PRECIOUS-Gold Drifts from 1-mth High, Recovery Hopes Dull Appetite-Shanghai Metals Market

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PRECIOUS-Gold Drifts from 1-mth High, Recovery Hopes Dull Appetite

Industry News 10:19:53AM Jan 24, 2013 Source:SMM

SINGAPORE, Jan 24 - Gold inched down on Thursday, pulling further away from a one-month high hit earlier in the week, as increasing confidence in the global economic recovery dulled bullion's appeal as a safe haven investment.
   
FUNDAMENTALS
* Spot gold had edged down 0.2 percent to $1,682.51 an ounce by 0032 GMT, off a one-month peak of $1,695.76 hit on Tuesday.
   
* U.S. gold fell 0.2 percent to $1,682.70.
   
* The world economy should perform slightly better this year because recovering growth in Asia will gradually overpower the political and economic malaise in the West, according to Reuters polls.
   
* Top U.S. manufacturers sounded a confident note about their expectations for 2013 on Wednesday as fears of the year-end "fiscal cliff" faded into memory.
   
* Consumer morale in the euro zone improved sharply in January, the European Commission said on Wednesday, suggesting households can help boost the bloc's economic recovery.
 
* The U.S. House of Representatives on Wednesday passed a Republican plan to allow the federal government to keep borrowing money through mid-May, clearing it for fast enactment after the top Senate Democrat and White House endorsed it.
 
* Spot silver lost 0.3 percent to $32.15 an ounce, taking a breather after an eight-day rally, the longest winning streak since April 2011 when prices marched to a record high near $50.    
   
* For the top stories on metals and other news, click, or
   
MARKET NEWS
* The S&P 500 rose for a sixth day on Wednesday after stronger-than-expected profits from IBM and Google, but the rally could be halted as Apple's after-hours miss sent its shares lower.
   
* The yen's rebound came to an abrupt halt on Thursday with investors wary about cutting bearish bets further amid expectations the Bank of Japan will come under renewed pressure to ease policy.
   
    DATA/EVENTS

 0145 China       HSBC Manufacturing Flash PMI               
 0758 France      Markit Manufacturing Flash PMI             
 0828 Germany     Markit Manufacturing Flash PMI             
 0858 Euro zone   Markit Manufacturing Flash PMI             
 0900 Euro Zone   Current account                            
 1330 U.S.        Weekly jobless claims                     
 1358 U.S.        Markit Manufacturing Flash PMI             
 1500 U.S.        Leading indicators                          
    PRICES
    
      Precious metals prices 0032 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1682.51   -2.63   -0.16      0.48
  Spot Silver        32.15   -0.09   -0.28      6.18
  Spot Platinum    1681.00   -3.25   -0.19      9.51
  Spot Palladium    716.50   -6.97   -0.96      3.54
  COMEX GOLD FEB3  1682.70   -4.00   -0.24      0.41         2856
  COMEX SILVER MAR3  32.16   -0.28   -0.88      6.37          634
  Euro/Dollar       1.3301
  Dollar/Yen         88.51
  COMEX gold and silver contracts show the most active months
   
 

PRECIOUS-Gold Drifts from 1-mth High, Recovery Hopes Dull Appetite

Industry News 10:19:53AM Jan 24, 2013 Source:SMM

SINGAPORE, Jan 24 - Gold inched down on Thursday, pulling further away from a one-month high hit earlier in the week, as increasing confidence in the global economic recovery dulled bullion's appeal as a safe haven investment.
   
FUNDAMENTALS
* Spot gold had edged down 0.2 percent to $1,682.51 an ounce by 0032 GMT, off a one-month peak of $1,695.76 hit on Tuesday.
   
* U.S. gold fell 0.2 percent to $1,682.70.
   
* The world economy should perform slightly better this year because recovering growth in Asia will gradually overpower the political and economic malaise in the West, according to Reuters polls.
   
* Top U.S. manufacturers sounded a confident note about their expectations for 2013 on Wednesday as fears of the year-end "fiscal cliff" faded into memory.
   
* Consumer morale in the euro zone improved sharply in January, the European Commission said on Wednesday, suggesting households can help boost the bloc's economic recovery.
 
* The U.S. House of Representatives on Wednesday passed a Republican plan to allow the federal government to keep borrowing money through mid-May, clearing it for fast enactment after the top Senate Democrat and White House endorsed it.
 
* Spot silver lost 0.3 percent to $32.15 an ounce, taking a breather after an eight-day rally, the longest winning streak since April 2011 when prices marched to a record high near $50.    
   
* For the top stories on metals and other news, click, or
   
MARKET NEWS
* The S&P 500 rose for a sixth day on Wednesday after stronger-than-expected profits from IBM and Google, but the rally could be halted as Apple's after-hours miss sent its shares lower.
   
* The yen's rebound came to an abrupt halt on Thursday with investors wary about cutting bearish bets further amid expectations the Bank of Japan will come under renewed pressure to ease policy.
   
    DATA/EVENTS

 0145 China       HSBC Manufacturing Flash PMI               
 0758 France      Markit Manufacturing Flash PMI             
 0828 Germany     Markit Manufacturing Flash PMI             
 0858 Euro zone   Markit Manufacturing Flash PMI             
 0900 Euro Zone   Current account                            
 1330 U.S.        Weekly jobless claims                     
 1358 U.S.        Markit Manufacturing Flash PMI             
 1500 U.S.        Leading indicators                          
    PRICES
    
      Precious metals prices 0032 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1682.51   -2.63   -0.16      0.48
  Spot Silver        32.15   -0.09   -0.28      6.18
  Spot Platinum    1681.00   -3.25   -0.19      9.51
  Spot Palladium    716.50   -6.97   -0.96      3.54
  COMEX GOLD FEB3  1682.70   -4.00   -0.24      0.41         2856
  COMEX SILVER MAR3  32.16   -0.28   -0.88      6.37          634
  Euro/Dollar       1.3301
  Dollar/Yen         88.51
  COMEX gold and silver contracts show the most active months