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PRECIOUS-Gold Edges Down on U.S. Fed Stimulus Uncertainty
May 30, 2013 09:56Source:SMM
Gold ticked lower on Thursday on fears the U.S. Federal Reserve could soon scale back its bullion-friendly bond buying programme.
SINGAPORE, May 30 - Gold ticked lower on Thursday on fears the U.S. Federal Reserve could soon scale back its bullion-friendly bond buying programme, but tight supply in the physical market could offer some support to prices.
FUNDAMENTALS
* Gold slipped $1.89 an ounce to $1,390.56 by 0036 GMT, having risen around 1 percent in the previous session as a dollar drop and softer equities triggered physical buying.
* U.S. gold was at $1,390.10 an ounce, down $1.20.
* The U.S. job market and the economy as a whole may be strong enough in a few months' time to allow the Federal Reserve to pare its bond buying by a small amount, one of the Fed's most dovish policymakers said on Wednesday.
* Fed Chairman Ben Bernanke said last week that a decision on whether to scale back the current monthly pace of $85 billion in asset purchases could come at one of the central bank's "next few meetings" depending on economic data.
* Worries that central banks' money-printing to buy assets will stoke inflation have been a key driver in boosting gold, which rallied to an 11-month high last October after the Fed announced its third round of aggressive economic stimulus.
* Premiums for physical gold in Singapore touched all-time highs this week as supplies proved hard to acquire, even as premiums in other Asian countries eased after gold prices bounced off two-year lows seen in April.
* Asian gold demand from this April to June will reach a quarterly record as bullion consumers in the region take possession of supply freed up by selling from exchange-traded funds (ETFs), the World Gold Council said on Wednesday.
MARKET NEWS
* Asian shares were pressured on Thursday, undermined by an overnight pullback in global equities as investors assessed the implications of a potential softening of the Federal Reserve's monetary stimulus programme.
* U.S. oil fell below $93 a barrel, extending declines from a near 2-percent drop a day earlier, pressured by weak shares and an unexpected rise in U.S. crude inventories.
DATA/EVENTS (GMT)
0800 Italy Producer prices
0900 Euro zone Economic sentiment
1230 U.S. Q1 GDP
1230 U.S. Weekly jobless claims
1400 U.S. Pending home sales
PRICES
Precious metals prices 0036 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1390.56 -1.89 -0.14 -16.96
Spot Silver 22.46 -0.02 -0.09 -25.83
Spot Platinum 1450.49 -2.01 -0.14 -5.51
Spot Palladium 746.22 -0.49 -0.07 7.84
COMEX GOLD JUN3 1390.10 -1.20 -0.09 -17.05 1028
COMEX SILVER JUL3 0.22 0.00 -0.26 -99.26 424
Euro/Dollar 1.2944
Dollar/Yen 100.88
COMEX gold and silver contracts show the most active months
US gold
precious metal prices
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