PRECIOUS-Gold Inches up on Weak U.S. GDP, Sits Near 3-Year Low-Shanghai Metals Market

Hot Keywords

  • Inventory data
  • NPI
  • Zinc
  • hydrogen stations
  • Market commentary
  • Macroeconomics
  • Copper
  • Production data
  • Morning comments
  • Stainless steel
  • Aluminium
  • Mengtai Group
  • Nickel
  • Iron ore
  • Futures movement

PRECIOUS-Gold Inches up on Weak U.S. GDP, Sits Near 3-Year Low

Industry News 09:49:24AM Jun 27, 2013 Source:SMM
SINGAPORE, June 27 - Gold edged higher on Thursday after a 12 percent slide since the beginning of last week, as soft data on U.S. economic growth eased fears of a quick end to the Federal Reserve's monetary stimulus. 
    
FUNDAMENTALS
* Spot gold rose 0.7 percent to $1,233.36 an ounce by 0012 GMT, after a 4 percent fall on Wednesday that took the metal to $1,221.80, its lowest since August 2010. U.S. gold rose about $4 to $1,233.40, also near 3-year lows.
    
* Bullion has been declining since last week after Federal Reserve Chairman Ben Bernanke laid out a strategy to wind down the bank's $85 billion monthly bond purchases in the next few months.
    
* However, data on Wednesday showed U.S. gross domestic product expanded at a 1.8 percent annual rate in the quarter, compared with the previously reported 2.4 percent pace, lending a cautionary note on economic recovery. 
    
* Gold is still down more than 26 percent for the year and is headed for its worst quarterly performance since at least
1968.
    
* Gold is braced for more pain with chart patterns showing the precious metal's latest fall exposing prices to deeper losses. 
    
* The price of silver is set post its biggest quarterly drop on record after falling nearly a third since the end of March, hit by the weaker price of gold and subdued industrial demand.
 
* ABN Amro was the latest to pare its gold price forecasts, lowering its 2013 year-end gold forecast to $1,100 an ounce from $1,300 and 2014 year-end price to $900 from $1,000.
 
* Gold premiums doubled in India on Wednesday as suppliers struggled to meet demand after a ban on consignment imports, but futures prices fell to their lowest in more than a month as international gold prices fell due to a strong dollar.
    
MARKET NEWS
* The dollar index edged lower while Japan's Nikkei opened up 1 percent.  
    
    DATA/EVENTS (GMT) 
    0600 Germany Import prices 
    0645 France Consumer confidence 
    0755 Germany Unemployment rate 
    0800 Euro zone M3 money supply 
    0900 Euro zone Business climate 
    0900 Euro zone Economic sentiment 
    1230 U.S. Personal income 
    1230 U.S. Jobless claims 
    1230 U.S. Midwest manufacturing index 
    1400 U.S. Pending home sales 
 
  Precious metals prices 0012 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1233.36    8.12   +0.66    -26.35
  Spot Silver        18.64    0.18   +0.98    -38.44
  Spot Platinum    1308.25    6.75   +0.52    -14.77
  Spot Palladium    630.25    0.75   +0.12     -8.92
  COMEX GOLD AUG3  1233.40    3.60   +0.29    -26.40       4077
  COMEX SILVER JUL3  18.60    0.01   +0.07    -38.63
  Euro/Dollar       1.3012
  Dollar/Yen         97.70
 
  COMEX gold and silver contracts show the most active months
 

PRECIOUS-Gold Inches up on Weak U.S. GDP, Sits Near 3-Year Low

Industry News 09:49:24AM Jun 27, 2013 Source:SMM
SINGAPORE, June 27 - Gold edged higher on Thursday after a 12 percent slide since the beginning of last week, as soft data on U.S. economic growth eased fears of a quick end to the Federal Reserve's monetary stimulus. 
    
FUNDAMENTALS
* Spot gold rose 0.7 percent to $1,233.36 an ounce by 0012 GMT, after a 4 percent fall on Wednesday that took the metal to $1,221.80, its lowest since August 2010. U.S. gold rose about $4 to $1,233.40, also near 3-year lows.
    
* Bullion has been declining since last week after Federal Reserve Chairman Ben Bernanke laid out a strategy to wind down the bank's $85 billion monthly bond purchases in the next few months.
    
* However, data on Wednesday showed U.S. gross domestic product expanded at a 1.8 percent annual rate in the quarter, compared with the previously reported 2.4 percent pace, lending a cautionary note on economic recovery. 
    
* Gold is still down more than 26 percent for the year and is headed for its worst quarterly performance since at least
1968.
    
* Gold is braced for more pain with chart patterns showing the precious metal's latest fall exposing prices to deeper losses. 
    
* The price of silver is set post its biggest quarterly drop on record after falling nearly a third since the end of March, hit by the weaker price of gold and subdued industrial demand.
 
* ABN Amro was the latest to pare its gold price forecasts, lowering its 2013 year-end gold forecast to $1,100 an ounce from $1,300 and 2014 year-end price to $900 from $1,000.
 
* Gold premiums doubled in India on Wednesday as suppliers struggled to meet demand after a ban on consignment imports, but futures prices fell to their lowest in more than a month as international gold prices fell due to a strong dollar.
    
MARKET NEWS
* The dollar index edged lower while Japan's Nikkei opened up 1 percent.  
    
    DATA/EVENTS (GMT) 
    0600 Germany Import prices 
    0645 France Consumer confidence 
    0755 Germany Unemployment rate 
    0800 Euro zone M3 money supply 
    0900 Euro zone Business climate 
    0900 Euro zone Economic sentiment 
    1230 U.S. Personal income 
    1230 U.S. Jobless claims 
    1230 U.S. Midwest manufacturing index 
    1400 U.S. Pending home sales 
 
  Precious metals prices 0012 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1233.36    8.12   +0.66    -26.35
  Spot Silver        18.64    0.18   +0.98    -38.44
  Spot Platinum    1308.25    6.75   +0.52    -14.77
  Spot Palladium    630.25    0.75   +0.12     -8.92
  COMEX GOLD AUG3  1233.40    3.60   +0.29    -26.40       4077
  COMEX SILVER JUL3  18.60    0.01   +0.07    -38.63
  Euro/Dollar       1.3012
  Dollar/Yen         97.70
 
  COMEX gold and silver contracts show the most active months