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March 14 (Reuters) – Gold hit a two-week high on Thursday as the US dollar weakened after UK lawmakers rejected a Brexit without a deal, regardless of the scenario, and that weak US inflation data has reduced the chances of future US interest rate hikes.
FUNDAMENTALS
* Spot gold was down 0.1% to $ 1,307.53 an ounce at 0110 GMT, after reaching its highest level since March 1st at $ 1,311.07 when the previous session.
* Gold futures in the US also fell 0.1% to $ 1,308 an ounce.
* The dollar was down for a fifth consecutive session against major currencies.
* Asian stocks paused on Thursday as investors waited for Chinese information on the health of the world's second largest economy, while the pound sterling hit its highest level in nine months, the risk of a no -agreement on Brexit having decreased night vote.
* The British parliament on Wednesday refused to leave the European Union without agreement, further weakening prime minister Theresa May and paving the way for a vote that could delay Brexit until at least the end of June.
* Producer prices in the United States barely rose in February, resulting in the smallest annual increase for more than a year and a half, the latest sign of benign inflation confirming the wait-and-see attitude. the US Federal Reserve for a further rise in interest rates this year. .
* US President Donald Trump said on Wednesday that he was in no hurry to conclude a trade pact with China and had insisted that any deal included the protection of intellectual property, a major point of disagreement between both parties during months of negotiations.
* The US Senate appeared to be in the process of adopting a proposal to end Trump's declaration of urgency on the southern border, despite the threat of vetoing the measure and the intensive lobbying of his Republican colleagues.
* The Japanese government is forecasting a slight deterioration in its badessment of the economy in its monthly report for March, as exports and industrial production fell due to slowing Chinese demand, the business daily Nikkei reported on Thursday.
* Ugandan authorities announced on Wednesday that they are investigating the country's largest gold refinery and recent imports of about 7.4 tonnes of gold, valued at about $ 300 million.
* Societe Generale predicted that the price of gold would average $ 1,400 per ounce over 12 months.
DATA AHEAD (GMT) 0200 China Industrial Production (February) 0200 China Retail Sales (February) 0630 India Inflation WPI (February) 0700 Germany Final CPI (February) 0700 Germany Harmonized Consumer Product Prices (HICP) (February) 1400 US New home sales – units (January) 1200 Possible vote in the British Parliament on the lengthening of the Brexit negotiation period Monetary Policy Meeting of the Bank of Japan (March 14-15) (report by K. Sathya Narayanan in Bengaluru, edited by Joseph Radford)
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