying that waiting too long could be costly for the economy. Strong employment and a long-awaited return of middle-wage jobs suggest the labour market is tightening and the broader U.S. economy is on track, New York Fed President William Dudley said on Thursday, appearing to reinforce his more confident message on a possible interest-rate hike. Reports showed the number of Americans filing for unemployment benefits fell more than expected last week, while manufacturing activity in the U.S. Mid-Atlantic region saw a mild improvement this month. The index of the dollar against a basket of six major currencies .DXY was up about 0.2 percent at 94.296.

* European Central Bank rate setters agreed not to discuss any policy change at their July meeting and to keep market hopes for more stimulus in check, despite rising risks linked to Britain's vote to leave the European Union, minutes showed on Thursday. Japanese manufacturers' mood soured in August to its lowest since 2013 when the central bank embarked on aggressive monetary easing, a Reuters poll showed, reflecting the pain caused by a rising yen and highlighting the huge task facing policymakers to generate growth. Home price rises in China's biggest cities showed signs of easing in July, adding to concerns that one of the economy's key growth drivers is losing steam but offering some relief for policymakers worried about property bubbles. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.19 percent to 955.99 tonnes on Thursday. GOL/ETF

* For the top stories on metals and other news, click

TOP/MTL or GOL

DATA AHEAD (GMT)

0600 Germany producer prices July

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