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PRECIOUS-Gold bounces on bargain hunting, U.S. dollar watched
2012-03-29 10:37:18

 

SINGAPORE, March 29 (Reuters) - Gold regained some strength
on Thursday as bargain hunters resurfaced after prices slipped
more than 1 percent in the previous session, but gains may be
capped by a rebound in the U.S. dollar against other currencies.
 	
    	
    FUNDAMENTALS	
    * Spot gold hardly changed at $1,662.71 an ounce by
0040 GMT, having hit a high of $1,664.79. Gold had fallen 1.3
percent on Wednesday after data showing a smaller-than-expected
rise in new U.S. manufactured goods orders spurred selling in
the yellow metal and other commodities.	
    * U.S. gold rose $4.30 to $1,662.20 an ounce.	
    * New orders for long-lasting U.S. factory goods increased
only modestly in February, supporting the view that economic
growth in the first quarter could be lackluster. 	
    * For the top stories on metals and other news, click
, or 	
    	
    MARKET NEWS	
    *  Early in the week, the dollar took a hammering after
Bernanke gave a cautious outlook on the economy that kept alive
expectations of further stimulus. The dollar index fell
to a near one-month low of 78.770 on Tuesday, but has since
recovered to 79.158. 	
    * Asian shares eased for a second day in a row on Thursday,
as investors limited their risk exposures on concerns about
growth prospects in the world's two largest economies, the
United States and China. 	
    * U.S. crude futures steadied on Thursday, trading little
changed after a 1.8 percent drop the day before due to a big
rise in U.S. crude inventories and talk of a release of U.S. and
some European strategic reserves. 	
      	
    DATA/EVENTS (GMT)	
    0755 - GERMANY MARCH UNEMPLOYMENT DATA    	
    0830 - UK CONSUMER CREDIT FOR FEBRUARY    	
    0900 - EURO ZONE BUSINESS CLIMATE FOR MARCH    	
    0900 - EURO ZONE ECONOMIC SENTIMENT FOR MARCH    	
    1230 - U.S. FINAL Q4 GDP   	
    1230 - U.S. WEEKLY JOBLESS CLAIMS   	
       	
    PRICES	
    	
  Precious metals prices 0040 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1662.71   -0.41   -0.02      6.32
  Spot Silver        32.06    0.05   +0.16     15.78
  Spot Platinum    1630.69    0.76   +0.05     17.06
  Spot Palladium    645.20    2.87   +0.45     -1.12
  COMEX GOLD APR2  1662.20    4.30   +0.26      6.09         1351
  COMEX SILVER MAY2  32.06    0.23   +0.72     14.85          701
  Euro/Dollar       1.3320
  Dollar/Yen         82.74
 
  COMEX gold and silver contracts show the most active months
 
 	
 (Reporting by Lewa Pardomuan; Editing by Muralikumar
Anantharaman)

 





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