Gold prices inch up from one-week low
Gold prices inched up on Wednesday from a one-week low with the dollar holding steady, but speculation that President Donald Trump might pick a policy hawk to lead the U.S. Federal Reserve weighed on the metal.
* Spot gold was up 0.1 percent to $1,286.10 an ounce at 0053 GMT. It hit a one-week low of $1,281.31 in the previous session.
* U.S. gold futures for December delivery rose 0.2 percent at $1,288.3 per ounce.
* The dollar index , which measures the greenback against a basket of currencies, was little changed at 93.449 after gaining for four straight days.
* Asian shares consolidated recent gains and currencies kept to tight ranges on Wednesday as investors waited to see what policies might emerge from China’s Communist Party conference. [MKTS/GLOB]
* U.S. President Donald Trump has a pool of five candidates to choose from for the next chair of the Federal Reserve and is likely to announce his choice before going to Asia in early November, a source familiar with the situation said on Tuesday.
* Jerome Powell likely will be the next Federal Reserve chairman, according to a slim majority of economists in a Reuters poll – but most of them said current Fed Chair Janet Yellen would be the best option.
* The Federal Reserve Bank of Kansas City in September voted to raise the rate commercial banks are charged for emergency loans, according to minutes of a U.S. central bank meeting released on Tuesday.
* U.S. industrial production rebounded modestly in September as the lingering effects of Hurricanes Harvey and Irma hobbled activity at factories, but the outlook for the industrial sector remains bullish amid a strengthening global economy and weakening dollar.
* The price of gold is expected to rise to $1,369 an ounce by October next year, delegates to the London Bullion Market Association’s annual gathering predicted on Tuesday.
* Open interest on the London Metal Exchange’s (LME) precious metals contracts has topped 3 million ounces of gold, the exchange said, as it tries to muscle into a futures business dominated by rival CME Group.
* India’s Multi Commodity Exchange (MCX) on Tuesday launched the country’s first gold options contract in New Delhi to coincide with the gold-buying festival of Dhanteras.