PRECIOUS-Gold extends losses as growth worry aids dollar

Mon Apr 16, 2012 6:13am IST

SINGAPORE, April 16 (Reuters) - Gold edged lower on Monday,
extending losses made the previous session, as the dollar
continued to firm on worries about Spanish debt yields and the
pace of Chinese economic growth.	
    	
    FUNDAMENTALS	
    * Spot gold lost 0.4 percent to $1,652.29 an ounce by
0022 GMT, after losing nearly 1 percent in the previous session.	
    * U.S. gold fell 0.4 percent to $1,653.40.	
    * Spain's government bond yields rose and the cost of
insuring its debt hit an all-time high on Friday as record
borrowing by its banks from the ECB underscored fears about the
country's finances.  	
    * But European Central Bank Governing Council Member Klaas
Knot said he does not expect the ECB to pump more three-year
liquidity into the euro zone and hopes the bank never has to buy
bonds again, although it still has the tools available.
 	
    * Weaker-than-expected economic growth in China in the first
quarter weighed on financial markets, at a time that the U.S.
recovery momentum seems to be slowing. 
 	
    * Spot silver dropped to a one-week low of $31.27 an
ounce, before recovering slightly to $31.36. The metal slid 2.5
percent last week.	
    * Speculators trimmed their net long exposure in gold in the
week ended April 10, said the U.S. Commodity Futures Trading
Commission. 	
    * Spot platinum fell to $1,569 an ounce, its lowest
in more than two months. It traded at $1,570.49. 	
    * For the top stories on metals and other news, click
, or 	
    	
    MARKET NEWS	
    * U.S. stocks closed their worst two-week slide since
November with a selloff on Friday as disappointing China growth
data sparked worries the global recovery was flagging. 	
    * The euro eased to fresh one-week lows against the dollar
on Monday, extending a broad pullback started late last week
when worries about Europe's debt crisis saw Spanish bonds come
under renewed pressure. 	
    	
    DATA/EVENTS	
 0900  EZ   Eurostat trade nsa, EUR         Feb                    
 1230  U.S. Retail sales mm                 Mar                    
 1230  U.S. New York Fed Empire State Survey April
 1400  U.S. NAHB housing market indx        Apr                    
 1400  U.S. Business inventories mm         Feb                    
 	
    PRICES	
    Precious metals prices 0022 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1652.29   -6.29   -0.38      5.66
  Spot Silver        31.36   -0.10   -0.32     13.25
  Spot Platinum    1570.49  -24.51   -1.54     12.74
  Spot Palladium    639.50    0.40   +0.06     -1.99
  COMEX GOLD JUN2  1653.40   -6.80   -0.41      5.53         2600
  COMEX SILVER MAY2  31.36   -0.03   -0.10     12.34          822
  Euro/Dollar       1.3044
  Dollar/Yen         80.95
  COMEX gold and silver contracts show the most active months  
 	
 (Reporting by Rujun Shen; Editing by Edwina Gibbs)
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Economic Pulse

REUTERS SHOWCASE

Political Pulse

Political Pulse

100 days of Modi: Good for business, not so good for marginalised groups.  Full Article 

Segway in India

Segway in India

Segway’s India business pegs hope on tech-savvy Modi  Full Article 

Best Economy

Best Economy

Swiss economy most competitive once again; EU, U.S., Japan improve.  Full Article 

Power Outage

Power Outage

Mumbai hit by power cuts  Full Article 

Commodities

Commodities

Gold imports, premiums to jump on festive demand - top refiner  Full Article 

Economic Worries

Economic Worries

Pakistan's promises to IMF in doubt as protests sap economy   Full Article 

Islamic Finance

Islamic Finance

Basel III deposit challenge looms over Islamic banks   Full Article 

Antitrust Probes

Antitrust Probes

U.S. business lobby says concerned China antitrust probes unfair.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage