March 1, 2012 / 12:46 AM / 6 years ago

PRECIOUS-Gold edges back after fall on Bernanke comment

 SINGAPORE, March 1 (Reuters) - Spot gold gained more
than half a percent on Thursday, pulling back from a fall of 5
percent in the previous session after U.S. Federal Reserve
Chairman Bernanke failed to signal further bond buying, dashing
hopes of more monetary easing.	
 * Spot gold rose 0.6 percent to $1,705.19 an ounce by
0020 GMT, after posting its biggest one-day drop in more than
three years.	
 * U.S. gold edged down 0.3 percent to $1,706.90.	
 * U.S. Federal Reserve Chairman Ben Bernanke offered a
tempered view of the economy, and disappointed investors by
stopping short of signalling further asset buying.
 * Hopes of further monetary easing had helped gold rise as
much as 14 percent this year. Gold will remain attractive as
long as real interest rates stay low, analysts have said.	
 * In contrast to a selling frenzy in spot and futures
markets, the SPDR Gold Trust, the world's biggest
gold-backed exchange-traded fund, gained 0.7 percent on the day
to 1,293.676 tonnes, its highest in two and a half months. 	
 * Eyes are on China's official purchasing managers' index
for February, due about 0100 GMT, which is expected to edge up
to a five-month high of 50.7. 	
 * The European Central Bank pumped 530 billion euros into
the euro zone's troubled financial system for the second time
since late last year, in what it hopes to be its last major
crisis-fighting act. 	
 * Other precious metals rebounded too. Spot silver 
also gained 0.6 percent to $34.80, after shedding more than 6
percent in the previous session. Platinum group metals posted
modest gains as well.	
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 * U.S. stocks slipped on Wednesday, snapping a four-day
winning streak after comments from U.S. Federal Reserve Chairman
Ben Bernanke disappointed investors hoping for a strong signal
of more stimulus. 	
 * The euro and commodity currencies nursed heavy losses in
Asia on Thursday as investors cut bullish positions after key
events, including the European Central Bank's cash injection,
passed without surprise. 	
 0100  China     NBS Manufacturing PMI    Feb 2012                  
 0230  China     HSBC Manufacturing PMI   Feb 2012                    
 0500  India     HSBC Markit Mfg PMI      Feb 2012                      
 0843  Italy     Markit/ADACI Mfg PMI     Feb 2012                       
 0853  Germany   Markit/BME Mfg PMI       Feb 2012                       
 0858  EZ        Markit Mfg PMI           Feb 2012                       
 1000  EZ        Inflation, flash yy      Feb 2012                       
 1330  U.S.      Initial jobless claims   Weekly                   
 1500  U.S.      Construction spending    February                 
 2330  Japan     CPI, core nationwide yy  Jan 2012                 
    Russia    HSBC Mfg PMI             Feb 2012                    
  Precious metals prices 0020 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1705.19    9.95   +0.59      9.04
  Spot Silver        34.80    0.21   +0.61     25.68
  Spot Platinum    1680.74    6.00   +0.36     20.66
  Spot Palladium    701.72    3.25   +0.47      7.54
  COMEX GOLD APR2  1706.90   -4.40   -0.26      8.94         6097
  COMEX SILVER MAR2  34.85    0.27   +0.77     24.84           22
  Euro/Dollar       1.3331
  Dollar/Yen         81.16
  COMEX gold and silver contracts show the most active months
 (Reporting by Rujun Shen;Editing by Clarence Fernandez)	

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