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PRECIOUS-Gold hovers near 2-1/2 week high as stock markets dip
January 6, 2014 / 12:35 AM / 4 years ago

PRECIOUS-Gold hovers near 2-1/2 week high as stock markets dip

SINGAPORE, Jan 6 (Reuters) - Gold held near a 2-1/2 week
high on Monday supported by weaker equities, but a stronger
dollar and bullish comments from Federal Reserve Chairman Ben
Bernanke on the U.S. economy kept gains in check. 
    
    FUNDAMENTALS
    * Spot gold had eased 0.1 percent to $1,234.90 an
ounce by 0021 GMT, not far from a 2-1/2 week peak of $1,240. It
lost nearly 30 percent of its value last year. 
    * Bernanke, who steps down as head of the Fed at the end of
the month, gave an upbeat assessment of the U.S. economy in
coming quarters, though he did temper the good news in housing,
finance and fiscal policies by repeating that the overall
recovery "clearly remains incomplete". 
    * In what could possibly be his last speech as Fed chairman,
Bernanke also said the U.S. central bank is no less committed to
highly accommodative policy now that it has trimmed its
bond-buying stimulus. 
    * Markets are looking towards a slew of data releases this
week, including U.S. nonfarm payrolls and trade numbers, to
gauge the strength of the economic recovery and how aggressive
the Fed could get with its stimulus tapering.
    * Gold price premiums in India, one of the top buyers of the
metal, fell due to lack of demand even as supplies trickled in
from a few importers. Traders quoted a premium of $105 an ounce
on London prices, down 12.5 percent from last week. 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * Asian shares dipped on Monday, while the dollar hovered
near a four-week high, maintaining gains even after Bernanke
said the Fed is committed to an accommodative policy.
 
    
    DATA/EVENTS (GMT)
    0853 - German PMI for December 
    0858 - Euro zone PMI for December 
    0928 - UK services PMI for December 
  
    PRICES AT 0021 GMT
 Metal                Last       Change     Pct chg
                                                    
 Spot gold              1234.90      -1.26      -0.1
 Spot silver              20.07      -0.05     -0.25
 Spot platinum          1400.25      -8.49      -0.6
 Spot palladium             728       3.25      0.45
 Comex gold Dec3           1234       -4.6     -0.37
 Comex silver Dec3        20.11      -0.10      -0.5
 Euro                    1.3593                     
 DXY                     80.826                     
                                                    
 COMEX gold and silver contracts show the most
 active months
 
 
 (Reporting by A. Ananthalakshmi; Editing by Joseph Radford)

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