Metals News
PRECIOUS-Gold Inches above $1,400, Seen Choppy
industry news
Apr 22,2013

SINGAPORE, April 22 - Gold edged up on Monday and held above the psychologically key level of $1,400 an ounce, although sentiment was shaky after steady outflows from exchange-traded funds trimmed holdings to their lowest in three years.
But physical demand was expected to offer support as gold retailers struggled to cope with a surge in buying interest for bars, coins, nuggets and jewellery following a recent slump in prices.
* Gold had added $1.49 an ounce to $1,405.34 by 0032 GMT. It fell around 5 percent last week after notching its biggest-ever daily loss in dollar terms on Monday. The collapse surprised many veteran investors, who see gold as portfolio protection against inflation and other market risks.

* U.S. gold for June delivery was at $1,406.70 an ounce, up $11.10.  
* Holdings of the largest gold-backed exchange-traded-fund (ETF), New York's SPDR Gold Trust GLD, dropped 0.88 percent on Friday from Thursday, while those of the largest silver-backed ETF, New York's iShares Silver Trust SLV remained unchanged for the same period.
* But hedge funds and other big speculators ploughed new money into gold even after the precious metal posted a record loss in dollar terms this week, according to trading data on
Friday that also showed inflows for many other commodities
* It is too early for the European Central Bank to judge whether a further interest rate cut is needed but the impact of Japan's easing must be closely monitored, ECB Governing Council member Ewald Nowotny said on Saturday.
* Bulls drove Japanese shares to nearly five-year highs as yen bears clawed at the symbolic 100 yen/dollar door after the Group of 20 gathering in Washington all but endorsed the Bank of Japan's aggressive reflation drive.
* U.S. crude futures extended gains for a second day on Friday on bargain-hunting, while talk that OPEC could hold an emergency meeting to tackle the recent sharp price falls supported oil.
    1230 U.S. Chicago Fed National Activity index
    1400 Euro zone Consumer confidence
    1400 U.S. Existing home sales <USEHS=ECI
  Precious metals prices 0032 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1405.34    1.49   +0.11    -16.08
  Spot Silver        23.16   -0.01   -0.04    -23.51
  Spot Platinum    1428.49    6.49   +0.46     -6.94
  Spot Palladium    674.75    2.75   +0.41     -2.49
  COMEX GOLD JUN3  1406.70   11.10   +0.80    -16.06         7746
  COMEX SILVER MAY3  23.12    0.16   +0.70    -23.52         2324
  Euro/Dollar       1.3059
  Dollar/Yen         99.81

U.S. gold for June delivery
Precious metals prices
For queries, please contact Frank LIU at
For more information on how to access our research reports, please email
Related Price

No Data