PRECIOUS-Gold Falls from 1-Week High; ETFs Slip-Shanghai Metals Market

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PRECIOUS-Gold Falls from 1-Week High; ETFs Slip

Industry News 10:59:57AM Apr 23, 2013 Source:SMM

SINGAPORE, April 23 - Gold turned lower on Tuesday after rising to a 1-week high on bargain hunting in the previous session, while more gold outflows from exchange-traded funds summed up investors' weakening confidence in the metal.
   
Investors await Chinese manufacturing data for further indications of the growth outlook for the world's second-largest economy, which is also the second-largest consumer of gold after India.
      
FUNDAMENTALS
* Gold fell $4.63 an ounce to $1,420.51 by 0021 GMT. The metal, which has slipped more than 15 percent this year, posted its biggest-ever daily loss in dollar terms last Monday, shocking investors who have used gold as protection against inflation and other market risks
   
* U.S. gold futures for June delivery stood at $1,420.20 an ounce, down $1.00.
   
* SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 1.63 percent to 1104.71 tonnes on Monday from 1123.06 tonnes on Friday. The holdings were at their lowest since early 2010.
   
* Australia's Newcrest Mining NCM.AX, the world's no. 3 gold producer, said on Tuesday it is reviewing its businesses related to higher cost production at a time of increased costs for the industry and a reduced gold price.
 
MARKET NEWS
* Asian shares steadied on Tuesday, supported by overnight gains in global equities, but were capped ahead of China's first economic report for the second quarter due later in the session.
 
* The U.S. dollar was nursing a grudge in early Asian trade on Tuesday after another attempt at 100 yen failed due to options-related offers, but traders suspect it is only a matter of time before the psychological level is broken.

* Japan's Nikkei average eased in early trade on Tuesday as the yen's weakness paused, prompting investors to lock in some of the gains after the index hit a nearly five-year closing high in the previous session.
     
    DATA/EVENTS (GMT)
    0145 China HSBC Manufacturing Flash PMI
    0645 France Business climate
    0658 France Markit Manufacturing Flash PMI   
    0728 Germany Markit Manufacturing Flash PMI
    0758 Euro zone Markit Manufacturing Flash PMI
    0800 Italy Consumer confidence
    1145 U.S. ICSC weekly chain store sales  
    1300 U.S. FHFA home price index
    1400 U.S. New home sales
    1400 U.S. Richmond Fed manufacturing, services
  
    PRICES
    
  Precious metals prices 0021 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1420.51   -4.63   -0.32    -15.17
  Spot Silver        23.22   -0.16   -0.68    -23.32
  Spot Platinum    1421.99   -6.51   -0.46     -7.36
  Spot Palladium    675.97   -4.53   -0.67     -2.32
  COMEX GOLD JUN3  1420.20   -1.00   -0.07    -15.25         3245
  COMEX SILVER MAY3  23.18   -0.14   -0.62    -23.32         1009
  Euro/Dollar       1.3060
  Dollar/Yen         99.20

 

Price

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SMM #1 Nickel
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128750.0
150.0
(0.12%)
#1 JinChuan Nickel
Oct.22
128900.0
150.0
(0.12%)
#1 Import Nickel
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128600.0
50.0
(0.04%)
JinChuan B&C
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7850.0
-2700.0
(-25.59%)
Russian nickel premium
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7550.0
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(-26.70%)

PRECIOUS-Gold Falls from 1-Week High; ETFs Slip

Industry News 10:59:57AM Apr 23, 2013 Source:SMM

SINGAPORE, April 23 - Gold turned lower on Tuesday after rising to a 1-week high on bargain hunting in the previous session, while more gold outflows from exchange-traded funds summed up investors' weakening confidence in the metal.
   
Investors await Chinese manufacturing data for further indications of the growth outlook for the world's second-largest economy, which is also the second-largest consumer of gold after India.
      
FUNDAMENTALS
* Gold fell $4.63 an ounce to $1,420.51 by 0021 GMT. The metal, which has slipped more than 15 percent this year, posted its biggest-ever daily loss in dollar terms last Monday, shocking investors who have used gold as protection against inflation and other market risks
   
* U.S. gold futures for June delivery stood at $1,420.20 an ounce, down $1.00.
   
* SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 1.63 percent to 1104.71 tonnes on Monday from 1123.06 tonnes on Friday. The holdings were at their lowest since early 2010.
   
* Australia's Newcrest Mining NCM.AX, the world's no. 3 gold producer, said on Tuesday it is reviewing its businesses related to higher cost production at a time of increased costs for the industry and a reduced gold price.
 
MARKET NEWS
* Asian shares steadied on Tuesday, supported by overnight gains in global equities, but were capped ahead of China's first economic report for the second quarter due later in the session.
 
* The U.S. dollar was nursing a grudge in early Asian trade on Tuesday after another attempt at 100 yen failed due to options-related offers, but traders suspect it is only a matter of time before the psychological level is broken.

* Japan's Nikkei average eased in early trade on Tuesday as the yen's weakness paused, prompting investors to lock in some of the gains after the index hit a nearly five-year closing high in the previous session.
     
    DATA/EVENTS (GMT)
    0145 China HSBC Manufacturing Flash PMI
    0645 France Business climate
    0658 France Markit Manufacturing Flash PMI   
    0728 Germany Markit Manufacturing Flash PMI
    0758 Euro zone Markit Manufacturing Flash PMI
    0800 Italy Consumer confidence
    1145 U.S. ICSC weekly chain store sales  
    1300 U.S. FHFA home price index
    1400 U.S. New home sales
    1400 U.S. Richmond Fed manufacturing, services
  
    PRICES
    
  Precious metals prices 0021 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1420.51   -4.63   -0.32    -15.17
  Spot Silver        23.22   -0.16   -0.68    -23.32
  Spot Platinum    1421.99   -6.51   -0.46     -7.36
  Spot Palladium    675.97   -4.53   -0.67     -2.32
  COMEX GOLD JUN3  1420.20   -1.00   -0.07    -15.25         3245
  COMEX SILVER MAY3  23.18   -0.14   -0.62    -23.32         1009
  Euro/Dollar       1.3060
  Dollar/Yen         99.20