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PRECIOUS-Gold barely changed; physical buying supports
January 9, 2013 / 1:06 AM / 5 years ago

PRECIOUS-Gold barely changed; physical buying supports

SINGAPORE, Jan 9 (Reuters) - Gold traded little changed on
Wednesday, as investors awaited  policy decisions by central
banks in Japan and the euro zone, while physical buying interest
from Asia helped support sentiment.
    
    FUNDAMENTALS
    * Spot gold was little changed at $1,658.24 an ounce
by 0042 GMT, after rising 0.7 percent in the previous session.
    * U.S. gold inched down 0.2 percent to $1,658.20.
    * The Bank of Japan will consider easing monetary policy
again this month as it eyes doubling its inflation target,
sources say, as weakness in the economy threatens to delay the
country's efforts to beat deflation. 
    * The Federal Reserve's latest stimulus plan will not do
much to boost growth and raises the risk of inflation next year,
Richmond Fed Bank President Jeffrey Lacker said on Tuesday,
echoing remarks he made last week. 
    * Investors will closely watch the European Central Bank's
policy meeting on Thursday, during which the ECB is likely to
keep interest rates unchanged. 
    * Premiums on gold shipments to India jumped to their
highest level in two months on Tuesday as traders rushed in to
place orders for the metal ahead of an expected rise in import
duty, even as gold refiners overseas hurried to keep pace.
 
    * Barrick Gold Corp has ended talks on selling a
stake in majority-owned African Barrick Gold to a
Chinese buyer, dashing hopes of a potential $3 billion deal for
the underperforming unit. 
    * Banks are continuing to exchange gold in Turkey, despite
U.S. pressure over the country's booming gold-for-gas trade with
Tehran, which helps Iran cope with international sanctions,
bankers said on Tuesday. 
    * Holdings of iShares Silver Trust, the world's
biggest silver-backed exchange-traded fund, rose to 10,112.22
tonnes on Jan 7, its highest since May 2011. 
    * Spot silver traded nearly flat at $30.34, after
rising more than 9 percent in 2012.
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * U.S. stocks fell on Tuesday, retreating from last week's
rally on the "fiscal cliff" deal in Washington, as companies
started to report results for the fourth quarter. 
    * The yen continued to rise against the dollar and the euro
in early Asian trading on Wednesday despite expectations of
further easing steps from the Bank of Japan, as investors locked
in gains. 
    
    DATA/EVENTS
 1100  Germany   Industrial output mm       Nov 2012              
 1130  India     M3 Money Supply                                 
    
    PRICES
     Precious metals prices 0042 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1658.24   -0.36   -0.02     -0.97
  Spot Silver        30.34   -0.01   -0.03      0.20
  Spot Platinum    1576.98    3.28   +0.21      2.73
  Spot Palladium    670.75    2.65   +0.40     -3.07
  COMEX GOLD FEB3  1658.20   -4.00   -0.24     -1.05         2835
  COMEX SILVER MAR3  30.35   -0.11   -0.38      0.40         1329
  Euro/Dollar       1.3072
  Dollar/Yen         87.15
  COMEX gold and silver contracts show the most active months
 

 (Reporting by Rujun Shen; Editing by Muralikumar Anantharaman)

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