PRECIOUS-Gold gives up early gains; tracks equities lower
2012-03-29 11:01:19
* Gold hits a high above $1,664, then slips * Coming Up: U.S. weekly jobless claims; 1230 GMT (Updates prices, adds quotes) By Lewa Pardomuan SINGAPORE, March 29 (Reuters) - Gold fell on Thursday after a rebound in the U.S. dollar erased early gains, while weaker equities also prompted investors to sell bullion to cover losses while waiting for more clues on the health of the U.S. economy. Traders said the upcoming end-of-quarter was dampening trade, while the release of U.S. weekly jobless claims later could set the tone for the dollar. Economists in a Reuters survey forecast a total of 350,000 new filings compared with 348,000 in the prior week. Gold hit a high of $1,664.79 an ounce before slipping to $1,661.30 by 0313 GMT, down $1.82. Gold fell 1.3 percent on Wednesday after data showing a smaller-than-expected rise in new U.S. manufactured goods orders spurred selling in commodities. "There's end-quarter selling, some profit taking, and the dollar is a bit strong. People are only buying a small amount of physical gold because I think the global economy is still struggling," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong. "It's going to be range trading for a little while, watching currencies and their direction." Gold hit a two-week high near $1,700 an ounce on Tuesday on expectations of monetary easing in the United States after Federal Reserve chairman Ben Bernanke cautioned it is too soon to declare victory in the U.S. recovery U.S. gold for April delivery rose $3.40 to $1,661.30 an ounce. The dollar index steadied at 79.133 after falling to a near one-month low of 78.770 on Tuesday, while the euro was little changed at $1.3317. Investors will closely watch the outcome of a Italian bond sale as Rome aims to sell up to 8.25 billion euros of debt. Bullion raced to a record of around $1,920 last September on fears the euro debt crisis could stall global growth. In equities, Asian shares eased for a second day in a row as investors limited their risk exposures on concerns about growth prospects in the world's two largest economies, the United States and China. Wednesday's data showed new orders for U.S. durables increased only modestly in February, below analysts' forecasts, while a gauge of future business investment also fell short of expectations, raising the prospect that economic growth in the first quarter could be lacklustre. "It's really quiet, and I think it's related to the end-quarter period. People are reluctant to do anything. Both sides are quiet, and that's why we've also seen some liquidation in gold," said a dealer in Hong Kong. Holdings of the largest gold-backed exchange-traded-fund (ETF), New York's SPDR Gold Trust and that of the largest silver-backed ETF, New York's iShares Silver Trust were unchanged after edging down 0.16 percent to 1,286.62 tonnes by Tuesday. Precious metals prices 0313 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1661.30 -1.82 -0.11 6.23 Spot Silver 32.04 0.03 +0.09 15.71 Spot Platinum 1628.94 -0.99 -0.06 16.94 Spot Palladium 643.70 1.37 +0.21 -1.35 COMEX GOLD APR2 1661.30 3.40 +0.21 6.03 2261 COMEX SILVER MAY2 32.05 0.21 +0.67 14.79 1475 Euro/Dollar 1.3325 Dollar/Yen 82.60 COMEX gold and silver contracts show the most active months
TIME | |||||
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Sydney | Tokyo | Ha Noi | HongKong | LonDon | NewYork |
Prices By NTGOLD | ||
---|---|---|
We Sell | We Buy | |
37.5g ABC Luong Bar | ||
5,312.20 | 4,912.20 | |
1oz ABC Bullion Cast Bar | ||
4,415.00 | 4,035.00 | |
100g ABC Bullion Bar | ||
14,155.60 | 13,055.60 | |
1kg ABC Bullion Silver | ||
1,720.10 | 1,370.10 |
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