PRECIOUS-Gold Inches Lower Before ECB Meeting-Shanghai Metals Market

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PRECIOUS-Gold Inches Lower Before ECB Meeting

Industry News 10:05:32AM Jan 10, 2013 Source:SMM

SINGAPORE, Jan 10 - Gold inched lower on Thursday, pressured by a key resistance level, as investors awaited a rate decision by the European Central Bank at its policy meeting later in the day.
   
FUNDAMENTALS
* Spot gold edged down 0.1 percent to $1,655.50 an ounce by 0028 GMT, under the key resistance of 200-day moving average at $1.661.05

* U.S. gold was little changed at $1,655.40.

* Investors will closely watch the result of the European Central Bank's policy meeting later in the day. The bank is expected to hold interest rates unchanged, but economists have mixed views on the chances of a rate cut in the next few months due to a murky economic outlook. 
   
* German industrial output rose less than forecast in November due to a sharp fall in energy and consumer goods production, reinforcing concerns that Europe's largest economy contracted in the fourth quarter.
   
* The Japanese economy is expected to recover a little in 2013 if Prime Minister Shinzo Abe's policies of massive fiscal spending, aggressive monetary easing, and a weaker yen produce the momentum needed to lift Japan from stubborn deflation.

* The dollar index inched higher, on course for its third day of gains. A stronger greenback makes dollar-priced commodities less affordable for buyers holding other currencies.
   
* For the top stories on metals and other news, click, or
   
MARKET NEWS
* U.S. stocks rose on Wednesday, rebounding from two days of losses, as investors turned their focus to the first prominent results of the earnings season.
   
* The yen was on the defensive near a 2 1/2-year low on Thursday on expectations Bank of Japan policy will take a fresh and bold approach to boost inflation later this month.
   
    DATA/EVENTS (GMT)
 0745 France  Industrial Output   November                  
 0745 France  CPI                 December                  
 1200 UK      BoE Rate Decision   January                   
 1245 EU      ECB Rate Decision                             
 1330 EU      ECB President Mario Draghi Holds News Conference
 1330 US      Weekly Jobless Claims                         
 1500 US      Wholesale Inventories  November               
      China   Exports Year on Year   December               
      China   Imports Year on Year   December               
      China   Trade balance          December                
   
    PRICES
  
 Precious metals prices 0028 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1655.50   -1.79   -0.11     -1.14
  Spot Silver        30.31   -0.02   -0.07      0.10
  Spot Platinum    1590.25   -0.75   -0.05      3.60
  Spot Palladium    683.75    0.65   +0.10     -1.19
  COMEX GOLD FEB3  1655.40   -0.10   -0.01     -1.22         1480
  COMEX SILVER MAR3  30.33    0.08   +0.25      0.31         1388
  Euro/Dollar       1.3053
  Dollar/Yen         88.13
  COMEX gold and silver contracts show the most active months
 

PRECIOUS-Gold Inches Lower Before ECB Meeting

Industry News 10:05:32AM Jan 10, 2013 Source:SMM

SINGAPORE, Jan 10 - Gold inched lower on Thursday, pressured by a key resistance level, as investors awaited a rate decision by the European Central Bank at its policy meeting later in the day.
   
FUNDAMENTALS
* Spot gold edged down 0.1 percent to $1,655.50 an ounce by 0028 GMT, under the key resistance of 200-day moving average at $1.661.05

* U.S. gold was little changed at $1,655.40.

* Investors will closely watch the result of the European Central Bank's policy meeting later in the day. The bank is expected to hold interest rates unchanged, but economists have mixed views on the chances of a rate cut in the next few months due to a murky economic outlook. 
   
* German industrial output rose less than forecast in November due to a sharp fall in energy and consumer goods production, reinforcing concerns that Europe's largest economy contracted in the fourth quarter.
   
* The Japanese economy is expected to recover a little in 2013 if Prime Minister Shinzo Abe's policies of massive fiscal spending, aggressive monetary easing, and a weaker yen produce the momentum needed to lift Japan from stubborn deflation.

* The dollar index inched higher, on course for its third day of gains. A stronger greenback makes dollar-priced commodities less affordable for buyers holding other currencies.
   
* For the top stories on metals and other news, click, or
   
MARKET NEWS
* U.S. stocks rose on Wednesday, rebounding from two days of losses, as investors turned their focus to the first prominent results of the earnings season.
   
* The yen was on the defensive near a 2 1/2-year low on Thursday on expectations Bank of Japan policy will take a fresh and bold approach to boost inflation later this month.
   
    DATA/EVENTS (GMT)
 0745 France  Industrial Output   November                  
 0745 France  CPI                 December                  
 1200 UK      BoE Rate Decision   January                   
 1245 EU      ECB Rate Decision                             
 1330 EU      ECB President Mario Draghi Holds News Conference
 1330 US      Weekly Jobless Claims                         
 1500 US      Wholesale Inventories  November               
      China   Exports Year on Year   December               
      China   Imports Year on Year   December               
      China   Trade balance          December                
   
    PRICES
  
 Precious metals prices 0028 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1655.50   -1.79   -0.11     -1.14
  Spot Silver        30.31   -0.02   -0.07      0.10
  Spot Platinum    1590.25   -0.75   -0.05      3.60
  Spot Palladium    683.75    0.65   +0.10     -1.19
  COMEX GOLD FEB3  1655.40   -0.10   -0.01     -1.22         1480
  COMEX SILVER MAR3  30.33    0.08   +0.25      0.31         1388
  Euro/Dollar       1.3053
  Dollar/Yen         88.13
  COMEX gold and silver contracts show the most active months