Reuters logo
PRECIOUS-Gold ticks up before emergency G7 talks
June 5, 2012 / 12:56 AM / 6 years ago

PRECIOUS-Gold ticks up before emergency G7 talks

 SINGAPORE, June 5 (Reuters) - Gold edged up on Tuesday as
oil and equities gained ahead of emergency talks by the Group of
Seven leading industrialised powers, which will discuss the
deepening problems in the euro zone that threaten to spur a
global economic meltdown. 	
 Bullion rose more than 3 percent last week, when it broke
its trend of trading in sync with riskier assets, but it slipped
in New York on Monday after declines in U.S. equities forced
speculators to cash in the metal to cover losses. 	
   	
 FUNDAMENTALS	
 * Spot gold rose $1.15 ounce to $1,619.90 an ounce by
0032 GMT. Gold rallied to a record of around $1,920 an ounce in
2011, when investors turned to the metal as a safe haven during
the debt crisis in Europe. 	
 * U.S. gold futures for August rose $7.60 an ounce
to $1,621.50 an ounce.       	
 * Finance chiefs of the Group of Seven leading
industrialized powers will hold emergency talks on the euro zone
debt crisis on Tuesday in a sign of heightened global alarm
about strains in the 17-nation European currency area.
 	
 * France and the European Commission signalled their support
on Monday for an ambitious plan to use the euro zone's permanent
bailout fund to rescue stricken banks, as European officials try
to reassure investors they can contain an escalating crisis.
 	
  * For the top stories on metals and other news, click
, or 	
 	
 MARKET NEWS	
 * Japan's Nikkei share average inched higher in early trade
on Tuesday, climbing from the previous session's hefty losses,
as investors trimmed bearish bets ahead of emergency talks by
the Group of Seven leading industrialized powers. 	
 * U.S. crude prices extended gains to edge above $84 a
barrel on Tuesday on hopes that emergency talks by the Group of
Seven leading industrialized powers will help ease concerns over
Europe's debt crisis. 	
 * New orders for U.S. factory goods fell in April for the
third time in four months as demand slipped for everything from
cars and machinery to computers, the latest worrisome sign for
the economy. 	
 	
 DATA/EVENTS (GMT) 	
 0230 China HSBC services PMI May 
 0758 EZ Markit Services PMI May 
 1145 U.S. ICSC chain stores yy Weekly 
 1255 U.S. Redbook retail sales Weekly 
 1400 U.S. ISM Non-Manufacturing PMI May 	
    	
 PRICES	
 	
  Precious metals prices 0032 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1619.90    1.15   +0.07      3.59
  Spot Silver        28.35    0.13   +0.46      2.38
  Spot Platinum    1431.75    9.10   +0.64      2.78
  Spot Palladium    613.70    5.32   +0.87     -5.95
  COMEX GOLD AUG2  1621.50    7.60   +0.47      3.49         2058
  COMEX SILVER JUL2  28.34    0.33   +1.19      1.52          523
  Euro/Dollar       1.2536
  Dollar/Yen         78.29
 
  COMEX gold and silver contracts show the most active months
 	
	
 (Reporting by Rujun Shen and Lewa Pardomuan; editing by Miral
Fahmy)	
 	
 

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below