Gold prices inched lower early Monday as the dollar remained
supported, with investors expecting the US Federal Reserve to raise interest
rates at this week's policy meeting.
FUNDAMENTALS
* Spot gold fell 0.2 percent to USD 1,310.31 per ounce at
0123 GMT. The price touched USD 1,309.31, the lowest since March 1, in the
previous session.
* US gold futures for April delivery fell 0.1 percent to USD
1,310.4 per ounce.
* The dollar index against a basket of currencies was up 0.1
percent at 90.295.
* Asian share markets got off to a hesitant start on Monday
for a week in which the Fed is likely to deliver a hike in US interest rates
and perhaps signal that as many as three more lie in store for the rest of the
year. [MKTS/GLOB]
* The two-day Federal Open Market Committee meeting begins
on Tuesday at which the US central bank is expected to raise interest rates for
the first time this year.
* US industrial production jumped 1.1 percent in February,
the largest increase in four months, due to a weather-related rebound in
construction and a rise in output from the nation's oil and gas fields and
mines.
* Forty-five US trade associations representing some of the
largest companies in the country are urging President Donald Trump not to
impose tariffs on China, warning it would be "particularly harmful"
to the US economy and consumers.
* French President Emmanuel Macron and German Chancellor
Angela Merkel on Friday pledged to overcome differences in order to formulate a
roadmap for a reform of the euro zone which they will seek to get approved by
their European peers in June.
* Three European Central Bank policymakers struck an
optimistic tone on the outlook for euro zone inflation on Sunday despite
stubbornly slow price growth so far this year.
* Gold speculators cut their net long position by 16,153
contracts to 145,659 contracts, according to the US Commodity Futures Trading
Commission (CFTC) data.
* Weaker demand in India prompted gold dealers to offer
discounts for a second straight week, as a drop in local prices to 2-week lows
and a festival failed to lure buyers.
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Source: Moneycontrol
