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PRECIOUS-Gold stalls as Greek bailout awaits EU approval
2012-02-14 08:23:40

 

SINGAPORE, Feb 14 (Reuters) - Gold hesitated to make
moves on Tuesday, as investors focus on whether Greece will be
able to convince Europe to grant a much-needed bailout by
Wednesday, while contagion concerns remain.	
    	
    FUNDAMENTALS	
    * Spot gold inched down $1.40 to $1,721.09 an ounce
by 0036 GMT. U.S. gold was little changed at $1,723.50.	
    * Investors remain jittery over Greece's bailout, as Europe
gave Greece until Wednesday to convince sceptical international
creditors that it would stick to the punishing terms of a
multi-billion-euro rescue package, endorsed by parliament as
rioters torched downtown Athens. 	
    * Rating agency Moody's warned on Monday it may cut the
triple-A ratings of France, the United Kingdom and Austria,
while it downgraded the ratings of Italy, Portugal, Spain,
Slovakia, Slovenia and Malta. 	
    * Meanwhile, Fitch lowered its ratings on four big Spanish
banks while Standard & Poor's cut its rating for the industry as
a whole. 	
    * The Shanghai Gold Exchange plans to launch
over-the-counter gold trading on the interbank market, and to
start exchange-traded gold funds, to tap rising demand in China.
 	
    * For the top stories on metals and other news, click
, or 	
    	
    MARKET NEWS	
    * U.S. stocks rose on Monday, with the S&P 500 near
seven-month highs, after Greece's parliament approved reforms
needed to qualify for a bailout and avoid an unruly default.
 	
    * The euro inched lower against the dollar on Tuesday,
reversing gains in the previous session, weighed by worries
about hurdles in the country's bid to avoid a messy default.
 	
   	
    DATA/EVENTS	
 0300  Japan     BOJ rate decision        Feb 2012                 
 0430  Japan     Industrial output rev    Dec 2011                 
 1000  EZ        Industrial production yy Dec 2011                 
 1000  Germany   ZEW economic sentiment   Feb 2012                 
 1245  U.S.      ICSC chain stores yy     Weekly                   
 1330  U.S.      Import prices mm         Jan                      
 1330  U.S.      Retail sales mm          Jan                      
 1500  U.S.      Business inventories mm  Dec                      
    	
    PRICES	
     Precious metals prices 0036 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1721.09   -1.40   -0.08     10.06
  Spot Silver        33.62   -0.07   -0.21     21.42
  Spot Platinum    1644.49    0.41   +0.02     18.05
  Spot Palladium    694.13   -1.09   -0.16      6.38
  COMEX GOLD APR2  1723.50   -1.40   -0.08     10.00         2256
  COMEX SILVER MAR2  33.63   -0.10   -0.29     20.45          389
  Euro/Dollar       1.3166
  Dollar/Yen         77.54
  COMEX gold and silver contracts show the most active months 

 





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