PRECIOUS-Gold edges down on firm dollar; Fed's Dudley awaited for cues

Last Updated: Mon, Jun 19, 2017 07:19 hrs

BENGALURU, June 19 (Reuters) - Gold slipped on Monday on a firm dollar as markets awaited comments by a top Federal Reserve official for clues on whether recent strength can be sustained, after last week's soft economic data. FUNDAMENTALS * Spot gold was down 0.1 percent at $1,252.21 per ounce, as of 0127 GMT. * U.S. gold futures for August delivery fell 0.2 percent to $1,254 per ounce. * U.S. homebuilding 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 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, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday. * Gold Reserve Inc 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. * The dollar steadied against a basket of currencies early on Monday after slipping on soft U.S. 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 stoke 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. DATA AHEAD (GMT) 0130 China House prices May (Reporting by Nithin Prasad in Bengaluru; Editing by Sherry Jacob-Phillips)



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