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PRECIOUS-Gold trading near 3-1/2 month high on Syria worries
August 29, 2013 / 12:56 AM / 4 years ago

PRECIOUS-Gold trading near 3-1/2 month high on Syria worries

SINGAPORE, Aug 29 (Reuters) - Gold eased on Thursday after a
five-day rally but was still holding near its highest since
mid-May, as possible U.S. military strikes against Syria stoked
safe-haven buying of the metal.
    
    FUNDAMENTALS
    * Spot gold had fallen 0.1 percent to $1,415.76 an
ounce by 0028 GMT. 
    * The metal had gained for five straight sessions through
Wednesday, hitting $1,433.31 - its highest since May 14. At that
point, it had gained about 21 percent since its June 28 low of
$1,180.71.
    * U.S. President Barack Obama vowed on Wednesday that the
Syrian government would face "international consequences" for
last week's deadly chemical attack, but made clear any military
response would be limited to avoid dragging the United States
into another war in the Middle East. 
    * Contracts to purchase previously owned U.S. homes fell for
the second straight month in July, a sign that rising mortgage
rates are taking the steam out of America's housing market
recovery. The decline could provoke added caution at the U.S.
Federal Reserve over plans to reduce a bond-buying economic
stimulus programme. 
    * South African gold producers are preparing for bruising
strikes that could start as early as Sunday, with some companies
planning for stoppages of up to three months in a high-stakes
fight between capital and labour in Africa's biggest economy.
 
    * The Tanzanian government said it was committed to stamping
out child labour in small-scale gold mines after a U.S. rights
group said thousands of minors were at risk from working in
dangerous conditions. 
    * Demand for physical gold in Asia slowed this week as spot
prices surged to three-month highs and emerging market
currencies plunged. 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * Concerns about a possible U.S.-led military strike on
Syria sent oil prices higher on Wednesday. U.S. stocks ended
higher after a sharp decline in the previous session.
 
    
    DATA/EVENTS (GMT)
    0755 Germany Unemployment rate 
    0800 Italy Consumer confidence 
    1200 Germany Consumer inflation 
    1230 U.S. Q2 GDP 
    1230 U.S. Weekly jobless claims 
    
  Precious metals prices 0028 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1415.76   -1.88   -0.13    -15.45
  Spot Silver        24.27   -0.07   -0.29    -19.85
  Spot Platinum    1528.99   -1.61   -0.11     -0.39
  Spot Palladium    742.00   -1.00   -0.13      7.23
  COMEX GOLD DEC3  1415.90   -2.90   -0.20    -15.51         2040
  COMEX SILVER SEP3  24.29   -0.11   -0.43    -19.87          981
  Euro/Dollar       1.3331                                             
  Dollar/Yen         97.82                                                                                                                          
                                                                                                                                                    
  COMEX gold and silver contracts show the most active months
 
 (Reporting by A. Ananthalakshmi; Editing by Joseph Radford)

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