Home / Metal News / Nickel / PRECIOUS-Gold Stays Put as Upbeat U.S. Data Offsets Europe Worries
PRECIOUS-Gold Stays Put as Upbeat U.S. Data Offsets Europe Worries
Mar 27,2013 10:29CST
industry news
Source:SMM
Gold hovered around $1,600 an ounce on Wednesday, as upbeat U.S. data curbed safe-haven demand while worries about the euro zone's fiscal health continued to support prices.

SINGAPORE, March 27 - Gold hovered around $1,600 an ounce on Wednesday, as upbeat U.S. data curbed safe-haven demand while worries about the euro zone's fiscal health continued to support prices after Cyprus's unprecedented rescue scheme.
   
FUNDAMENTALS
* Spot gold had risen $1.23 to $1,599.82 an ounce by 0010 GMT, after declining for three sessions.
   
* U.S. gold inched up 0.2 percent to $1,599.10.
   
* Orders for long-lasting U.S.-made goods surged last month and home prices posted their biggest year-on-year gain in six and a half years in January, the latest signs the U.S. economy regained momentum early in the first quarter.
   
* Bank of America Merrill Lynch lowered its 2013 forecast for gold to $1,670 an ounce from $1,680, a second cut in forecast this month. The bank was long on platinum and palladium in the medium term, expecting shortages for both metals this year.
   
* Cyprus is expected to complete capital control measures on Wednesday to prevent a run on the banks by depositors anxious about their savings after the country agreed a painful rescue package with international lenders.
   
* Holdings of SPDR Gold Trust, the world's largest, gold-backed exchange-traded fund, were unchanged at 1,221.260 tonnes for the third session on March 26.
  
* For the top stories on metals and other news, click, or
   
MARKET NEWS
* The euro languished near a four-month low against the dollar on Wednesday on lingering fears that Cyprus's rescue plan would set a precedent for other troubled euro zone economies.
 
* U.S. stocks rallied on Tuesday, with the Dow climbing more than 100 points to another record close and the S&P 500 coming within striking distance of its all-time closing high, as the strong data fed optimism about the economy.
   
* U.S. government debt prices rose in light, choppy trading on Tuesday as the worries about Cyprus persisted, providing the market with a safety bid that overshadowed improving economic data.   
   
    DATA/EVENTS (GMT)
 0700 Germany    GfK consumer sentiment                         
 0700 Germany    Import prices                                  
 0900 Italy      Industrial orders                              
 1000 Euro zone  Business climate                               
 1000 Euro zone  Economic sentiment                             
 1400 U.S.       Pending home sales                            
 
   
    PRICES
  
 Precious metals prices 0010 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1599.82    1.23   +0.08     -4.46
  Spot Silver        28.77    0.06   +0.21     -4.99
  Spot Platinum    1568.75   -5.75   -0.37      2.20
  Spot Palladium    761.47    0.97   +0.13     10.04
  COMEX GOLD APR3  1599.10    3.40   +0.21     -4.58         1165
  COMEX SILVER MAY3  28.75    0.07   +0.23     -4.91          412
  Euro/Dollar       1.2865
  Dollar/Yen         94.55
  COMEX gold and silver contracts show the most active months
 

US gold
Precious metals prices

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn