PRECIOUS-Gold holds onto gains, Greece hopes support
2012-03-08 09:02:57
SINGAPORE, March 8 (Reuters) - Gold held onto the previous session's gains on Thursday, while prices stayed above the key 200-day moving average, as increased optimism Greece may secure a crucial debt swap deal soothed worries about a messy default. FUNDAMENTALS * Spot gold was little changed at $1,684.92 an ounce by 0044 GMT, standing above the 200-day moving average around $1,678. Gold gained 0.6 percent on Wednesday following a 2-percent slide in the previous session. * U.S. gold inched up 0.1 percent to $1,685.50. * Fear about a Greek default eased as major banks and pension funds said they would take part in Greece's bond swap deal, raising the likelihood that Greece would secure a 130 billion euro international bailout. * Gold was also helped by a Wall Street Journal report that the U.S. Federal Reserve officials are considering a novel approach to bond buying aimed at countering inflation worries. * Friday's U.S. non-farm payrolls data will be in focus, as investors look for cues on whether the Fed will launch any stimulus measures soon. * Data showed that U.S. companies increased their hiring in February, shoring up expectations that the labour market's recovery has moved into a higher gear. * The world's two largest platinum producers said on Wednesday they were not affected by a 1-day nationwide strike in South Africa that has brought the country's gold mines to a halt and also hit the coal sector. * For the top stories on metals and other news, click , or MARKET NEWS * The dollar was on the defensive in Asia on Thursday, while the euro and commodity currencies saw some reprieve from this week's battering as Greece's debt restructuring efforts looked to have made some progress. * U.S. stocks broke a three-day losing streak on Wednesday, recovering some recent losses after a report showed the U.S. private sector added more jobs than expected last month. DATA/EVENTS 1100 Germany Industrial output mm Jan 2012 1200 Britain BOE Bank Rate Mar 2012 1245 EZ ECB rate decision Mar 2012 1400 Canada BoC rate decision 1330 U.S. Jobless claims Weekly PRICES Precious metals prices 0044 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1684.92 0.16 +0.01 7.75 Spot Silver 33.40 0.02 +0.06 20.62 Spot Platinum 1632.99 7.50 +0.46 17.23 Spot Palladium 684.22 3.42 +0.50 4.86 COMEX GOLD APR2 1685.50 1.60 +0.10 7.58 2802 COMEX SILVER MAY2 33.46 -0.13 -0.39 19.85 348 Euro/Dollar 1.3143 Dollar/Yen 81.26 COMEX gold and silver contracts show the most active months (Reporting by Rujun Shen; Editing by Himani Sarkar)
TIME | |||||
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Sydney | Tokyo | Ha Noi | HongKong | LonDon | NewYork |
Prices By NTGOLD | ||
---|---|---|
We Sell | We Buy | |
37.5g ABC Luong Bar | ||
5,233.30 | 4,833.30 | |
1oz ABC Bullion Cast Bar | ||
4,350.40 | 3,970.40 | |
100g ABC Bullion Bar | ||
13,941.80 | 12,841.80 | |
1kg ABC Bullion Silver | ||
1,682.50 | 1,332.50 |
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