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PRECIOUS-Gold off 3-month low; dashed easing hopes, euro weigh
2012-04-05 07:55:59

 

SINGAPORE, April 5 (Reuters) - Gold edged up on Thursday,
after diminishing hopes of more monetary stimulus from the U.S.
central bank and a weakened euro pushed bullion to its lowest
level in nearly three months in the previous session. 	
    	
    FUNDAMENTALS	
    * Spot gold inched up 0.2 percent to $1,621.89 an
ounce by 0027 GMT, off a near three-month low of $1,611.80 hit
in the previous session.	
    * U.S. gold rebounded more than half a percent to
$1,623.30.	
    * Gold tumbled for two days straight after the U.S. Federal
Reserve released minutes from its last policy meeting which
showed policymakers were less likely to push for more monetary
easing as the economic outlook gradually improves.	
    * A job market report said on Wednesday that U.S. businesses
added more than 200,000 jobs in March, giving fresh evidence of
recovery. 	
    * Adding to gold's woes, the euro fell to a three-month high
against the dollar as worries about the euro zone debt crisis
rekindled after a poorly received Spanish government bond sales.	
 	
    * European Central Bank cautioned about the downside risks
to the economic outlook and dismissed a German-led push for the
bank to start planning a retreat from emergency crisis-fighting.
 	
    * The Shanghai Gold Exchange reopens on Thursday after a
three-day hiatus. When the market closed last Friday, the
popular spot gold deferred contract closed at
339.13 yuan a gram, or $1,674 an ounce.	
    * SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings were unchanged at
1,286.621 tonnes by Wednesday. But holdings in the world's key
gold ETFs gained 44,761 ounces on the day to 70.4 million ounces
(2,190 tonnes). 	
    * Spot silver edged up 0.2 percent to $31.36 an
ounce, after sliding 4 percent in the previous session -- its
largest daily decline in more than a month.	
    * For the top stories on metals and other news, click
, or 	
    	
    MARKET NEWS	
    * U.S. stocks fell for a second day on Wednesday as
investors contemplated a world without monetary stimulus and a
poorly received bond auction in Spain suggested the effects of
Europe's funding operations were waning. 	
    * The euro floundered at three-week lows versus the yen and
dollar on Thursday, while commodity currencies also nursed heavy
losses after a poor Spanish bond auction reignited worries about
the euro zone debt crisis. 	
    	
    DATA/EVENTS	
 0330  China     HSBC services PMI        Mar                      
 1000  Germany   Industrial output mm     Feb 2012                 
 1100  Britain   BOE Bank Rate            Apr 2012                 
 1230  U.S.      Jobless claims           Weekly                   
    	
    PRICES	
   	
 Precious metals prices 0027 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1621.89    2.64   +0.16      3.71
  Spot Silver        31.36    0.04   +0.13     13.25
  Spot Platinum    1590.75   -1.80   -0.11     14.20
  Spot Palladium    628.50   -0.95   -0.15     -3.68
  COMEX GOLD JUN2  1623.30    9.20   +0.57      3.61         2430
  COMEX SILVER MAY2  31.37    0.32   +1.03     12.36          657
  Euro/Dollar       1.3145
  Dollar/Yen         82.29
  COMEX gold and silver contracts show the most active months
 	
 (Reporting by Rujun Shen)

 





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