PRECIOUS-Gold inches up on weak dollar; focus on Georgia runoffs outcome

  • Reuters
  • Commodities News
PRECIOUS-Gold inches up on weak dollar; focus on Georgia runoffs outcome
Credit: © Reuters.

Jan 6 (Reuters) - Gold ticked up on Wednesday, aided by a weaker dollar, while investors awaited the results of the U.S. Senate runoff elections in Georgia that will decide the prospects of further stimulus.

FUNDAMENTALS

* Spot gold XAU= rose 0.1% to $1,950.46 per ounce by 0049 GMT, after hitting a peak since Nov. 9 at $1,952.98 earlier in the session. U.S. gold futures GCv1 was flat at $1,954.20.

* Polls closed in Georgia after voters cast ballots in a pair of runoff elections that will determine both control of the U.S. Senate and Democratic President-elect Joe Biden's ability to push through an ambitious legislative agenda. Democrat candidates jumped to early leads in preliminary voting returns, data compiled by Edison Research showed. The results could be known by Wednesday, although the outcome may remain in doubt for days if the margins are razor-thin.

* The U.S. dollar .DXY held near an over two-year low against rivals. USD/

* U.S. factory activity accelerated to its highest level in nearly 2-1/2 years in December. Holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust GLD fell 0.1% to 1,186.78 tonnes on Tuesday. GOL/ETF

* Silver XAG= shed 0.1% to $27.55 an ounce. Platinum XPT= fell 0.7% to $1,103.57, while palladium XPD= eased 0.5% at $2,455.29.

DATA/EVENTS (GMT) 0500 India HIS Markit Svcs PMI

Dec 0700 UK

Reserve Assets Total

Dec 0745 France CPI (EU Norm) Prelim YY

Dec 0850 France Markit Svcs, Comp PMIs

Dec 0855 Germany Markit Svcs PMI

Dec 0855 Germany Markit Comp Final PMI

Dec 0900 EU

Markit Serv, Comp Final PMIs Dec 1300 Germany CPI, HICP Prelim YY

Dec 1445 US

Markit Serv, Comp Final PMIs Dec 1500 US

Factory Orders MM

Nov

1900 US

Federal Open Market Committee will release minutes from its Dec. 15 - 16 policy meeting

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