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PRECIOUS-Gold subdued on strong dollar, Fed rate hike prospects

Published 2016-11-24, 08:01 p/m
© Reuters.  PRECIOUS-Gold subdued on strong dollar, Fed rate hike prospects
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Nov 25 (Reuters) - Gold on Friday held on to losses from the previous session as a strong U.S. dollar and Federal Reserve rate hike expectations weighed heavily on the metal.

FUNDAMENTALS

* Spot gold XAU= was down 0.1 percent at $1,182.28 an ounce by 0040 GMT. In the previous session, the metal shed nearly 0.4 percent.

* Gold fell to $1,180.99 in the previous session, its lowest since Feb 10.

* U.S. gold futures GCcv1 fell 0.6 percent to $1,181.8 per ounce.

* The dollar index .DXY , which measures the greenback against a basket of currencies, was up 0.1 percent at 101.790.

* The dollar surged to a near 14-year high before pulling back on Thursday, clocking up records against a range of other top world currencies and skittling emerging markets. MKTS/GLOB

* The European Central Bank sees rising risks to euro zone financial stability and is watching for any fallout from Italy's constitutional referendum next month, ECB Vice President Vitor Constancio said on Thursday. Top consumer China's net gold imports via main conduit Hong Kong rose 15.8 percent in October to the highest in three months, data showed on Thursday, as the metal touched a four-month low during that month. For the top stories on metals and other news, click TOP/MTL or GOL

DATA AHEAD (GMT)

0745 France

Consumer confidence

Nov

0930 Britain

GDP 2nd release

Q3

1330 U.S.

Advance goods trade balance

Oct

1445 U.S.

Markit services PMI flash

Nov

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