PRECIOUS-Gold holds near $1,745 as Greece buys more time
2012-02-08 09:04:48
FUNDAMENTALS
* Spot gold edged up 29 cents to $1,745.19 an ounce
by 0041 GMT, after rallying 1.5 percent in the previous session.
* U.S. gold was nearly flat at $1,748.50.
* Greek political parties delayed again on Tuesday making
the tough choice of accepting painful reforms in return for a
new international bailout to avoid a chaotic default, seemingly
deaf to EU warnings that the euro zone can live without Athens.
* Though hopes for a deal helped send the euro to an
eight-week high against the dollar and lift commodities on
Tuesday, risk remains that the negotiations might collapse.
* Investors should be underweight equities while favouring
"selected commodities" such as gold and oil due to the fragile
state of the global economy and brewing geopolitical risks, said
Mohamed El-Erian, CEO and co-chief investment officer of bond
fund giant PIMCO.
* For the top stories on metals and other news, click
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MARKET NEWS
* U.S. stocks rose slightly on Tuesday, but with the outcome
of discussions on a bailout package for Greece uncertain,
investors are unlikely to make big bets in coming days.
* The euro was holding near a two-month peak in Asia on
Wednesday, as hopes that Greece was nearer a debt deal sparked a
broad short-covering rally and a pick up in risk sentiment.
DATA/EVENTS
0700 Germany Trade data Dec
0745 France Budget year-to-date
2350 Japan Money supply Jan
2350 Japan Machinery orders Dec
N/A UK BOE starts monetary policy meeting (to Feb. 9)
PRICES
Precious metals prices 0041 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1745.19 0.29 +0.02 11.60
Spot Silver 34.12 -0.02 -0.06 23.22
Spot Platinum 1644.99 0.06 +0.00 18.09
Spot Palladium 705.00 1.27 +0.18 8.05
COMEX GOLD APR2 1748.50 0.10 +0.01 11.60 2129
COMEX SILVER MAR2 34.16 -0.04 -0.11 22.35 832
Euro/Dollar 1.3258
Dollar/Yen 76.87
TIME | |||||
---|---|---|---|---|---|
Sydney | Tokyo | Ha Noi | HongKong | LonDon | NewYork |
Prices By NTGOLD | ||
---|---|---|
We Sell | We Buy | |
37.5g ABC Luong Bar | ||
5,333.50 | 4,913.50 | |
1oz ABC Bullion Cast Bar | ||
4,426.80 | 4,026.80 | |
100g ABC Bullion Bar | ||
14,205.60 | 12,905.60 | |
1kg ABC Bullion Silver | ||
1,728.40 | 1,378.40 |
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