PRECIOUS-Gold Heads for 3rd Weekly Gain; US Jobs Data Eyed-Shanghai Metals Market

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PRECIOUS-Gold Heads for 3rd Weekly Gain; US Jobs Data Eyed

Industry News 10:34:43AM Jun 07, 2013 Source:SMM
SINGAPORE, June 7 - Gold prices rose on Friday for a third consecutive day, as investors awaited clues from the U.S. nonfarm payroll data later in the day on whether the Federal Reserve would wind down its bullion-supporting monetary stimulus.
 
FUNDAMENTALS
* Spot gold edged up 0.1 percent to $1,414.89 an ounce by 0029 GMT, after climbing about 1 percent on Thursday as the dollar fell sharply against the yen and the euro on fears of disappointing U.S. jobs data. Gold is heading for a weekly gain of more than 2 percent.
    
* U.S. gold fell slightly to $1,415.
    
* A weak reading on the U.S. nonfarm payroll data would prompt the Federal Reserve to continue with the $85 billion monthly bond purchases to support the economy. Such a move would help gold, typically seen as a hedge against inflation. 
    
* The number of Americans filing new claims for unemployment benefits fell last week, pointing to moderate job growth. Still, the improvement in labour market conditions lacks enough vigour to compel the Fed to scale back its expansive monetary stimulus.
 
* The Indian government may take more steps if needed to curb gold inflows into the country, a senior finance ministry official said on Thursday. 
    
* The comments follow stricter rules announced this week, including a hike in the import duty on gold. India is trying to curb gold imports to reduce its import bill and current account deficit. 
    
* SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.27 percent to 1,007.74 tonnes on Thursday from 1,010.45 tonnes on Wednesday.
 
* Newcrest Mining Ltd, the world's No. 3 gold miner, plans to write down its asset values by up to $6 billion following the worst slide in gold prices in 30 years and plans to stop producing from high cost operations as it scrambles to protect margins. 
    
MARKET NEWS
* The U.S. dollar rose slightly early on Friday after suffering its biggest one-day decline in three years against the yen. 
    
* Japan's Nikkei share average fell 1.7 percent and entered bear market territory on Friday, having plunged 20 percent from a 5-1/2 year high hit last month. 
    
    DATA/EVENTS (GMT) 
    0600 Germany Trade data 
    0645 France Trade data 
    1000 Germany Industrial output 
    1230 U.S. Non-farm payrolls 
    1230 U.S. Unemployment rate 
 
 Precious metals prices 0029 GMT
 Metal             Last    Change  Pct chg  YTD pct chg    Volume
 Spot Gold        1414.89    1.74   +0.12    -15.51
 Spot Silver        22.67    0.08   +0.35    -25.13
 Spot Platinum    1528.24    1.74   +0.11     -0.44
 Spot Palladium    756.97   -1.75   -0.23      9.39
 COMEX GOLD AUG3  1415.00   -0.80   -0.06    -15.56         2390
 COMEX SILVER JUL3  22.62   -0.09   -0.41    -25.38          504
 Euro/Dollar       1.3237
 Dollar/Yen         97.43
 
 COMEX gold and silver contracts show the most active months
 

PRECIOUS-Gold Heads for 3rd Weekly Gain; US Jobs Data Eyed

Industry News 10:34:43AM Jun 07, 2013 Source:SMM
SINGAPORE, June 7 - Gold prices rose on Friday for a third consecutive day, as investors awaited clues from the U.S. nonfarm payroll data later in the day on whether the Federal Reserve would wind down its bullion-supporting monetary stimulus.
 
FUNDAMENTALS
* Spot gold edged up 0.1 percent to $1,414.89 an ounce by 0029 GMT, after climbing about 1 percent on Thursday as the dollar fell sharply against the yen and the euro on fears of disappointing U.S. jobs data. Gold is heading for a weekly gain of more than 2 percent.
    
* U.S. gold fell slightly to $1,415.
    
* A weak reading on the U.S. nonfarm payroll data would prompt the Federal Reserve to continue with the $85 billion monthly bond purchases to support the economy. Such a move would help gold, typically seen as a hedge against inflation. 
    
* The number of Americans filing new claims for unemployment benefits fell last week, pointing to moderate job growth. Still, the improvement in labour market conditions lacks enough vigour to compel the Fed to scale back its expansive monetary stimulus.
 
* The Indian government may take more steps if needed to curb gold inflows into the country, a senior finance ministry official said on Thursday. 
    
* The comments follow stricter rules announced this week, including a hike in the import duty on gold. India is trying to curb gold imports to reduce its import bill and current account deficit. 
    
* SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.27 percent to 1,007.74 tonnes on Thursday from 1,010.45 tonnes on Wednesday.
 
* Newcrest Mining Ltd, the world's No. 3 gold miner, plans to write down its asset values by up to $6 billion following the worst slide in gold prices in 30 years and plans to stop producing from high cost operations as it scrambles to protect margins. 
    
MARKET NEWS
* The U.S. dollar rose slightly early on Friday after suffering its biggest one-day decline in three years against the yen. 
    
* Japan's Nikkei share average fell 1.7 percent and entered bear market territory on Friday, having plunged 20 percent from a 5-1/2 year high hit last month. 
    
    DATA/EVENTS (GMT) 
    0600 Germany Trade data 
    0645 France Trade data 
    1000 Germany Industrial output 
    1230 U.S. Non-farm payrolls 
    1230 U.S. Unemployment rate 
 
 Precious metals prices 0029 GMT
 Metal             Last    Change  Pct chg  YTD pct chg    Volume
 Spot Gold        1414.89    1.74   +0.12    -15.51
 Spot Silver        22.67    0.08   +0.35    -25.13
 Spot Platinum    1528.24    1.74   +0.11     -0.44
 Spot Palladium    756.97   -1.75   -0.23      9.39
 COMEX GOLD AUG3  1415.00   -0.80   -0.06    -15.56         2390
 COMEX SILVER JUL3  22.62   -0.09   -0.41    -25.38          504
 Euro/Dollar       1.3237
 Dollar/Yen         97.43
 
 COMEX gold and silver contracts show the most active months