Gold steady as cloudy U.S. rate hike outlook drags on dollar
Gold prices held steady on Tuesday near two-week highs hit in the previous session, as the dollar hovered near multi-month lows on fading prospects for further U.S. rate hikes this year.FUNDAMENTALS
* Spot gold
* SPDR Gold Trust
* The U.S. dollar was near a 10-month low against a basket of major currencies on Tuesday, pressured by uncertainty over the pace of the Federal Reserve`s policy tightening. [USD/]
* Banks expect gold to match its 2016 average this year, but cut their silver price forecasts after the metal slid 9 percent in the second quarter. A poll conducted by Reuters this month returned an average silver price
* Palladium is expected to hit its highest annual average price on records going back three decades this year after tightness in the lending market pushed prices to 16-year highs last month. [PREC/POLL]
* South Korea on Monday proposed military talks with North Korea, the first formal overture to Pyongyang by the government of President Moon Jae-in, to discuss ways to avoid hostile acts near the heavily militarised border.
* The United States on Monday launched the first salvo in the renegotiation of the 23-year-old North American Free Trade Agreement (NAFTA), saying its top priority for the talks was shrinking the U.S. trade deficit with Canada and Mexico.
* London`s economy is wobbling from the early effects of Brexit judging from the capital`s faltering housing market, fewer European Union citizens seeking work and weaker job creation, according to a report from the Centre for London think tank.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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