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PRECIOUS-Gold edges down as dollar gains against yen

Published 27/12/2016, 12:00 pm
PRECIOUS-Gold edges down as dollar gains against yen
USD/JPY
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XAU/USD
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AGG
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GC
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PLZL
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Dec 27 (Reuters) - Gold prices edged lower on Tuesday after the long Christmas weekend, as the U.S. dollar rose against the safe-haven Japanese yen.

FUNDAMENTALS

* Spot gold XAU= was down 0.1 percent at $1,132.06 an ounce by 0045 GMT.

* U.S. gold futures GCcv1 were little changed at $1,133.50 per ounce.

* The dollar inched up against the yen on Tuesday while the euro held to modest gains against the greenback, as the market looked to emerge out of the holiday lull and into the last trading stretch of the year. USD/

* The dollar was up 0.2 percent at 117.29 yen JPY= .

* Asian stocks were little changed on Tuesday, in thin trade and with little to guide them as most major markets were closed on Monday for Christmas holidays, while the dollar reclaimed some of its losses from Monday. MKTS/GLOB

* Japan's core consumer prices marked the ninth straight month of annual declines in November, data showed on Tuesday, suggesting that the economy still lacks enough momentum to jump-start inflation toward the central bank's ambitious 2 percent target. Hedge funds and money managers cut their net long position in COMEX gold for a sixth straight week in the week to Dec. 20, Commodity Futures Trading Commission data showed on Friday. Gold demand in India remained subdued this week despite a sharp fall in prices to over 10-1/2 month lows as a severe cash crunch and holidays kept buyers away from the market, while premiums in China fell from near 3-year highs touched in the prior week. GOL/AS

* Germany's Bundesbank has this year taken back more of its gold than planned as it moves toward hoarding half of the world's second-largest reserve at home, Bundesbank President Jens Weidmann told German daily Bild. Workers at an AngloGold Ashanti ANGJ.J gold mine in eastern Guinea are on strike in a dispute over year-end bonuses, Saadou Nimaga, secretary general of the ministry of mines, said on Sunday. Russian state conglomerate Rostec would consider selling 25 percent in the joint venture created to develop giant Sukhoi Log gold deposit with Russia's largest gold producer Polyus PLZL.MM to the partner in the JV, Rostec's head Sergei Chemezov said. President Pedro Pablo Kuczynski proposed dredging a reservoir in a dry northern region of Peru to extract what he described as "much more gold" than what the country's biggest gold mine holds, according to an interview with a local newspaper. For the top stories on metals and other news, click TOP/MTL or GOL

DATA AHEAD (GMT)

1400 U.S. Case-Shiller home prices

October

1500 U.S. Conference Board consumers confidence index December

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