PRECIOUS-Gold extends rally on Fed's new stimulus

Fri Sep 14, 2012 6:22am IST

A statue of Ganesh, the deity of prosperity, is carried in a taxi to a place of worship on the first day of the ten-day-long Ganesh Chaturthi festival in Mumbai August 29, 2014. REUTERS/Danish Siddiqui

Ganesh Chaturthi Festival

During Ganesh Chaturthi idols will be taken through the streets in a procession accompanied by dancing and singing, and will be immersed in a river or the sea in accordance with Hindu faith.  Slideshow 

SINGAPORE, Sept 14 (Reuters) - Gold inched up on Friday,
extending its 2 percent rally from the previous session after
the U.S. Federal Reserve launched a new round of stimulus to
kick-start the economy.
    
    FUNDAMENTALS
    * Spot gold was up 0.1 percent at $1,768.44 an ounce
as of 0032 GMT, on course for a weekly gain of 1.9 percent and a
fourth consecutive week of rises.
    * U.S. gold was little changed at $1,771.30.
    * The Federal Reserve launched another aggressive stimulus
program on Thursday, saying it would pump $40 billion into the
U.S. economy per month until it saw a sustained upturn in the
jobs market and keep near-zero interest rates until at least
mid-2015. 
    * Economic growth in the euro zone economy is expected to
remain weak and "heightened uncertainty" is weighing on
confidence, the European Central Bank said on Thursday in its
monthly bulletin, adding that inflation expectations remained
firmly anchored. 
    * The slowdown in leading emerging-market economies China,
India and Russia will persist over the coming quarters, while
the outlook for the euro zone remains weak, the OECD said on
Thursday. 
    * Spot platinum hit a six-month high of $1,695.24 an
ounce, as concerns about supply deepened with ongoing labour
unrest in top producer South Africa's mining sector. The metal
is headed for a 7-percent rise on the week, its biggest weekly
gain since last October. 
    * Holdings of SPDR Gold Trust, the world's biggest
gold-backed exchange-traded fund, inched up 0.2 percent on the
day to 1,292.432 tonnes by Sept. 13. 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * U.S. stocks surged to multiyear highs on Thursday after
the Federal Reserve announced an aggressive plan to stimulate
the economy, encouraging investors to dive back into the market.
 
    * The dollar wallowed at four-month lows against a basket of
major currencies in Asia on Friday, having suffered a steep fall
after the new stimulus programme from the Fed cemented its
status as a funding currency for carry trades. 
    
    DATA/EVENTS
 0430  Japan     Industrial output rev      Jul                  
 0900  EZ        Inflation, final yy        Aug                  
 1230  U.S.      CPI                        Aug                  
 1230  U.S.      Retail sales               Aug                  
 1315  U.S.      Industrial production      Aug                   
 1930  U.S.      CFTC commitment of traders data Weekly      
    
    PRICES
 Precious metals prices 0032 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1768.44    2.15   +0.12     13.09
  Spot Silver        34.62   -0.02   -0.06     25.03
  Spot Platinum    1693.99   17.29   +1.03     21.61
  Spot Palladium    689.00    5.10   +0.75      5.59
  COMEX GOLD DEC2  1771.30   -0.80   -0.05     13.05         5250
  COMEX SILVER DEC2  34.68   -0.10   -0.28     24.23         1234
  Euro/Dollar       1.2983
  Dollar/Yen         77.62
  COMEX gold and silver contracts show the most active months
 
 (Reporting by Rujun Shen; Editing by Chris Gallagher)
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Coal Block Allocation

Coal Block Allocation

Government urges Supreme Court to not cancel some 'illegal' coal mines  Full Article 

Modi in Japan

Modi in Japan

Japan and India agree to boost strategic ties at summit  Full Article 

HSBC PMI

HSBC PMI

Factory activity expands at slower clip in August.  Full Article 

Current Account

Current Account

Balance of payments surplus for third straight quarter  Full Article 

India Infrastructure

India Infrastructure

RBI rule handicaps India's infrastructure hopes  Full Article 

Book Talk

Book Talk

Reema Abbasi and a glimpse of Pakistan’s Hindu past  Full Article 

China Economy

China Economy

Retreat in China's PMIs heightens calls for policy easing.  Full Article 

Reuters India Mobile

Reuters India Mobile

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