PRECIOUS-Gold rebounds on euro, focus on Fed meeting
2012-03-13 08:13:45
FUNDAMENTALS
* Gold added $1.20 an ounce to $1,700.25 an ounce by
0030 GMT, having fallen slightly on Monday, but dwindling
expectations for the Fed to signal the need for more measures to
keep U.S. rates low could have an effect on the metal.
* Gold rallied to an all time high around $1,920 an ounce
last September.
* U.S. gold rose $1.20 an ounce to $$1,701 an
ounce.
* Recent signs of improvement in the U.S. labour market are
spurring economists at major Wall Street firms to rethink how
aggressive the Fed needs to be in applying further monetary
stimulus, a Reuters poll showed.
* Bullion investors are cautious after Friday's U.S. data
showed net long futures positions held by money managers,
including hedge funds, posted the biggest one-week drop since
August. Bullish bets in silver futures also tumbled.
* For the top stories on metals and other news, click
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MARKET NEWS
* The dollar stayed on the defensive in Asia on Tuesday,
having retreated from a seven-week high against a basket of
major currencies on some caution the Fed might sound more dovish
than expected at its policy meeting.
* The euro bounced off a one-month low to $1.3153,
finding support at its 55-day moving average around $1.3081.
* Japan's Nikkei share average opened higher on Tuesday as
participants looked for signs of further easing from the Bank of
Japan later in the day, while the softer yen continued to
underpin market sentiment.
DATA/EVENTS (GMT)
1000 Germany ZEW economic sentiment Mar
1045 U.S. ICSC chain stores yy Weekly
1130 U.S. Retail sales mm Feb
1300 U.S. Business inventories mm Jan
1615 U.S. FOMC rate decision Dec
PRICES
Precious metals prices 0034 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1700.25 1.20 +0.07 8.73
Spot Silver 33.60 0.02 +0.06 21.34
Spot Platinum 1689.74 1.64 +0.10 21.30
Spot Palladium 698.47 2.62 +0.38 7.05
COMEX GOLD APR2 1701.00 1.20 +0.07 8.57 3294
COMEX SILVER MAY2 33.64 0.23 +0.68 20.51 211
Euro/Dollar 1.3163
Dollar/Yen 82.36
COMEX gold and silver contracts show the most active months
| TIME | |||||
|---|---|---|---|---|---|
| Sydney | Tokyo | Ha Noi | HongKong | LonDon | NewYork |
| Prices By NTGOLD | ||
|---|---|---|
| We Sell | We Buy | |
| 37.5g ABC Luong Bar | ||
| 8,030.80 | 7,330.80 | |
| 1oz ABC Bullion Cast Bar | ||
| 6,721.20 | 6,061.20 | |
| 100g ABC Bullion Bar | ||
| 21,382.00 | 19,332.00 | |
| 1kg ABC Bullion Silver | ||
| 2,871.60 | 2,286.60 | |
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