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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Sydney | Tokyo | Ha Noi | HongKong | LonDon | NewYork |
Prices By NTGOLD | ||
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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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