PRECIOUS-Gold Edges up As Euro Holds Firm before ECB Meeting-Shanghai Metals Market

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PRECIOUS-Gold Edges up As Euro Holds Firm before ECB Meeting

Industry News 11:53:03AM Jan 08, 2013 Source:SMM

SINGAPORE, Jan 8  - Gold inched up on Tuesday as the euro held on to two days of gains on expectations the European Central Bank will refrain from cutting interest rates at a meeting this week, while concerns over the duration of U.S. stimulus measures weighed.
       
FUNDAMENTALS
* Spot gold had climbed 0.2 percent to $1,650.36 an ounce by 0026 GMT.
* U.S. gold was up 0.3 percent at $1,650.80.
* The ECB will keep interest rates unchanged at its Thursday meeting, economists forecast in a Reuters poll, but they cannot agree on the chances of a cut in the next few months due to a murky economic outlook.
* Euro zone sentiment improved for a fifth consecutive month in January, with investors' expectations rising to their highest level in almost two years after a successful Greek bond buyback and a dip in Spanish jobless figures.
* A weaker U.S. dollar makes commodities denominated in the greenback more attractive to holders of other currencies.
* Top U.S. Federal Reserve officials on Friday suggested the central bank may halt its bullion-friendly asset purchases by the end of 2013 due to a better economic outlook.
* Holdings of SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, fell about two tonnes to 1,340.74 tonnes on Jan. 7, down about 10 tonnes, or 0.7 percent, from the end of 2012. 
* South Africa's Harmony Gold, the country's third-largest gold producer, said its Kusasalethu mine remained closed and could be shut permanently with the loss of around 6,000 jobs after managers received death threats and police were shot at.
* Spot palladium edged up 0.2 percent to $669.47, off a more than one-month low of $661.97 hit in the previous session.
* For the top stories on metals and other news, click, or
   
    MARKET NEWS
    * U.S. stocks lost ground on Monday, as investors drew back
from recent gains that lifted the S&P 500 to a five-year high,
in anticipation of sluggish growth in corporate profits.
    * The euro traded steady against the dollar on Tuesday,
after rising for two straight sessions.
   
    DATA/EVENTS
 1000  EZ      Business climate            Dec 2012              
 1000  EZ      Economic sentiment          Dec 2012             
 1245  U.S.    ICSC chain stores yy        Weekly                
   
    PRICES
    Precious metals prices 0026 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1650.36    3.72   +0.23     -1.44
  Spot Silver        30.22    0.10   +0.33     -0.20
  Spot Platinum    1553.74    1.75   +0.11      1.22
  Spot Palladium    669.47    1.47   +0.22     -3.26
  COMEX GOLD FEB3  1650.80    4.50   +0.27     -1.49         4296
  COMEX SILVER MAR3  30.23    0.15   +0.49      0.00         1421
  Euro/Dollar       1.3119
  Dollar/Yen         87.41
  COMEX gold and silver contracts show the most active months
 

PRECIOUS-Gold Edges up As Euro Holds Firm before ECB Meeting

Industry News 11:53:03AM Jan 08, 2013 Source:SMM

SINGAPORE, Jan 8  - Gold inched up on Tuesday as the euro held on to two days of gains on expectations the European Central Bank will refrain from cutting interest rates at a meeting this week, while concerns over the duration of U.S. stimulus measures weighed.
       
FUNDAMENTALS
* Spot gold had climbed 0.2 percent to $1,650.36 an ounce by 0026 GMT.
* U.S. gold was up 0.3 percent at $1,650.80.
* The ECB will keep interest rates unchanged at its Thursday meeting, economists forecast in a Reuters poll, but they cannot agree on the chances of a cut in the next few months due to a murky economic outlook.
* Euro zone sentiment improved for a fifth consecutive month in January, with investors' expectations rising to their highest level in almost two years after a successful Greek bond buyback and a dip in Spanish jobless figures.
* A weaker U.S. dollar makes commodities denominated in the greenback more attractive to holders of other currencies.
* Top U.S. Federal Reserve officials on Friday suggested the central bank may halt its bullion-friendly asset purchases by the end of 2013 due to a better economic outlook.
* Holdings of SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, fell about two tonnes to 1,340.74 tonnes on Jan. 7, down about 10 tonnes, or 0.7 percent, from the end of 2012. 
* South Africa's Harmony Gold, the country's third-largest gold producer, said its Kusasalethu mine remained closed and could be shut permanently with the loss of around 6,000 jobs after managers received death threats and police were shot at.
* Spot palladium edged up 0.2 percent to $669.47, off a more than one-month low of $661.97 hit in the previous session.
* For the top stories on metals and other news, click, or
   
    MARKET NEWS
    * U.S. stocks lost ground on Monday, as investors drew back
from recent gains that lifted the S&P 500 to a five-year high,
in anticipation of sluggish growth in corporate profits.
    * The euro traded steady against the dollar on Tuesday,
after rising for two straight sessions.
   
    DATA/EVENTS
 1000  EZ      Business climate            Dec 2012              
 1000  EZ      Economic sentiment          Dec 2012             
 1245  U.S.    ICSC chain stores yy        Weekly                
   
    PRICES
    Precious metals prices 0026 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1650.36    3.72   +0.23     -1.44
  Spot Silver        30.22    0.10   +0.33     -0.20
  Spot Platinum    1553.74    1.75   +0.11      1.22
  Spot Palladium    669.47    1.47   +0.22     -3.26
  COMEX GOLD FEB3  1650.80    4.50   +0.27     -1.49         4296
  COMEX SILVER MAR3  30.23    0.15   +0.49      0.00         1421
  Euro/Dollar       1.3119
  Dollar/Yen         87.41
  COMEX gold and silver contracts show the most active months