PRECIOUS-Gold rises as its allure back after China data

July 17, 2010 By Leave a Comment

TOKYO, July 15 (Reuters) – Gold edged up on Thursday after
China’s growth data for the second quarter was slightly weaker
than expected, helping revive the precious metal’s allure as a
hedge at a time of economic uncertainty.

Meanwhile, economists expect Beijing to take no dramatic
policy response to Thursday’s data, which is seen as positive for
the precious metal’s demand in China, analysts said.
[ID:nTOE66D08E]

“The GDP figure is still relatively good, and that could
prompt the Chinese to buy some amount of gold. So I see an
uptrend in the gold-friendly country,” said Ong Yi Ling,
investment analyst at Phillip Futures in Singapore.

Spot gold XAU= was at $1,212.45 per ounce as of 0346 GMT,
up 0.4 percent from late New York levels of $1,207.50. [GOL/]

It rose to a one-week high of $1,217.85 an ounce on
Wednesday. But it later succumbed to profit-taking as the euro
and the U.S. equity markets fell, responding to lessening
investor interest in taking on risk after a downbeat assessment
of the U.S. economic recovery by the Federal Reserve.

Technically, it is expected to rise to $1,223 as the second
upward wave “c” is unfolding within a rising channel.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
For a graphic on 24-hour gold technical outlook, click:
here
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

Thursday’s data showed China’s economy slowed in the second
quarter as the government steered monetary and fiscal policy back
to normal after a record credit surge last year to counter the
global crisis. [ID:nTOE66D06L]

China’s annual gross domestic product growth moderated to
10.3 percent from 11.9 percent in the first quarter. The reading
was slightly below market forecast of 10.5 percent growth.

U.S. gold futures for August delivery GCQ0 rose $5.10 or
0.4 percent to $1,212.10 per ounce. The contract fell $6.50 to
$1,207 on Wednesday.

“The downside for gold appears to be capped and we may see
some gains,” said Phillip Futures’ Ong Yi Ling.

“The pace of the economic recovery is slowing. This is
reinforced by the Fed’s minutes and weak retail sales figures
yesterday and also the weaker than expected Chinese economic
figures. This may drive investors to seek out gold as a form of
portfolio insurance.”

In other financial markets, the Australian dollar jumped
about 0.3 percentage point, paring earlier losses, while U.S. S&P
stock futures erased earlier losses on Thursday after a series of
Chinese data eased worries about a slowdown in China. [USD/]

The world’s largest gold-backed exchange-traded fund, the
SPDR Gold Trust (GLD.P), said holdings stood at 1,314.819 tonnes
as of Wednesday, unchanged for the second day in a row.

The holdings managed to rise earlier this week, reversing a
downtrend from a record 1,320.436 tonnes marked in late June.
[GOL/SPDR]

Precious metals prices at 0342 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1211.65 4.15 0.34 10.58
Spot Silver 18.33 0.09 0.49 8.91
Spot Platinum 1522.50 3.00 0.20 3.78
Spot Palladium 464.50 0.00 0.00 14.55
TOCOM Gold 3450 -29.00 -0.83 5.86 25776
TOCOM Platinum 4364 -48.00 -1.09 -0.39 11790
TOCOM Silver 53 0.00 0.00 2.13 88
TOCOM Palladium 1334 -10.00 -0.74 14.51 84
Euro/Dollar 1.2748
Dollar/Yen 88.2600
TOCOM prices in yen per gram. Spot prices in $ per ounce

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

PRECIOUS-Gold rises as its allure back after China data

July 16, 2010 By Leave a Comment

TOKYO, July 15 (Reuters) – Gold edged up on Thursday after
China’s growth data for the second quarter was slightly weaker
than expected, helping revive the precious metal’s allure as a
hedge at a time of economic uncertainty.

