PRECIOUS-Gold subdued on dollar strength, Fed meet in focus

Reuters

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    Sept 20 (Reuters) - Gold prices inched lower on Monday,
pressured by a firmer dollar, while investors awaited guidance
from the U.S. Federal Reserve on when it is likely to start
withdrawing its bond-buying programme.  
    
    FUNDAMENTALS
    * Spot gold  XAU=  dipped 0.1% to $1,752.66 per ounce by
0050 GMT, while U.S. gold futures  GCv1  edged up 0.1% to
$1,753.80. 
    * The dollar index  =USD  hit a near one-month high, denting
gold's appeal for holders of other currencies.  USD/         
    * The Fed is expected to open the door to reducing its
monthly bond purchases when it meets on Sept. 21-22, while tying
any actual change to U.S. job growth in September and beyond.
 urn:newsml:reuters.com:*:nL1N2QJ0Y4
    * Bullion is viewed as a hedge against the inflation and
currency debasement likely from widespread stimulus. The Fed's
tapering could tackle both those conditions, diminishing gold's
appeal. 
    * U.S. consumer sentiment steadied in early September, but
consumers continue to have a bleak view of the outlook amid a
stiff bout of inflation, a survey showed on Friday.  urn:newsml:reuters.com:*:nL1N2QJ18C
    * The London Bullion Market Association (LBMA) said on
Friday it had suspended its accreditation of a gold refinery in
Kyrgyzstan for failing to meet its responsible sourcing
standards.  urn:newsml:reuters.com:*:nL1N2QJ1JL
    * A pullback in domestic prices failed to revive physical
gold demand in India last week, with jewellers banking on the
upcoming wedding and festive season, while top consumer China
saw an uptick in buying.  urn:newsml:reuters.com:*:nL4N2QJ2OD
    * Speculators raised their net long positions in COMEX gold
by 3,856 contracts to 87,395 in the week to Sept. 14, data from
the U.S. Commodity Futures Trading Commission showed.  CFTC/ 
    * Silver  XAG=  fell 0.3% to $22.33 per ounce, having hit
its lowest level since Nov 2020 earlier in the session.   
    * Platinum  XPT=  fell 0.1% to $940.39, while palladium
 XPD=  gained 0.5% to $2,026.50. 

    

 (Reporting by Eileen Soreng in Bengaluru; Editing by Devika
Syamnath)
 ((eileen.soreng@thomsonreuters.com; Within U.S. +1 646 223
8780, Outside U.S. +91 80 6749 6131; Reuters Messaging:
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