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Gold prices climb on Trump uncertainty, Brexit concerns

1.8838576Gold prices edged up on Monday, supported by safe-haven demand due to uncertainty over U.S. policy ahead of President-elect Donald Trump’s inauguration and amid concernsover Britain’s exit from the European Union.

FUNDAMENTALS

* Spot gold had risen 0.4 percent to $1,202 per ounce by 0036 GMT.

* U.S. gold futures were up 0.5 percent at $1,201.80 per ounce.

* Prime Minister Theresa May on Tuesday will call on Britons to reject the acrimony of the Brexit referendum in a speech that some newspapers have billed as setting the stage for a “hard” exit from the EU.

* All eyes will be on Trump’s inauguration on Friday for any clarity on his economic plans.

* Investors have been enticed into gold this month as questions over Federal Reserve policy and the Trump administration drive a bigger than usual January bounce in a beaten-down market.

* Inflation, industrial production and housing data dominate a holiday-shortened week in the United States. The reports are expected to show the economy ended 2016 with strong momentum.

* The U.S. Labor Department is expected to report on Wednesday that consumer prices increased 0.3 percent in December after rising 0.2 percent in November. The core CPI is forecast rising 0.2 percent after a similar increase in November.

* Fed Chair Janet Yellen will have an opportunity to lay out her thinking with speeches on monetary policy on both Wednesday and Thursday this week.

* Hedge funds and money managers in the week to January 10 raised their net long position in COMEX gold contracts for the first time in nine weeks, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday.

* Physical gold sales eased in Asia last week as steadily higher prices kept buyers on the sidelines and premiums remained mostly unchanged across the continent.

* Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.37 percent to 807.96 tonnes on Friday from Thursday.

* Gold miner Acacia Mining Plc said on Friday it was in early talks about a possible merger with Canadian gold miner Endeavour Mining Corp.

* South Africa’s Harmony Gold has brought all employees at its Kusasalethu mine to the surface and will restart production after an illegal sit-in of nearly 48 hours, the bullion miner said on Friday.

Source: http://www.classfmonline.com/1.10649117

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