Gold Holds Steady On Weaker Dollar

Gold held steady early on Thursday after rising slightly in the previous session, with lower expectations for a U.S. rate hike weighing on the dollar.

 

FUNDAMENTALS

 

 * Spot gold was largely unchanged at $1,345.80 an ounce at 0048 GMT. It ended Wednesday up 0.4 %.

 

 * U.S. gold  was also steady at $1,351.60 an ounce.

 

* The U.S. dollar struggled to gain traction, amid doubts over whether the Federal Reserve will raise interest rates this year. The dollar index, which measures the greenback's value against a basket of major currencies, last traded at 95.554 , holding within sight of a near one-week low of 95.442 set on Wednesday.

 

* Gold consumption in China and India, the world's top two buyers, is set to drop 15 to 20 percent in 2016 after lower investment demand and jewellery sales, said an official at a leading importing bank.

 

* Alternative investments such as a Ferrari 335 S Scaglietti, a rare blue diamond or a case of Romanee-Conti Grand Cru wine from Burgundy are going mainstream as investors grapple with ultra-low interest rates and volatile stocks.

 

* Gold miner Centamin Plc raised its production guidance for 2016, aided by rising output from its Sukari mine in Egypt, and said its second-quarter core profit more than doubled.

 

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