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PRECIOUS-Gold steady; euro zone concerns weigh
September 26, 2012 / 12:56 AM / 5 years ago

PRECIOUS-Gold steady; euro zone concerns weigh

SINGAPORE, Sept 26 (Reuters) - Gold traded little changed on
Wednesday, after drifting down for two straight days as
rekindled concerns about the euro zone's debt crisis weighed on
the euro and boosted the dollar, putting pressure on bullion. 
    
    FUNDAMENTALS
    * Spot gold was little changed at $1,761.29 an ounce
by 0044 GMT. U.S. gold inched down 0.1 percent to
$1,764.
    * U.S. home prices rose for a sixth straight month in July
in the latest sign of a sustainable housing market recovery,
while a jump in consumer confidence this month offered a
harbinger that Americans are ready to loosen their spending.
 
    * Protesters clashed with police in Spain's capital on
Tuesday as the government prepares a new round of unpopular
austerity measures for the 2013 budget to be announced on
Thursday. 
    * SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings had risen to a record
high of 1,331.331 tonnes by Sept. 25. 
    * Supporting the sentiment in gold, the latest IMF data
showed South Korea increased its holdings of gold by nearly 16
tonnes in July, along with Paraguay, which raised its reserves
in July from a few thousand ounces to more than 8 tonnes,
continuing the trend among central banks to hold more bullion.
 
    * Citigroup raised its gold price forecast for 2013 to
$1,749 an ounce from $1,695, and increased forecast for 2012 to
$1,680 from $1,645.  
    * The labour unrest in South Africa's mining sector
continued to spread. World No. 4 bullion producer Gold Fields
 said workers reneged on a deal to end a two-week strike
at its KDC West operation in South Africa and miners at its
Beatrix mine had also downed tools. 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * The S&P 500 suffered its worst day since June on Tuesday,
pulled lower by Caterpillar Inc after it cut its profit
outlook, the latest high-profile company to warn about profit
growth. 
    * The yen pushed higher while the euro remained around
one-week lows against the dollar in early Asian trade on
Wednesday, pressured by concern about Spain's hesitancy to
request a bailout even as protests there turned violent. 
        
    DATA/EVENTS

 Germany preliminary inflation data for September 
 1100 U.S. Weekly mortgage market index 
 1400 U.S. New home sales             
   
    PRICES
    
     Precious metals prices 0044 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1761.29    1.25   +0.07     12.63
  Spot Silver        33.77    0.07   +0.21     21.96
  Spot Platinum    1628.24    7.74   +0.48     16.89
  Spot Palladium    635.47    4.27   +0.68     -2.61
  COMEX GOLD DEC2  1764.00   -2.40   -0.14     12.59         2809
  COMEX SILVER DEC2  33.84   -0.11   -0.32     21.23         1014
  Euro/Dollar       1.2899
  Dollar/Yen         77.74
  COMEX gold and silver contracts show the most active months
 
 (Reporting by Rujun Shen; Editing by Ed Davies)

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