Gold remains close to a maximum of six weeks before the Fed hearing.



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(Reuters) – Gold prices held near a six-week high in the previous session, supported by a weaker dollar before a congressional hearing on Federal Reserve chairman Jerome Powell , and a possible vote of the Senate reforms.

Gold bars are seen in the Gold and Silver Separation Plant in Austria & # 39; Oegussa & # 39; in Vienna, Austria, March 18, 2016. REUTERS / Leonhard Foeger / Photo File

FUNDAMENTALS

* Spot gold rose 0.1 percent at $ 1,295.31 an ounce at 0120 GMT. On Monday, the metal hit a high of $ 1,299.13 an ounce, its highest level since October 16

* US gold futures. UU For delivery in December they remained almost unchanged at $ 1,294.80.

* The dollar on Tuesday remained in sight for a minimum of two months against the yen, with the short-term approach of a possible vote in the Senate on a US tax plan. UU Later in the week.

* Powell, the candidate to chair the Federal Reserve, defended the Fed's use of broad anti-crisis powers in prepared statements for its confirmation hearing on Tuesday, positioning itself as an extension of the bank's policies center of current President Janet Yellen and her predecessor Ben Bernanke.

* A Republican bill for the US Senate backed by President Donald Trump faced potential opposition from two Republican lawmakers who could prevent broad legislation from reaching the Senate. Republicans are quick to take the US Senate version of their tax bill to a vote in the Senate, possibly as early as Thursday.

* Sales of new single-family homes in the United States increased unexpectedly in October to reach a maximum of 10 years amid strong demand across the country, which offers a boost to the housing market.

* Dallas Fed President Robert Kaplan made his case clearer Monday for an interest rate increase next month and more to come in 2018, saying that waiting too long to adjust the policy could increase the risk of recession.

* Minneapolis Fed President Neel Kashkari, who disagreed with the two times the Fed raised interest rates so far this year, said on Monday he could do it again in December, when it is expected that the Fed delivers a third rate hike.

* Hedge funds and money managers reduced their net long positions in COMEX gold and silver contracts in the week to November 21, data from the Commodity Futures Trading Commission (CFTC) of the United States showed. United on Monday. Speculators reduced their net long position in gold by 3,944 contracts to 177,066 contracts in the week.

DATA / EVENTS FORWARD (GMT)

0700 Germany Import prices Oct

0900 Euro Zone Loans and money supply Oct

1200 Germany Consumer sentiment of GfK Dec

1330 US Early trade balance of goods Oct [19659018] 1330 inventories wholesalers of EE. UU Oct

1400 EE. UU Monthly price index monthly

1400 US S & P / Case-Shiller real estate prices Sep

1500 EE. UU Consumer Confidence November

1500 Senate Senate Committee of the Senate holds an audience at [19659023] nomination of Jerome Powell to be president of the

Federal Reserve

Report of Vijaykumar Vedala in Bengaluru; edition of Richard Pullin

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