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PRECIOUS-Gold gains as weak China data hits Asian shares
February 9, 2015 / 1:36 AM / 3 years ago

PRECIOUS-Gold gains as weak China data hits Asian shares

SINGAPORE, Feb 9 (Reuters) - Gold rose for the first time in
three sessions on Monday, boosted by safe-haven bids as Asian
equity markets fell on disappointing Chinese trade data. 
    
    FUNDAMENTALS
    * Spot gold had gained 0.2 percent to $1,235.43 an
ounce by 0024 GMT, after earlier hitting a session-high of
$1,238.60. The gains follow the metal's near 4 percent drop last
week, its worst weekly performance since October.
    * Gold had taken a hit after strong U.S. jobs data on
Friday, falling to its lowest in three weeks, but bullion gained
some ground early on Monday on weak data from China.  
    * Data on Sunday showed China's trade performance slumped in
January, with exports falling 3.3 percent from year-ago levels,
while imports tumbled 19.9 percent, far worse than analysts had
expected and highlighting deepening weakness in the Chinese
economy. 
    * Largely as a result of the sharply lower imports -
particularly of coal, oil and commodities - China posted a
record monthly trade surplus of $60 billion. 
    * Asian shares wobbled on Monday after dismal Chinese trade
data eclipsed a strong U.S. jobs report, raising concerns about
a deepening slowdown in the world's second-largest economy.
 
    * Gold is often seen as an alternative investment to riskier
assets such as equities.
    * Despite Monday's gains, investor sentiment has taken a hit
recently. Hedge funds and money managers cut their bullish bets
in gold and silver futures and options for the first time in six
weeks during the week to Feb. 3, U.S. Commodity Futures Trading
Commission data showed on Friday. 
    * In news from the miners, South Africa's Sibanye Gold
 suspended work at its Beatrix mine after nine workers
were injured in a brawl between members of two rival unions, the
company said on Friday. 
    * For the top stories on metals and other news, click
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    MARKET NEWS
    * The dollar held to a swathe of gains on Monday after
robust U.S. jobs data helped rekindle views that the Federal
Reserve will hike interest rates as early as June. 
    
    DATA/EVENTS (GMT)
    0700 Germany Trade data Dec 
    0930 Euro zone Sentix index Feb 
    1500 U.S. Employment trends Feb

    PRICES AT 0024 GMT    
 Metal           Last      Change   Pct chg
                                           
 Spot gold        1235.43     2.21     0.18
 Spot silver        16.69        0        0
 Spot platinum     1221.3     0.95     0.08
 Spot palladium       782     0.05     0.01
 Comex gold          1236      1.4     0.11
 Comex silver       16.71    0.016      0.1
 Euro              1.1317                  
 DXY               94.663                  
                                           
 COMEX gold and silver contracts show the
 most active months
 
 (Reporting by A. Ananthalakshmi; Editing by Michael Perry)

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