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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
, or 	
    	
    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

 





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37.5g ABC Luong Bar
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