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4 years ago
PRECIOUS-Gold near 4-week highs on U.S. stimulus bets
October 23, 2013 / 12:52 AM / 4 years ago

PRECIOUS-Gold near 4-week highs on U.S. stimulus bets

SINGAPORE, Oct 23 (Reuters) - Gold was trading near its
highest in four weeks on Wednesday after tepid U.S. jobs data
bolstered views that the Federal Reserve will continue stimulus
policies supportive of bullion prices. 
    
    FUNDAMENTALS
    * Spot gold eased 0.04 percent to $1,339.44 an ounce
by 0025 GMT, after rallying nearly 2 percent in the previous
session to $1,344.46 - the highest since Sept. 20.
    * U.S. gold was trading near its three-week high of
$1,344.70.  
    * U.S. nonfarm payrolls increased by 148,000 workers in
September, the Labor Department said on Tuesday, suggesting a
loss of momentum in the economy that will likely add to the
Fed's caution in deciding when to trim its $85 billion monthly
bond purchases. 
    * Most U.S. primary dealers polled by Reuters on Tuesday
believe the Fed will not start cutting its monthly bond
purchases until March of next year and said the recent
government shutdown and standoff over raising the U.S. debt
ceiling had a significant impact on the Fed's timing.
 
    * SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings rose 6.60 tonnes to
878.32 tonnes on Tuesday. 
    * Gold premiums in India stayed near record levels on
Tuesday due to rising domestic demand and scant supplies as
exporters get priority over shipments. 
    * Goldcorp said it has secured the environmental
permit it needs to progress with its copper and gold El Morro
project in the north of Chile. 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * The dollar was stuck near a two-year low against the euro
on Wednesday after disappointing U.S. jobs data. 
    
    DATA/EVENTS (GMT)
    0645 France Business climate 
    1230 U.S. Import/export prices 
    1300 U.S. FHFA home price index 
    1400 Euro zone Consumer confidence 
    1400 U.S. Employment trend index 
    
  Precious metals prices 0025 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1339.44   -0.60   -0.04    -20.01
  Spot Silver        22.72    0.09   +0.40    -24.97
  Spot Platinum    1445.74    1.64   +0.11     -5.81
  Spot Palladium    749.47   -1.53   -0.20      8.30
  COMEX GOLD DEC3  1339.80   -2.80   -0.21    -20.05         2078
  COMEX SILVER DEC3  22.75   -0.04   -0.20    -24.95          675
  Euro/Dollar       1.3778
  Dollar/Yen         98.15
 
  COMEX gold and silver contracts show the most active months
 
 (Reporting by A. Ananthalakshmi; Editing by Ed Davies)

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