Gold on Monday regained its footing after dropping to a 9-1/2 month low in the previous session, as the U.S. dollar shed further gains after touching near 14-year highs last week.
FUNDAMENTALS
* Spot gold was up 0.55 percent at $1,189.43 an ounce by 0031 GMT. The metal shed nearly 0.4 percent in the previous session and marked its lowest since Feb. 8 at $1,171.21 per ounce.
* U.S. gold futures rose 0.9 percent to $1,189.0 per ounce.
* The dollar index, which measures the greenback against a basket of currencies, was down 0.25 percent at 101.230.
* The dollar pulled further back from near 14-year highs as investors braced for upcoming events that could at least temporarily knock the greenback’s bull run off course.
* Oil prices tumbled on Monday on worries that producer countries may not agree on a deal to cut output, pressuring U.S. stock futures and Asian shares.
* After a year of huge shocks to the market, investors’ nerves will be tested twice more in the coming week as OPEC debates an oil output cut and Italy provides the first of several upcoming major European electoral tests.
* Gold premiums in top consumer China jumped to the highest in nearly three years in the week to Nov. 25 on worries over a supply shortage that traders said were due to Beijing’s efforts to restrict import licenses.
* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.73 percent to 885.04 tonnes on Friday from 891.57 tonnes on Wednesday.
Source: Reuters