Meanwhile, economists expect Beijing to take no dramatic
policy response to Thursday’s data, which is seen as positive for
the precious metal’s demand in China, analysts said.
[ID:nTOE66D08E]

“The GDP figure is still relatively good, and that could
prompt the Chinese to buy some amount of gold. So I see an
uptrend in the gold-friendly country,” said Ong Yi Ling,
investment analyst at Phillip Futures in Singapore.

Spot gold XAU= was at $1,212.45 per ounce as of 0346 GMT,
up 0.4 percent from late New York levels of $1,207.50. [GOL/]

It rose to a one-week high of $1,217.85 an ounce on
Wednesday. But it later succumbed to profit-taking as the euro
and the U.S. equity markets fell, responding to lessening
investor interest in taking on risk after a downbeat assessment
of the U.S. economic recovery by the Federal Reserve.

Technically, it is expected to rise to $1,223 as the second
upward wave “c” is unfolding within a rising channel.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
For a graphic on 24-hour gold technical outlook, click:
here
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

Thursday’s data showed China’s economy slowed in the second
quarter as the government steered monetary and fiscal policy back
to normal after a record credit surge last year to counter the
global crisis. [ID:nTOE66D06L]

China’s annual gross domestic product growth moderated to
10.3 percent from 11.9 percent in the first quarter. The reading
was slightly below market forecast of 10.5 percent growth.

U.S. gold futures for August delivery GCQ0 rose $5.10 or
0.4 percent to $1,212.10 per ounce. The contract fell $6.50 to
$1,207 on Wednesday.

“The downside for gold appears to be capped and we may see
some gains,” said Phillip Futures’ Ong Yi Ling.

“The pace of the economic recovery is slowing. This is
reinforced by the Fed’s minutes and weak retail sales figures
yesterday and also the weaker than expected Chinese economic
figures. This may drive investors to seek out gold as a form of
portfolio insurance.”

In other financial markets, the Australian dollar jumped
about 0.3 percentage point, paring earlier losses, while U.S. S&P
stock futures erased earlier losses on Thursday after a series of
Chinese data eased worries about a slowdown in China. [USD/]

The world’s largest gold-backed exchange-traded fund, the
SPDR Gold Trust (GLD.P), said holdings stood at 1,314.819 tonnes
as of Wednesday, unchanged for the second day in a row.

The holdings managed to rise earlier this week, reversing a
downtrend from a record 1,320.436 tonnes marked in late June.
[GOL/SPDR]

Precious metals prices at 0342 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1211.65 4.15 0.34 10.58
Spot Silver 18.33 0.09 0.49 8.91
Spot Platinum 1522.50 3.00 0.20 3.78
Spot Palladium 464.50 0.00 0.00 14.55
TOCOM Gold 3450 -29.00 -0.83 5.86 25776
TOCOM Platinum 4364 -48.00 -1.09 -0.39 11790
TOCOM Silver 53 0.00 0.00 2.13 88
TOCOM Palladium 1334 -10.00 -0.74 14.51 84
Euro/Dollar 1.2748
Dollar/Yen 88.2600
TOCOM prices in yen per gram. Spot prices in $ per ounce

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

RPT-PRECIOUS-Gold ticks up on firm stocks, euro; ETF slips

July 6, 2010 By Leave a Comment

SINGAPORE, July 5 (Reuters) – Gold ticked up on Monday
after a drop in the U.S. dollar spurred bargain hunting, with
firmer stock markets spurring investors to shrug off a slight
decline in ETF holdings.

Jewellers were on the sidelines after buying heavily on
Friday, when bullion fell to a five-week low. With U.S.
investors away for a holiday, the metal was likely to trade in
a tight range of $1,210 to $1,215 an ounce.

Gold XAU= rose $1.15 to $1,211.75 by 0610 GMT, having
fallen below the key psychological level of $1,200 on Friday.
The metal struck a record above $1,264 in late June on worries
the European debt crisis would spread and the U.S. economy was
slowing.

“I wouldn’t say that jewellery or physical buying would
really provide support because prices are still relatively
high. But of course people are buying on dips,” said Ong Yi
Ling, investment analyst at Phillip Futures in Singapore.

