PRECIOUS-Gold Holds Steady ahead of Fed Meeting-Shanghai Metals Market

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PRECIOUS-Gold Holds Steady ahead of Fed Meeting

Industry News 10:51:35AM Jun 18, 2013 Source:SMM
SINGAPORE, June 18 - Gold was little changed on Tuesday as investors awaited guidance from a Federal Reserve meeting on the outlook for the bank's stimulus programme, amid some strong U.S. economic data. 
    
FUNDAMENTALS
* Spot gold was near steady, easing $0.40 to $1,383.95 an ounce by 0018 GMT. Bullion fell about 0.5 percent on Monday as U.S. stocks rallied ahead of the Fed policy meeting over Tuesday and Wednesday.
    
* U.S. gold also marked time, rising $0.40 to $1,383.5.
    
* Markets are closely watching for any clues on whether the Fed will wind down its $85 billion monthly bond buying program, which has supported gold prices. Recent strong U.S. data has increased speculation the Fed could taper the program soon.
    
* The majority of U.S. homebuilders view conditions in the industry as favourable for the first time since the start of the housing crisis seven years ago, with an industry report showing confidence in the sector surged in June. 
    
* Any scale-back of the stimulus would hurt gold, which is typically seen as a hedge against inflation. Bullion is down 17 percent so far this year as investors have shunned its safe-haven appeal, while global stocks have rallied.
    
* Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, stood at 1,003.17 tonnes on Monday -- their lowest in more than four years. 
 
* SocGen said a paradigm shift among gold investors is likely to push gold prices to $1,200 per ounce this year. 
    
* Indian gold and silver futures traded slightly lower on Monday, with subdued demand in the physical market during a seasonally slow period after a series of government measures tocontain imports. 
    
MARKET NEWS
* Japan's Nikkei rose on Tuesday, heading for a third straight day of gains, which will mark its longest winning run since a sharp selloff on May 23. 
    
* The dollar index fell 0.2 percent. 
    
    DATA/EVENTS
    0200  China FDI                      
    0430  Japan Industrial output rev          
    0900  Germany ZEW economic sentiment      
    1145  U.S. ICSC chain stores               
    1230  U.S. Build permits            
    1230  U.S. House starts                
    1230  U.S. Housing starts number         
    1230  U.S. Core CPI                 
    1230  U.S. CPI                        
    1230  U.S. Core CPI                   
    1230  U.S. CPI                    
    2350  Japan Exports                   
    
  Precious metals prices 0018 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1383.95   -0.40   -0.03    -17.35
  Spot Silver        21.88    0.05   +0.23    -27.74
  Spot Platinum    1433.99    3.99   +0.28     -6.58
  Spot Palladium    711.97   -0.53   -0.07      2.89
  COMEX GOLD AUG3  1383.50    0.40   +0.03    -17.44         1168
  COMEX SILVER JUL3  0.22    0.00   +0.45    -99.28          354
  Euro/Dollar       1.3361
  Dollar/Yen         94.70
 
  COMEX gold and silver contracts show the most active months
 

PRECIOUS-Gold Holds Steady ahead of Fed Meeting

Industry News 10:51:35AM Jun 18, 2013 Source:SMM
SINGAPORE, June 18 - Gold was little changed on Tuesday as investors awaited guidance from a Federal Reserve meeting on the outlook for the bank's stimulus programme, amid some strong U.S. economic data. 
    
FUNDAMENTALS
* Spot gold was near steady, easing $0.40 to $1,383.95 an ounce by 0018 GMT. Bullion fell about 0.5 percent on Monday as U.S. stocks rallied ahead of the Fed policy meeting over Tuesday and Wednesday.
    
* U.S. gold also marked time, rising $0.40 to $1,383.5.
    
* Markets are closely watching for any clues on whether the Fed will wind down its $85 billion monthly bond buying program, which has supported gold prices. Recent strong U.S. data has increased speculation the Fed could taper the program soon.
    
* The majority of U.S. homebuilders view conditions in the industry as favourable for the first time since the start of the housing crisis seven years ago, with an industry report showing confidence in the sector surged in June. 
    
* Any scale-back of the stimulus would hurt gold, which is typically seen as a hedge against inflation. Bullion is down 17 percent so far this year as investors have shunned its safe-haven appeal, while global stocks have rallied.
    
* Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, stood at 1,003.17 tonnes on Monday -- their lowest in more than four years. 
 
* SocGen said a paradigm shift among gold investors is likely to push gold prices to $1,200 per ounce this year. 
    
* Indian gold and silver futures traded slightly lower on Monday, with subdued demand in the physical market during a seasonally slow period after a series of government measures tocontain imports. 
    
MARKET NEWS
* Japan's Nikkei rose on Tuesday, heading for a third straight day of gains, which will mark its longest winning run since a sharp selloff on May 23. 
    
* The dollar index fell 0.2 percent. 
    
    DATA/EVENTS
    0200  China FDI                      
    0430  Japan Industrial output rev          
    0900  Germany ZEW economic sentiment      
    1145  U.S. ICSC chain stores               
    1230  U.S. Build permits            
    1230  U.S. House starts                
    1230  U.S. Housing starts number         
    1230  U.S. Core CPI                 
    1230  U.S. CPI                        
    1230  U.S. Core CPI                   
    1230  U.S. CPI                    
    2350  Japan Exports                   
    
  Precious metals prices 0018 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1383.95   -0.40   -0.03    -17.35
  Spot Silver        21.88    0.05   +0.23    -27.74
  Spot Platinum    1433.99    3.99   +0.28     -6.58
  Spot Palladium    711.97   -0.53   -0.07      2.89
  COMEX GOLD AUG3  1383.50    0.40   +0.03    -17.44         1168
  COMEX SILVER JUL3  0.22    0.00   +0.45    -99.28          354
  Euro/Dollar       1.3361
  Dollar/Yen         94.70
 
  COMEX gold and silver contracts show the most active months