PRECIOUS-Gold off 4-week Low, Firm Equities Likely to Weigh-Shanghai Metals Market

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PRECIOUS-Gold off 4-week Low, Firm Equities Likely to Weigh

Industry News 11:17:21AM Apr 03, 2013 Source:SMM

SINGAPORE, April 3 - Gold bounced on Wednesday after falling to its weakest in nearly four weeks in the previous session, but gains look set to be capped by firm equities and renewed optimism over the U.S. economy.
        
FUNDAMENTALS
* Gold added $1.17 to $1,576.41 an ounce by 0030 GMT. Gold fell to $1,573.39 on Tuesday, its lowest since March 8, as investors shifted to equities after the benchmark S&P 500 index climbed to within striking distance of an all-time intraday high.

* U.S. gold for June was steady at $1,576.80 an ounce.   
   
* Dealers were awaiting the release of the U.S. nonfarm payrolls report on Friday to confirm market views the Federal Reserve wants to maintain its extremely accommodative monetary policy, which has underpinned investor sentiment and sharpened risk appetite.
   
* U.S. inflation is low and expectations remain well contained, allowing the Federal Reserve to keep up aggressive monetary policy measures to spur growth, Charles Evans, president of the Federal Reserve Bank of Chicago, said on Tuesday.
    
* For the top stories on metals and other news, click, or
   
MARKET NEWS
* Japan's Nikkei share average rose on Wednesday, as gains in Wall Street helped the market recover from losses of more than 3 percent in the past two days, while the euro remained pressured by concerns about bailout consequences in Cyprus and weak euro zone economies.  

* U.S. crude futures slipped in early Asian trading on Tuesday after data showed an unexpected slowdown in U.S. manufacturing and on expectations that oil inventories would continue to rise in the world's largest energy consumer.
      
    DATA/EVENTS (GMT)
    0900 Euro zone Flash inflation
    1215 U.S. ADP employment report
    1400 U.S. ISM non-manufacturing index
   
    PRICES
   
  Precious metals prices 0036 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1576.41    1.17   +0.07     -5.86
  Spot Silver        27.21    0.01   +0.04    -10.14
  Spot Platinum    1568.75   -0.75   -0.05      2.20
  Spot Palladium    766.22    2.22   +0.29     10.73
  COMEX GOLD JUN3  1576.80    0.90   +0.06     -5.91         2803
  COMEX SILVER MAY3  27.18   -0.07   -0.27    -10.11         1052
  Euro/Dollar       1.2813
  Dollar/Yen         93.52
 
  COMEX gold and silver contracts show the most active months
 

PRECIOUS-Gold off 4-week Low, Firm Equities Likely to Weigh

Industry News 11:17:21AM Apr 03, 2013 Source:SMM

SINGAPORE, April 3 - Gold bounced on Wednesday after falling to its weakest in nearly four weeks in the previous session, but gains look set to be capped by firm equities and renewed optimism over the U.S. economy.
        
FUNDAMENTALS
* Gold added $1.17 to $1,576.41 an ounce by 0030 GMT. Gold fell to $1,573.39 on Tuesday, its lowest since March 8, as investors shifted to equities after the benchmark S&P 500 index climbed to within striking distance of an all-time intraday high.

* U.S. gold for June was steady at $1,576.80 an ounce.   
   
* Dealers were awaiting the release of the U.S. nonfarm payrolls report on Friday to confirm market views the Federal Reserve wants to maintain its extremely accommodative monetary policy, which has underpinned investor sentiment and sharpened risk appetite.
   
* U.S. inflation is low and expectations remain well contained, allowing the Federal Reserve to keep up aggressive monetary policy measures to spur growth, Charles Evans, president of the Federal Reserve Bank of Chicago, said on Tuesday.
    
* For the top stories on metals and other news, click, or
   
MARKET NEWS
* Japan's Nikkei share average rose on Wednesday, as gains in Wall Street helped the market recover from losses of more than 3 percent in the past two days, while the euro remained pressured by concerns about bailout consequences in Cyprus and weak euro zone economies.  

* U.S. crude futures slipped in early Asian trading on Tuesday after data showed an unexpected slowdown in U.S. manufacturing and on expectations that oil inventories would continue to rise in the world's largest energy consumer.
      
    DATA/EVENTS (GMT)
    0900 Euro zone Flash inflation
    1215 U.S. ADP employment report
    1400 U.S. ISM non-manufacturing index
   
    PRICES
   
  Precious metals prices 0036 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1576.41    1.17   +0.07     -5.86
  Spot Silver        27.21    0.01   +0.04    -10.14
  Spot Platinum    1568.75   -0.75   -0.05      2.20
  Spot Palladium    766.22    2.22   +0.29     10.73
  COMEX GOLD JUN3  1576.80    0.90   +0.06     -5.91         2803
  COMEX SILVER MAY3  27.18   -0.07   -0.27    -10.11         1052
  Euro/Dollar       1.2813
  Dollar/Yen         93.52
 
  COMEX gold and silver contracts show the most active months