Gold steady as dollar gains versus euro on ECB policy
Gold was little changed on Friday, after dipping to a three-week low as the dollar gained against the euro after the European Central Bank extended its bond buying programme. FUNDAMENTALS
* Spot gold
* U.S. gold futures
* The dollar stood tall on Friday, on track for weekly gains, while the euro slumped to three-month lows after the European Central Bank extended its bond purchases and reduced the chances that it would hike interest rates in 2018. [USD/]
* The ECB extended its bond purchases at a reduced pace on Thursday, taking its biggest step yet in weaning the euro zone economy off protracted stimulus. The ECB said it would cut asset purchases to 30 billion euro from 60 billion euros starting January while also extending the scheme by 9 months to September.
* Asian shares gained on Friday as technology shares were boosted by upbeat earnings from U.S. hi-tech giants, while the euro hovered near three-month low against the dollar after the European Central Bank extended its stimulus. [MKTS/GLOB]
* The U.S. House of Representatives helped pave the way on Thursday for deep tax cuts sought by President Donald Trump and Republican leaders, but barely overcame a revolt within party ranks that could foreshadow trouble ahead.
* President Donald Trump`s search for the next chair of the U.S. Federal Reserve has come down to Fed Governor Jerome Powell and Stanford University economist John Taylor, Politico on Thursday cited one source as saying, while another counselled caution.
* Gold is likely to flatline for another year in 2018 as rising U.S. interest rates clip momentum, a Reuters poll showed on Thursday, while silver forecasts were cut again after the metal lagged forecasts in the third quarter. [PREC/POLL]
* Autocatalyst metal palladium will struggle to maintain its recent push to 16-year highs above $1,000 an ounce, but is still expected to set record average highs this year and next as emissions controls ramp up, a Reuters poll showed. [PREC/POLL]
* China`s net gold imports via main conduit Hong Kong slipped about 8.5 percent month-on-month in September to the lowest level in over three years amid a slowdown in overall demand, data showed on Thursday.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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