July 25, 2012 / 1:06 AM / 5 years ago

PRECIOUS-Gold steady as strong dollar offsets stimulus hopes

 SINGAPORE, July 25 (Reuters) - Gold held steady around
$1,580 an ounce on Wednesday, as sluggish economic data kept
alive hopes for more monetary stimulus while a strong dollar
pressured prices.
 
 FUNDAMENTALS
 * Spot gold was little changed at $1,580.14 an ounce
by 0039 GMT.
 * The U.S. gold futures contract for August delivery 
inched up 0.2 percent to $1,579.60.
 * The struggles of the U.S. and euro zone economies
intensified in July, surveys showed on Tuesday, though improved
Chinese factory output suggested stimulus measures were starting
to boost the world's second-largest economy. 
 * Investors are trying to find hints about what tools the
U.S. Federal Reserve might deploy to aid a faltering recovery,
as the grim economic prospects in Europe infected businesses
across the Atlantic. [ID:ID:nL2E8IO9QA]
 * Spain paid the second highest yield on short-term debt
since the birth of the euro at an auction on Tuesday, and EU
officials said Greece had little hope of meeting the terms of
its bailout, casting fresh doubt on its future in the euro zone.
 
 * Spot platinum edged up 0.2 percent to $1,579.60,
after slumping to $1,374.60 -- its lowest level this year -- in
the previous session.
 * For the top stories on metals and other news, click
, or 
 
 MARKET NEWS
 * Wall Street stocks fell on Tuesday, while investors
continued to give the euro and risk currencies a wide berth as
the euro zone debt crisis festered.  
     
 DATA/EVENTS
 0800  Germany   Ifo business climate      Jul                    
 0800  Germany   Ifo current conditions    Jul                    
 0800  Germany   Ifo expectations          Jul                    
 1130  India     M3 Money Supply                                  
 1400  U.S.      New home sales chg mm     Jun                    
 1400  U.S.      New home sales-units mm   Jun                    
 2100  N.Zealand Cen Bank Interest Rate                           
 2300  S.Korea   GDP growth yy Advance     Apr                    
  
 PRICES
 Precious metals prices 0039 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1580.14    0.30   +0.02      1.04
  Spot Silver        26.90    0.10   +0.37     -2.85
  Spot Platinum    1381.24    2.99   +0.22     -0.84
  Spot Palladium    560.45    4.17   +0.75    -14.11
  COMEX GOLD AUG2  1579.60    3.40   +0.22      0.82         3515
  COMEX SILVER SEP2  26.86    0.05   +0.18     -3.78          587
  Euro/Dollar       1.2060
  Dollar/Yen         78.08
  COMEX gold and silver contracts show the most active months
  

 (Reporting by Rujun Shen; Editing by Joseph Radford)
 
 

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