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PRECIOUS-Gold ticks up from 5-wk low as Greek debt drama unfolds
February 12, 2015 / 1:01 AM / 3 years ago

PRECIOUS-Gold ticks up from 5-wk low as Greek debt drama unfolds

SINGAPORE, Feb 12 (Reuters) - Gold edged higher on Thursday,
after earlier dropping to a five-week low, as confusion over
Greece's debt negotiations with its European lenders dominated
markets, drumming up some safe-haven bids for the metal.
    
    FUNDAMENTALS
    * Spot gold fell to $1,216.45 an ounce, its lowest
since Jan. 9, before recovering to trade up 0.2 percent at
$1,220.60 by 0046 GMT. 
    * The metal lost 1.2 percent on Wednesday as the dollar
 hit a three-week peak against a basket of major
currencies on weakness in the euro and the yen. 
    * Euro zone finance ministers were unable to agree with
Greece a final statement or a way to continue talks until their
next meeting on Monday, following hours of discussions in
Brussels to extend an international bailout.
    * Greek Finance Minister Yanis Varoufakis played down a
failure to reach a common position with the rest of the euro
zone and said he believed a "healing deal" on Greece's finances
could be reached on Monday. 
    * The uncertainty knocked down Asian stocks and the euro on
Thursday as markets feared that Greece could exit the euro zone
if it fails to reach a deal. 
    * Gold is seen as a safe-haven asset and tends to get a
boost during times of economic and geopolitical uncertainty.
    * However, the strength in the dollar continued to keep a
lid on gains. 
    * The chief executive of South African-focused bullion
producer Sibanye Gold sees a leaner, meaner gold sector
on the country's horizon and he's not fussed if his company is
the last one standing, provided the process is done right.
 
    * Two security guards at B2Gold Corp's Masbate gold
mine in the Philippines have been shot dead, the small Canadian
gold mining company said on Wednesday, eight months after a
security guard was shot dead at the same mine. 
    * For the top stories on metals and other news, click
 or 
    
    MARKET NEWS
    * The euro took a dip early in Asia on Thursday, buffeted by
a barrage of conflicting headlines that left investors no
clearer on whether Greece may yet secure a new debt agreement
with its European lenders. 
    
    DATA/EVENTS (GMT)
    1000 Euro zone Industrial output Dec 
    1330 U.S. Retail sales Jan 
    1330 U.S. Weekly jobless claims 
    1500 U.S. Business inventories Dec

    PRICES AT 0046 GMT    
 Metal              Last     Change  Pct chg
                                            
 Spot gold           1220.6    1.94     0.16
 Spot silver           16.8    0.04     0.24
 Spot platinum       1195.2     4.6     0.39
 Spot palladium       769.3     3.9     0.51
 Comex gold          1220.9     1.3     0.11
 Comex silver         16.82   0.059     0.35
 Euro                1.1309                 
 DXY                 94.907                 
                                            
 COMEX gold and silver contracts show the
 most active months
 
 (Reporting by A. Ananthalakshmi; Editing by Joseph Radford)

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