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PRECIOUS-Gold Inches up; Platinum Pauses after 6-day Rally

iconJan 16, 2013 09:51
Source:SMM
Gold inched up on Wednesday towards a near two-week high hit in the previous session.

SINGAPORE, Jan 16 - Gold inched up on Wednesday towards a near two-week high hit in the previous session, while platinum took a breather after rising for six straight sessions to a three-month peak.
   
FUNDAMENTALS
* Spot gold had climbed 0.3 percent to $1,683.60 an ounce by 0025 GMT, just off Tuesday's high of $1,684.90.

* U.S. gold was little changed at $1,683.70.
   
* Two dovish Federal Reserve officials argued that the U.S. central bank's accommodative policies are appropriate and may even need to be eased further.
   
* U.S. retail sales rose solidly in December as Americans shrugged off the threat of higher taxes and bought automobiles and a range of other goods, suggesting momentum in consumer spending as the year ended.
   
* Spot platinum traded nearly flat at $1,678.75, sliding from a three-month high of $1,699.50.
   
* American Platinum plans to mothball two South African mines, sell another and cut 14,000 jobs, risking a repeat of last year's violent strikes as the world's largest producer of the precious metal struggles to stem losses.
 
* Platinum mining stocks are an attractive investment at current levels given threats to South African supply, but those operating in the republic itself are less appealing than those based elsewhere, a London fund manager said on Tuesday.
 
* India's passion for gold is putting such a strain on state finances that the government may slap higher import taxes on the precious metal, but demand buoyed by heady inflation and meager savings will blunt the impact of any rise in duties.
 
* U.S. American Eagle gold and silver coin sales have been exceptionally strong in January, building on a late 2012 rally as collectors scramble to snap up newly minted 2013 coins and investors seek refuge from U.S. economic uncertainty.

* For the top stories on metals and other news, click, or
   
MARKET NEWS
* The Dow and S&P 500 edged higher on Tuesday after stronger-than-expected retail data, though tech heavyweight Apple dragged on the market for a third day.
   
* The euro had its winning streak clipped after a top European official complained about its recent run higher, while the yen held firm on Wednesday following a warning about its excessive weakness by a Japanese politician.
   
    DATA/EVENTS
 0500  Japan     Consumer confid. index      Dec                
 1000  EZ        Inflation, final yy         Dec                
 1330  U.S.      Core CPI mm, sa             Dec               
 1330  U.S.      CPI mm, sa                  Dec                
 1330  U.S.      Core CPI yy, nsa            Dec                
 1330  U.S.      CPI yy, nsa                 Dec                
 1415  U.S.      Industrial output mm        Dec              
 1500  U.S.      NAHB housing market indx    Jan                 
      
    PRICES
     
 Precious metals prices 0025 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1683.60    5.10   +0.30      0.54
  Spot Silver        31.44    0.09   +0.29      3.83
  Spot Platinum    1678.75    0.50   +0.03      9.36
  Spot Palladium    708.97    0.47   +0.07      2.45
  COMEX GOLD FEB3  1683.70   -0.20   -0.01      0.47         2950
  COMEX SILVER MAR3  31.49   -0.04   -0.12      4.17          638
  Euro/Dollar       1.3311
  Dollar/Yen         88.72
  COMEX gold and silver contracts show the most active months
 

spot gold
Precious metals prices

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