PRECIOUS-Gold treads water; euro zone worry, US data weigh
2012-04-20 11:30:50
* Gold trades listless; awaits direction * Spot gold targets $1,611.80/oz - technicals * Coming up: U.S. retail sales, March; 0830 GMT (Adds details, comments; updates prices) By Rujun Shen SINGAPORE, April 20 (Reuters) - Gold held steady on Friday in listless trading as persistent concerns about the euro zone's finances and disappointing U.S. economic data data put off most investors. Spot gold edged up 0.1 percent to $1,644.15 an ounce by 0327 GMT, on course for a 0.9-percent weekly fall. U.S. gold inched up 0.2 percent to $1,645.10. Technical analysis suggested that spot gold could fall to $1,611.80 an ounce during the day, said Reuters market analyst Wang Tao. Economists believe Spain and Italy will not need international bailouts as they battle through their debt crises, but investors remained worried, as evident in the rising yields of the bonds Spain auctioned on Thursday. Gold has fallen more than 1 percent so far this month, in tandem with equities and other commodities, after markets rallied in the first quarter on brighter global economic outlook and prospects of accommodative monetary policy. Gold prices have been trapped in a range of roughly between $1,620 and $1,680 this month. "Gold lacks its own momentum to move anywhere, and we are waiting for the next major U.S. data, or a major development in Europe," said Peter Tse, director at ScotiaMocatta in Hong Kong. Tse said the presidential election in France, scheduled to kick off on Sunday and which a Socialist president is expected to win, could put pressure on the euro and trigger wild fluctuations in share prices. U.S jobs data The number of Americans claiming unemployment benefit for the first time fell less than expected last week, suggesting a slowdown in job creation and casting doubts about the strength of the economic recovery. Other data showed factory activity in the Mid-Atlantic region slowed sharply this month and U.S. home resales fell for a second month in March. Investors are also closely watching the Federal Open Market Committee meeting next Tuesday and Wednesday during which the Federal Reserve is expected to adopt a wait-and-see approach towards easing monetary policy, although the sluggish economic data has kept up hopes for another round of quantitative easing. Physical gold buying in Asia was sluggish, even as India approaches a key gold-buying festival early next week. "After the strike by Indian jewellers, we saw some buying at the initial stage but there hasn't been much follow-up ever since," said Tse, adding that a price drop to below $1,600 could lure buyers back. Spot silver was little changed at $31.74, headed for a 0.9-percent weekly rise, its biggest one-week gain in nearly two months. Silver fabrication demand should climb 3 to 5 percent this year as end-users replenish inventories that ran low late last year due to an economic slowdown, but prices are unlikely to test record highs as investor buying may remain subdued, said the head of Thomson Reuters GFMS. Precious metals prices 0327 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1644.15 1.67 +0.10 5.14 Spot Silver 31.74 0.02 +0.06 14.63 Spot Platinum 1573.45 -1.15 -0.07 12.95 Spot Palladium 661.55 1.80 +0.27 1.39 COMEX GOLD JUN2 1645.10 3.70 +0.23 5.00 3593 COMEX SILVER MAY2 31.73 -0.05 -0.15 13.67 589 Euro/Dollar 1.3144 Dollar/Yen 81.53 COMEX gold and silver contracts show the most active months
TIME | |||||
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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 | ||
5,214.40 | 4,814.40 | |
1oz ABC Bullion Cast Bar | ||
4,334.70 | 3,954.70 | |
100g ABC Bullion Bar | ||
13,891.40 | 12,791.40 | |
1kg ABC Bullion Silver | ||
1,695.50 | 1,345.50 |
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