“I don’t foresee it dropping below $1,200. I think on a
long-term basis, I would still be bullish.”

For a graphic of the 24-hr gold technical outlook, click:
here

U.S. gold futures for August delivery GCQ0 added $4.5 an
ounce to $1,212.2.

The world’s largest gold-backed exchange-traded fund, SPDR
Gold Trust, said its holdings slipped to 1,318.915 tonnes by
July 2 from 1,319.219 on July 1. The holdings hit a record at
1,320.436 tonnes on June 29. [GOL/SPDR]

“For people to really think that investment demand for gold
is declining, it has to drop a lot more than what we are seeing
right now,” said Ong.

The dollar was at its lowest in nearly two months on Monday
and the euro paused after last week’s boost from unwinding of
short and leveraged positions, with traders and analysts seeing
scope for it to squeeze a bit higher. [USD/]

The MSCI index of Asia Pacific shares outside Japan
.MIAPJ0000PUS was up 0.2 percent, though gains in resources
and technology shares were mostly offset by declines in
consumer staples, financials and telecom stocks. [MKTS/GLOB]

“Bargain hunters have pushed up the gold market. I don’t
see much demand from the jewellery sector. They had bought a
lot on Friday,” said a dealer in Hong Kong.

“In the absence of U.S. players, the market may have a
chance to edge up in Asia but then drop again when Europe
starts trading.”

Oil rebounded from three-week lows on Monday, staying above
$72 as the market assessed the implications of a slowing global
economic recovery on energy use. [O/R]
Precious metals prices at 0610 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1211.75 1.15 +0.09 10.59
Spot Silver 17.84 0.04 +0.22 6.00
Spot Platinum 1509.50 13.00 +0.87 2.90
Spot Palladium 429.50 -0.50 -0.12 5.92
TOCOM Gold 3437.00 8.00 +0.23 5.46
35334
TOCOM Platinum 4300.00 -2.00 -0.05 -1.85
12601
TOCOM Silver 51.10 -0.40 -0.78 -1.16
318
TOCOM Palladium 1222.00 -18.00 -1.45 4.89
304
Euro/Dollar 1.2531
Dollar/Yen 87.93
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Clarence Fernandez)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

PRECIOUS-Gold ticks up on firm stocks, euro; ETF slips

July 6, 2010 By Leave a Comment

SINGAPORE, July 5 (Reuters) – Gold ticked up on Monday
after a drop in the U.S. dollar spurred bargain hunting, with
firmer stock markets helping investors shrug off a slight
decline in ETF holdings.

Jewellers were on the sidelines after buying heavily on
Friday, when bullion fell to a five-week low. With U.S.
investors away for a holiday, the metal was likely to trade in
a tight range of $1,210 to $1,215 an ounce.

Gold XAU= rose $2.95 to $1,213.55 by 0440 GMT, having
fallen below the psychological level of $1,200 on Friday. The
metal struck a record above $1,264 in late June on worries the
European debt crisis would spread and the U.S. economy was
slowing.

“I wouldn’t say that jewellery or physical buying would
really provide support because prices are still relatively
high. But of course people are buying on dips,” said Ong Yi
Ling, investment analyst at Phillip Futures in Singapore.

“I don’t foresee it dropping below $1,200. I think on a
long-term basis, I would still be bullish,” she added.

For a graphic of the 24-hr gold technical outlook, click:
here

U.S. gold futures for August delivery GCQ0 added $5.3 an
ounce to $1,213.

The world’s largest gold-backed exchange-traded fund, SPDR
Gold Trust, said its holdings slipped to 1,318.915 tonnes by
July 2 from 1,319.219 on July 1. The holdings hit a record at
1,320.436 tonnes on June 29. [GOL/SPDR]

“For people to really think that investment demand for gold
is declining, it has to drop a lot more than what we are seeing
right now,” said Ong.

