PRECIOUS-Gold Near One-Month High on BOJ Stimulus Plan-Shanghai Metals Market

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PRECIOUS-Gold Near One-Month High on BOJ Stimulus Plan

Industry News 10:02:26AM Jan 23, 2013 Source:SMM

SINGAPORE, Jan 23 (Reuters) - Gold inched up on Wednesday, holding near a one-month high hit in the previous session after its appeal as an inflation hedge was bolstered when the Bank of Japan announced aggressive monetary stimulus.
   
The BOJ said it would switch to an open-ended commitment to buying assets next year and double its inflation target to 2 percent, its most determined effort yet to end years of economic stagnation.
   
FUNDAMENTALS
* Spot gold had inched up 0.1 percent to $1,693.85 an ounce by 0033 GMT, on course for a third straight session of gains. It hit a one-month high of $1695.76 in the previous session.
   
* U.S. gold was little changed at $1,694.
   
* Spot silver traded nearly flat at $32.22 an ounce, after seven sessions of gains, matching a similar run in August 2011.
   
* Gold could see record average highs this year and next, but its 12-year long bull run may be reaching a plateau as gains get smaller on expectations for monetary policy to stabilise in the United States and other key economies, a Reuters poll showed.
   
* India raised import tax on gold ores and dore bars to 5 percent from 2 percent on Tuesday, a day after it hiked tax on gold imports to 6 percent, as New Delhi tries to curb demand in the world's biggest bullion importer and rein in a record current account deficit.
   
* U.S. home resales unexpectedly fell in December, but the drop was not large enough to suggest the recovery in the housing sector is running out of steam.
   
* Positive signs emerged in the U.S. debt ceiling talks, as the White House welcomed gestures by Republican leaders in the House of Representatives that they aim to pass a nearly four-month extension of the borrowing limit.
 
* For the top stories on metals and other news, click, or
   
MARKET NEWS
* Bank and commodity shares led the benchmark Standard & Poor's 500 Index to a fresh five-year closing high on Tuesday on hopes that the global economy continues to mend.
   
* The yen held firm on Wednesday, having posted its biggest one-day gain in around eight months on the greenback as investors cut bearish bets on the currency following the Bank of Japan's latest move to spur the economy.
   
    DATA/EVENTS
 1245 U.S.      ICSC weekly chain store sales                    
 1355 U.S.      Redbook weekly retail sales                      
 1400 U.S.      FHFA home price index         Nov                
 1500 Euro zone Consumer confidence           Jan                
 1500 Canada    BoC rate decision                                
 
       
    PRICES
  
 Precious metals prices 0033 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1693.85    2.25   +0.13      1.15
  Spot Silver        32.22    0.03   +0.09      6.41
  Spot Platinum    1692.25   -1.13   -0.07     10.24
  Spot Palladium    725.75    1.75   +0.24      4.88
  COMEX GOLD FEB3  1694.00    0.80   +0.05      1.09         2778
  COMEX SILVER MAR3  32.25    0.07   +0.21      6.67          490
  Euro/Dollar       1.3314
  Dollar/Yen         88.59
  COMEX gold and silver contracts show the most active months
 

PRECIOUS-Gold Near One-Month High on BOJ Stimulus Plan

Industry News 10:02:26AM Jan 23, 2013 Source:SMM

SINGAPORE, Jan 23 (Reuters) - Gold inched up on Wednesday, holding near a one-month high hit in the previous session after its appeal as an inflation hedge was bolstered when the Bank of Japan announced aggressive monetary stimulus.
   
The BOJ said it would switch to an open-ended commitment to buying assets next year and double its inflation target to 2 percent, its most determined effort yet to end years of economic stagnation.
   
FUNDAMENTALS
* Spot gold had inched up 0.1 percent to $1,693.85 an ounce by 0033 GMT, on course for a third straight session of gains. It hit a one-month high of $1695.76 in the previous session.
   
* U.S. gold was little changed at $1,694.
   
* Spot silver traded nearly flat at $32.22 an ounce, after seven sessions of gains, matching a similar run in August 2011.
   
* Gold could see record average highs this year and next, but its 12-year long bull run may be reaching a plateau as gains get smaller on expectations for monetary policy to stabilise in the United States and other key economies, a Reuters poll showed.
   
* India raised import tax on gold ores and dore bars to 5 percent from 2 percent on Tuesday, a day after it hiked tax on gold imports to 6 percent, as New Delhi tries to curb demand in the world's biggest bullion importer and rein in a record current account deficit.
   
* U.S. home resales unexpectedly fell in December, but the drop was not large enough to suggest the recovery in the housing sector is running out of steam.
   
* Positive signs emerged in the U.S. debt ceiling talks, as the White House welcomed gestures by Republican leaders in the House of Representatives that they aim to pass a nearly four-month extension of the borrowing limit.
 
* For the top stories on metals and other news, click, or
   
MARKET NEWS
* Bank and commodity shares led the benchmark Standard & Poor's 500 Index to a fresh five-year closing high on Tuesday on hopes that the global economy continues to mend.
   
* The yen held firm on Wednesday, having posted its biggest one-day gain in around eight months on the greenback as investors cut bearish bets on the currency following the Bank of Japan's latest move to spur the economy.
   
    DATA/EVENTS
 1245 U.S.      ICSC weekly chain store sales                    
 1355 U.S.      Redbook weekly retail sales                      
 1400 U.S.      FHFA home price index         Nov                
 1500 Euro zone Consumer confidence           Jan                
 1500 Canada    BoC rate decision                                
 
       
    PRICES
  
 Precious metals prices 0033 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1693.85    2.25   +0.13      1.15
  Spot Silver        32.22    0.03   +0.09      6.41
  Spot Platinum    1692.25   -1.13   -0.07     10.24
  Spot Palladium    725.75    1.75   +0.24      4.88
  COMEX GOLD FEB3  1694.00    0.80   +0.05      1.09         2778
  COMEX SILVER MAR3  32.25    0.07   +0.21      6.67          490
  Euro/Dollar       1.3314
  Dollar/Yen         88.59
  COMEX gold and silver contracts show the most active months