GOLD STEADY | FUNDAMENTALS

GOLD STEADY

Globally, gold rose marginally, on track to end the week barely changed as the market waited for more signs about the timing of an expected US interest rate rise from the Federal Reserve.

Gold is expected to gain over the next few days on account of festival buying in India, the world's second-largest consumer of the bullion.
Gold has traded in $16 range in last week * Platinum off over 2-week highs reached on Wednesday * SPDR Gold holdings drop 1.49 pct (Updates prices, adds comments, dollar move, NEW YORK dateline; previously LONDON) By Devika Krishna Kumar and Zandi Shabalala NEW YORK/LONDON, Oct 27 Gold was little changed on Thursday, pressured by a persistently strong dollar as the market awaits more signs about the timing of an expected U.S. interest rate rise from the Federal  Reserve.

 FUNDAMENTALS:-

Spot gold XAU= was little changed at $1,268.31 per ounce at 0111 GMT. The safe-haven asset is up about 0.2 percent so far this week.
U.S. gold futures GCcv1 were nearly flat at $1,269.10 per ounce.
Demand for bullion is expected to pick up ahead of upcoming festivals in India such as Dhanteras and Diwali, when gold is traditionally given as a gift.
Asian stocks made a subdued start on Friday, with MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS edging down 0.l percent, reflecting Wall Street's unconvincing performance overnight. [MKTS/GLOB]
The dollar index .DXY, which measures the greenback against a basket of currencies, was steady at 98.886.
New orders for U.S. manufactured capital goods unexpectedly fell in September amid weak demand for computers and electronic products, which could temper expectations for an acceleration in business spending in the fourth quarter.
The European Central Bank (ECB) will decide in December on the mechanism for prolonging its quantitative easing asset purchase programme, an ECB policymaker said on Thursday.
Strong growth data in Britain prompted the worst daily sell-off in gilts for months and pushed yields on the world's benchmark bonds higher on Thursday, as expectations for a Bank of England rate cut fell.
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