Gold edges down on firm dollar Dudley's comments awaited

Spot gold was down 0.1 percent at $1,252.21 per ounce, as of 0127 GMT. US gold futures for August delivery fell 0.2 percent to $1,254 per ounce.

US homebuilding

US home building fell for a third straight month in May to the lowest level in eight months as construction activity declined broadly, suggesting that housing could be a drag on economic growth in the second quarter.

The market is looking to comments by New York Fed President William Dudley for potential support for the greenback. Dudley, a close ally of Fed Chair Janet Yellen, is due to take part in a roundtable with local business leaders in Plattsburgh, New York.

Brexit talks

Brexit Secretary David Davis starts negotiations in Brussels on Monday that will set the terms on which Britain leaves the European Union and determine its relationship with the continent for generations to come.

Hedge funds and money managers reduced their net-long positions in COMEX gold and silver for the first time in four weeks, in the week to June 13, US Commodity Futures Trading Commission (CFTC) data showed on Friday.

Gold Reserve Inc had said on Friday it received $40 million from the government of Venezuela as part of a $1.03-billion settlement arbitrated by the World Bank for the termination of its Las Brisas gold concession in 2009.

US dollar

The dollar steadied against a basket of currencies early on Monday after slipping on soft US economic data, with investors awaiting comments by a top Federal Reserve official for clues on whether recent strength can be sustained.

Asia gold demand ticked up this week as global prices came off seven-month highs, while Indian buyers stayed on the sidelines waiting for further price drops in the absence of fresh triggers to store purchases.

One of President Donald Trump’s personal lawyers said in an interview that the president was not under investigation for obstruction of justice, but later said he was uncertain.

South Africa mine’s minister defended new regulations seeking to accelerate black ownership in the key industry as a “win-win” situation for all, despite objections from an industry body threatening court action to block the changes.

Source:- www.thehindubusinessline.com

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