PRECIOUS-Gold edges up after sell-off on fading easing hopes
2012-04-04 07:54:49
SINGAPORE, April 4 (Reuters) - Gold rebounded slightly on
Wednesday after tumbling nearly 2 percent in the previous
session, as the minutes of the U.S. Federal Reserve's last
policy meeting showed diminishing appetite for further monetary
stimulus.
FUNDAMENTALS
* Spot gold inched up 0.1 percent to $1,646.96 an
ounce by 0008 GMT, after posting its biggest one-day decline in
three weeks.
* U.S. gold fell 1.4 percent to $1,648.50, tracking
weaker spot prices.
* Policy makers at the Fed have backed away from the need
for another round of quantitative easing as the U.S. economy
gradually improves, though they remained cautious on the
economic outlook.
* Expectations of another round of quantitative easing had
helped send gold to $1,790.30 in February, its highest since
last November.
* New orders for U.S. factory goods rebounded in February
and firms increased orders for capital goods, adding to evidence
that the U.S. economy is on the track to recovery.
* Supportive of sentiment in platinum group metals, U.S.
auto sales rose about 13 percent in March as consumers energized
by an improving job market replaced aging vehicles and took
advantage of cheap financing.
* Markets in Hong Kong and mainland China are closed for a
public holiday.
* For the top stories on metals and other news, click
, or
MARKET NEWS
* U.S. stocks fell on Tuesday, with the S&P 500 retreating
from four-year highs after the U.S. Federal Reserve said it was
less inclined to provide more economic stimulus.
* The dollar index held onto most gains made in the
previous session after the Fed minutes weakened expectations of
more stimulus measures from the central bank.
DATA/EVENTS
0758 EZ Markit Services PMI Mar 2012
0900 EZ Euro zone retail sales Feb
1000 Germany Industrial orders Feb
1130 India M3 Money Supply
1145 EZ ECB rate decision Apr 2012
1215 U.S. ADP Employment report Mar
1400 U.S. ISM N-Mfg PMI Mar
1400 U.S. ISM N-Mfg Bus Act Mar
PRICES
Precious metals prices 0008 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1646.96 2.13 +0.13 5.32
Spot Silver 32.62 0.00 +0.00 17.80
Spot Platinum 1640.24 5.39 +0.33 17.75
Spot Palladium 651.00 2.40 +0.37 -0.23
COMEX GOLD JUN2 1648.50 -23.50 -1.41 5.21 2233
COMEX SILVER MAY2 32.63 -0.63 -1.91 16.89 475
Euro/Dollar 1.3226
Dollar/Yen 82.84
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 | ||
5,333.50 | 4,913.50 | |
1oz ABC Bullion Cast Bar | ||
4,426.80 | 4,026.80 | |
100g ABC Bullion Bar | ||
14,205.60 | 12,905.60 | |
1kg ABC Bullion Silver | ||
1,728.40 | 1,378.40 |
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