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Gold prices extend gains amid subdued U.S. dollar
Spot gold XAU= was up 0.2 percent at $1,293.87 an ounce by 0050 GMT. It gained 0.3 percent in the previous session.
Gold prices were up slightly on Thursday, extending gains from the previous session amid a muted U.S. dollar after minutes from the U.S. Federal Reserve’s September policy meeting revealed low inflation concerns.
FUNDAMENTALS
* Spot gold XAU= was up 0.2 percent at $1,293.87 an ounce by 0050 GMT. It gained 0.3 percent in the previous session.
* U.S. gold futures GCcv1 for December delivery climbed 0.6 percent to $1,296.10 per ounce.
* Asian stocks were near a decade-high on Thursday, riding the bull run in global equity markets, while the dollar sagged after the Fed showed a guarded view towards inflation. [MKTS/GLOB]
* Spanish Prime Minister Mariano Rajoy on Wednesday gave the Catalan government eight days to drop an independence bid, failing which he would suspend Catalonia’s political autonomy and rule the region directly.
* U.S. Fed policymakers had a prolonged debate about the prospects of a pickup in inflation and slowing the path of future interest rate rises if it did not, according to the minutes of the U.S. central bank’s last policy meeting on Sept. 19-20 released on Wednesday.
* San Francisco Fed President John Williams on Wednesday said he expects the U.S. central bank to raise interest rates later this year, three times next year, and a little bit further in 2019.
* U.S. central banker Charles Evans is advocating a wait-and-see approach for the next round of interest rate hikes as the Fed normalises its expansive monetary policy.
* Dallas Fed President Robert Kaplan said on Tuesday he wants to see more signs of upward inflation before raising interest rates again, but that low long-term borrowing costs may limit how far and fast rates can be raised.
* A longer extension of the European Central Bank’s bond-buying programme may be more beneficial during periods of calm, the ECB’s chief economist, Peter Praet, said on Wednesday.
* The global economic recovery has strengthened financial stability but easy monetary and financial conditions against a backdrop of sluggish inflation are elevating medium-term risks, the International Monetary Fund said on Wednesday
