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Gold retreats from one-year high as dollar gains ground

Gold fell early on Monday after hitting its highest level in over a year in the previous session, with a recovery in the U.S. dollar reining in any upward momentum in the metal.


* Spot gold was down 0.7 percent at $1,337.00 an ounce by 0053 GMT. It hit its highest since August 2016 at $1,357.54 the session before.

* U.S. gold futures for December delivery were also down 0.7 percent at $1,341.70 an ounce.

* The U.S. dollar won a reprieve from risk aversion on Monday after North Korean dictator Kim Jong Un decided to hold a party over the weekend rather than launch another missile, tempering safe havens like the yen and Treasuries.

* North Korea warned on Monday the United States would pay a “due price” for spearheading a U.N. Security Council resolution against its latest nuclear test, as Washington presses for a vote on a draft resolution imposing more sanctions on Pyongyang.

* President Donald Trump signed a bill on Friday extending the government debt limit for three months and providing about $15 billion in hurricane-related aid, bringing his surprising deal with Democratic congressional leaders this week to completion.

* It is too soon to predict when the Federal Reserve should next raise U.S. interest rates as it continues to tighten policy, given “cross currents” in the economy and markets, New York Fed President William Dudley said on CNBC TV on Friday.

* European Central Bank policymakers agreed at their meeting on Thursday that their next step would be to begin reducing their monetary stimulus, three sources with direct knowledge of the discussion said.

* Bank of England rate setters won’t shock markets with any policy moves when they meet next week as a struggling economy and Brexit fears offset any concerns over inflation sailing well above target.

* China’s central bank plans to scrap reserve requirements for financial institutions settling foreign exchange forward yuan positions with effect from Monday, four sources with direct knowledge of the matter said on Friday.

* Speculators raised their net long position in COMEX gold for the eighth straight week to the highest in nearly a year in the week to Sept. 5.

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.28 percent to 834.50 tonnes on Friday from 836.87 tonnes on Thursday.