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PRECIOUS-Gold hovers around $1,680, eyes on dollar
2012-03-28 08:32:07

 

SINGAPORE, March 28 (Reuters) - Spot gold prices were little
changed on Wednesday, after buckling under a stronger dollar in
the previous session as U.S. data tempered concerns of more
stimulus from the Federal Reserve. 	
    	
    FUNDAMENTALS	
    * Spot gold was little changed at $1,680.24 an ounce
by 0051 GMT, after falling more than half a percent in the
previous session.	
    * U.S. gold edged down 0.3 percent to $1,680.50.	
    * Americans were more worried about inflation in March than
at any time in the last 10 months and consumer confidence waned
in the wake of higher gasoline prices, but their view of their
present situation rose to the highest level since September
2008. 	
    * Another set of data showed that U.S. single-family home
prices were unchanged in January, the first time since July
prices have not declined in a sign the battered housing market
is slowly stabilising. 	
    * After defending very low interest rates and triggering a
rally in bullion prices on Monday, U.S. Federal Reserve Chairman
Ben Bernanke said on Tuesday that it is too soon to declare
victory in the U.S. economic recovery and warned against
complacency in policymaking as the outlook brightens.
 	
    * India has agreed to examine jewellers' demands for removal
of an excise duty on unbranded jewellery, but won't reduce
import duty on gold and platinum, Finance Minister told
lawmakers on Tuesday. 	
    * SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings edged down 0.16 percent
to 1,286.62 tonnes by Tuesday. 	
    * For the top stories on metals and other news, click
, or 	
    	
    MARKET NEWS	
    * U.S. stocks retreated from near four-year peaks on
Tuesday, while a batch of large-cap shares hit new highs, with
the help of portfolio managers snapping up top performers near
the end of the quarter.  	
    * The dollar held steady on Wednesday against a basket of
currencies, after rebounding from two days of straight losses in
the previous session. 	
    	
    DATA/EVENTS	
 0530  France    Detailed GDP             Q4
 0800  EZ        Money-M3 3m moving av    Feb 2012                 
 1230  U.S.      Durable goods orders     Feb                      
       Germany   Preliminary CPI          March
 	
   PRICES	
    Precious metals prices 0051 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1680.24    0.20   +0.01      7.45
  Spot Silver        32.57    0.07   +0.22     17.62
  Spot Platinum    1641.69   -6.19   -0.38     17.85
  Spot Palladium    655.70    3.20   +0.49      0.49
  COMEX GOLD APR2  1680.50   -4.40   -0.26      7.26         2969
  COMEX SILVER MAY2  32.59   -0.03   -0.08     16.75          672
  Euro/Dollar       1.3331
  Dollar/Yen         82.96
  COMEX gold and silver contracts show the most active months

 





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