Gold edges up as dollar softens versus yuan

Gold prices drifted higher in Asian trade on Wednesday, extending gains into a second session, as the U.S. dollar softened against China's yuan and the euro.

Spot gold rose 0.2 percent to $1,213.56 an ounce at 0320 GMT, after rising 0.4 percent in the previous session.

U.S. gold futures were up 0.3 pct at $1221.70 per ounce.

"The dollar-CNH is a bit under pressure this morning and we're seeing some buying on the back of that," a Hong Kong-based trader said.

China's yuan held firm near a one-week high versus the dollar early Wednesday, following firmer equities, extending rise after the central bank last week took steps to curb the currency's decline.

Against a basket of currencies, the dollar eased 0.1 percent as its recent rally on concerns over escalating trade tensions showed signs of fading.

A weaker dollar makes greenback-denominated gold cheaper for holders of other currencies.

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Gold prices steady amid rate hike prospects

Gold prices steadied early on Monday, after falling to the lowest in more than a week in the previous session, as expectations of an interest rate hike this month offset support from worries about a trade war.

Fundamentals

* Spot gold was nearly unchanged at $1,293.06 per ounce by 0111 GMT. It touched the lowest since May 23 at $1,289.12 an ounce in the previous session.

* U.S. gold futures for August delivery were down 0.2 percent at $1,297.10 per ounce.

* U.S. job growth accelerated in May and the unemployment rate dropped to an 18-year low of 3.8 percent, pointing to rapidly tightening labor market conditions, which could stir concerns about inflation.

* The Federal Reserve should continue to raise rates gradually over the next two years, a U.S. central banker said on Friday, with higher borrowing costs perhaps beginning to act as a brake on growth starting early next year.

* U.S. hedge fund Paulson & Co, led by long-time gold bull John Paulson, is set to name a group of investors that will work together to try to drive changes and better returns from gold mining companies after years of dismal industry performance, according to people familiar with the situation.

* Ghana's gold output rose to 2.805 million ounces in 2017, up 10.2 percent from the previous year, data from the Ghana Chamber of Mines showed on Friday.

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Gold prices edge higher on weaker dollar, trade tensions

Gold prices edged higher on Thursday, as the dollar eased from 6-1/2-month highs hit earlier this week, with prices further supported by concerns over U.S.-China trade.

Spot gold was up 0.1 percent at $1,302.50 per ounce by 0344 GMT. It was headed for a monthly decline of about 1 percent, its biggest since February.

U.S. gold futures for June delivery were 0.1 percent higher at $1,303.20 per ounce.

"Gold is largely being influenced by how the dollar is moving and the dollar move overnight is a clear representation of why gold prices have risen this morning," said OCBC analyst Barnabas Gan.

The dollar index, which measures the greenback against a basket of six major currencies, fell 0.1 percent to 94.027.

A weaker dollar makes bullion cheaper for holders of other currencies.

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