FUNDAMENTALS
* Spot gold rose 0.1% to $1,991.14 per ounce by 0018
GMT. U.S. gold futures climbed 0.2% to $2,000.20.
* The dollar index was down 0.1% on the day, making
gold less expensive for other currencies holders.
* The U.S. House of Representatives on Wednesday narrowly
passed a bill to raise the government's $31.4 trillion debt
ceiling, defying Democratic President Joe Biden by attaching
sweeping spending cuts for the next decade.
* Meanwhile First Republic Bank's market value
plunged again on Wednesday as investors waited to see if it
would be able to find buyers for assets and engineer a
turnaround without government support.
* Safe-haven gold tends to gain during times of economic or
financial uncertainty, while higher rates also dent the appeal
of the zero-yield asset.
* Data on Wednesday showed new orders for key
U.S.-manufactured capital goods fell more than expected in
March, while shipments declined, suggesting that business
spending on equipment was likely a drag on economic growth in
Q1.
* Traders are now focused on U.S. quarterly GDP data due on
Thursday, followed by the core personal consumption expenditures
index on Friday, the Fed's preferred inflation gauge.
* On the physical front, takeover target Newcrest Mining
said on Thursday gold production in the third quarter fell 0.5%
from the second, hurt by lower production at its Cadia project
following an unscheduled mechanical breakdown.
* Elsewhere, spot silver rose 0.1% to $24.92 per
ounce, while platinum fell 0.1% to $1,088.23. Palladium eased 0.3% to $1,507.62.
Thursday, April 27 DATA/EVENTS (GMT) 0900 EU Consumer Confid. Final April 1230 US GDP Advance Q1 1230 US Initial Jobless Clm Weekly (Reporting by Arundhati Sarkar in Bengaluru; editing by Uttaresh Venkateshwaran)
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