The dollar was at its lowest in nearly two months on Monday
and the euro paused after last week’s boost from unwinding of
short and leveraged positions, with traders and analysts seeing
scope for it to squeeze a bit higher. [USD/]

The MSCI index of Asia Pacific shares outside Japan
.MIAPJ0000PUS was up 0.2 percent, though gains in resources
and technology shares were mostly offset by declines in
consumer staples, financials and telecom stocks. [MKTS/GLOB]

“Bargain hunters have pushed up the gold market. I don’t
see much demand from the jewellery sector. They had bought a
lot on Friday,” said a dealer in Hong Kong.

“In the absence of U.S. players, the market may have a
chance to edge up in Asia but then drop again when Europe
starts trading.”

Oil rebounded from three-week lows on Monday, staying above
$72 as the market assessed the implications of a slowing global
economic recovery on energy use. [O/R]
Precious metals prices at 0440 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1213.55 2.95 +0.24 10.76
Spot Silver 17.88 0.08 +0.45 6.24
Spot Platinum 1510.00 13.50 +0.90 2.93
Spot Palladium 429.00 -1.00 -0.23 5.80
TOCOM Gold 3441.00 12.00 +0.35 5.58
31886
TOCOM Platinum 4299.00 -3.00 -0.07 -1.87
10858
TOCOM Silver 51.10 -0.40 -0.78 -1.16
305
TOCOM Palladium 1231.00 -9.00 -0.73 5.67
277
Euro/Dollar 1.2539
Dollar/Yen 87.90
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Michael Urquhart)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

PRECIOUS-Gold falls from 3-month high on firm dlr; PGMs choppy

April 9, 2010 By Leave a Comment

SINGAPORE, April 8 (Reuters) – Gold slipped on Thursday
after rising to its highest in nearly three months the previous
day as a strong dollar ignited selling in the physical sector,
while platinum group metals struggled to hold gains after a
rally.

Volume was light, making precious metals prone to sharp
movements. Investors wary about Greece’s ability to resolve its
fiscal problems could still turn to gold as safe-haven but
further rallies in the dollar could cap gains.

Spot gold XAU= was at $1,146.25 an ounce by 0343 GMT,
down 75 cents from New York’s notional close on Wednesday, when
it rose as high as $1,152.75 an ounce, its strongest since
mid-January, despite a tumbling euro.
“It’s been rising too fast, so of course there’s profit taking
in the market. Everytime gold approaches $1,150-$1,152, it
can’t break through, so I guess we are cautious about these
levels,” said Ronald Leung, director of Lee Cheong Gold Dealers
in Hong Kong.

“We’re still watching developments in Greece. Sentiment is
a bit bullish,” said Leung, referring to the prospect of low
interest in the United States that boosts gold’s safe-haven
appeal.

Palladium XPD= hardly changed after hitting a two-year
high around $511 on Wednesday on early buying by Japanese auto
catalyst makers as well as gains in gold prices.

Sister metal platinum XPT= rose as high as $1,716.50 an
ounce on Thursday on the back of early buying in Tokyo platinum
futures <0#JPL:> before easing slightly. The metal had risen to
a 20-month high of $1,723 on Wednesday.

Platinum group metals have benefitted from expectations of
an economic recovery, with dealers reporting steady demand from
auto catalyst makers in Japan.

The euro hovered within reach of this year’s low against
the dollar on Thursday after Greece’s borrowing costs hit a new
high and its banks asked for support, while the yen was firm
following a drop in U.S. Treasury yields. [USD/]

U.S. gold futures for June delivery GCM0 fell $5.6 an
ounce to $1,147.4 an ounce, having risen to its strongest in
nearly three months the previous day.

The world’s largest gold-backed exchange-traded fund, SPDR
Gold Trust (GLD), said its holdings stood at 1,130.737 tonnes
by April 7, up 0.914 tonnes from the previous business day.
[GOL/SPDR]

“I think gold is consolidating. There’s some physical
selling but the amount is not substantial,” said a dealer in
Hong Kong. “Consumers are waiting for fresh leads,” he added.

