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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
, or 	
    	
    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

 





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37.5g ABC Luong Bar
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