Gold inches up on weaker dollar

Gold prices edged higher on Thursday, supported by a weaker dollar amid ongoing concerns about a trade war between the United States and its allies.


* Spot gold was 0.1 percent higher at $ 1,296.91 per ounce by 0124 GMT.

* U.S. gold futures for August delivery were nearly unchanged at $ 1,301.30 per ounce.

* The dollar index , which measures the greenback against a basket of six major currencies, fell 0.2 percent to 93.497.

* U.S. President Donald Trump is not backing down from the tough line he has taken on trade, the White House’s top economic adviser said on Wednesday, setting the stage for a showdown with top allies at this week’s G7 summit in Canada.

* The European Union expects to hit U.S. imports with additional duties from July, ratcheting up a transatlantic trade conflict after Washington imposed its own tariffs on incoming EU steel and aluminium.

* The euro stayed near two-week highs against many of its rivals on Thursday, on rising bets the European Central Bank (ECB) may announce it will wind down its stimulus programme by year-end as early as next week.

* The European Central Bank will debate next week whether to end bond purchases later this year, the bank’s chief economist said on Wednesday, a hawkish message seen preparing investors for another cut in stimulus.

* Holdings of SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, fell 0.42 percent to 832.59 tonnes on Wednesday.

* Outflows of North American gold-backed exchange traded funds (ETFs) rose in May, as volatility in the gold market dragged prices lower, the World Gold Council said on Wednesday.

* Rescuers were searching on Wednesday for seven workers who went missing in at a gold and silver mine in northern Mexico after a dam filled with liquid waste collapsed, authorities said.

* The Perth Mint’s sales of gold products fell about 2.4 percent in May from a month earlier, the lowest in over a year, while silver sales rose about 21 percent, the mint said on Wednesday.

* India’s gold imports plunged a fifth straight month in May to 48 tonnes as a rally in local prices to near their highest level in 21 months curtailed retail purchases, provisional data from precious metals consultancy GFMS and bank dealers showed.