Indian jewellers are stocking up as the wedding season
kicks in in the world’s largest gold consumer, but higher
bullion prices have ignited selling in other parts of Asia,
dealers said on Wednesday. [GOL/AS]
Precious metals prices at 0343 GMT
Metal Last Change Pct chg YTD pct chg
Turnover
Spot Gold 1146.25 -0.75 -0.07 4.61
Spot Silver 18.09 -0.02 -0.11 7.49
Spot Platinum 1710.50 10.00 +0.59 16.60
Spot Palladium 505.75 -0.25 -0.05 24.72
TOCOM Gold 3447.00 5.00 +0.15 5.77
30868
TOCOM Platinum 5123.00 -44.00 -0.85 16.94
15455
TOCOM Silver 54.80 0.10 +0.18 6.00
567
TOCOM Palladium 1504.00 -32.00 -2.08 29.10
441
Euro/Dollar 1.3334
Dollar/Yen 93.22
TOCOM prices in yen per gram. Spot prices in $ per ounce.

(Editing by Ed Lane)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

PRECIOUS-Gold mostly flat, ETF stays at record

April 17, 2009 By Leave a Comment

TOKYO, April 16 (Reuters) – Gold was little changed on Thursday after rising slightly in the previous session on strong demand from India, the top bullion buyer.

* Demand from India offset a slight drop in U.S. consumer inflation, which could dull the metal’s allure as an inflation hedge, but traders say inflation remains a long-term concern due to the massive economy stimulus plans announced by central banks.

FUNDAMENTALS

* Gold was at $890.45 per ounce at 0005 GMT on Thursday, down 0.02 percent from New York’s notional close of $890.60.

* The world’s largest gold-backed exchange-traded fund, the SPDR Gold Trust GLD, said holdings as of April 15 remained unchanged at a record 1,127.68 tonnes, a level first reached on April 9. [GOL/SPDR]

MARKET NEWS

* Japan’s benchmark Nikkei average .N225 opened up 1.21 percent at 8,848.43 on Thursday. [.T]

* U.S. stocks rose on Wednesday amid numerous signs the recession could be abating. [.T]

* The dollar gained on Wednesday as persistent concerns about the global economy added to the greenback’s safe-haven allure. [USD/]

* U.S. crude CLc1 bounced back on Thursday after easing in the previous session pressured by government data which showed U.S. crude stocks last week were at the highest level since September 1990. [O/R]

DATA EVENTS

* The following data/event is expected on Thursday: ECON

- Euro zone Feb industrial production (0900 GMT)

- Euro zone March consumer prices (0900 GMT)

- Weekly U.S. jobless claims (1230 GMT)

- U.S. March housing starts (1230 GMT)

RELATED NEWS > Gold rises in quiet trade as inflation eyed [GOL/] > Copper at 6-month peaks; rest mostly down [COM/WRAP] > India gold demand edged up ahead of festival [ID:nBOM188197] > U.S. economic data weak but some signs of hope [ID:nN15491736] > Chrsyler-Fiat talks intensify [ID:nN15377480]

PRICES

Precious metals prices at 0000 GMT

Metal Last Change Pct chg Day ago pct MA 30 RSI Spot gold $890.85 $0.25 +0.03% -0.69% $860.10 44 Spot silver $12.75 $0.00 +0.00% +6.43% $11.29 53 Spot plat $1215.00 -$1.50 -0.12% +0.91% $1137.65 68 COMEX gold $893.00 $1.80 +0.20% -0.22% $914.86 43 Currencies Euro/dlr $1.322 $0.000 +0.00% -0.25% Dlr/yen 99.26 -0.13 -0.13% +0.49% TOCOM prices in yen per gram, except for TOCOM silver which is priced in yen per 10 grams. Spot prices in $ per ounce. (Reporting by Miho Yoshikawa)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,