PRECIOUS-Gold ticks up on U.S. fiscal cliff worry

Mon Nov 12, 2012 6:18am IST

SINGAPORE, Nov 12 (Reuters) - Gold edged up on Monday after
posting its biggest weekly gain since late August on safe-haven
buying driven by worries the United States could return to
recession if Congress fails to reach a deficit-reduction deal.
      
    FUNDAMENTALS
    * Gold added $3.03 an ounce to $1,733.94 by 0025 GMT,
holding near a 3-week high around $1,738 struck on Friday. 
    * U.S. gold for December rose $3.30 an ounce to 
$1,734.20.      
     * Congress and President Barack Obama may return after the
presidential elections with a plan - perhaps a temporary fix -
to avoid the $600 billion in tax increases and budget cuts set
to start in January. 
    * The Agricultural Bank of China plans to launch
trading of precious metals overseas in the next year or two,
even though Chinese investors' enthusiasm for the metals has
cooled this year, a senior executive said. 
    * Comments by China's two top banking officials playing down
the risks of bad debt in the banking system provided the latest
upbeat comments from Beijing suggesting seven straight quarters
of slowing growth have ended. 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * Asian shares were capped on Monday as investor sentiment
was weighed down by concerns over U.S. fiscal woes as well as
Greece's bailout, despite improving economic data from the
world's two largest economies, the United States and China.
 
    * The euro held above a two-month low in early Asian trading
on Monday after Greece's ruling coalition secured enough votes
in parliament on Sunday to approve the 2013 budget law, but its
gains were seen limited ahead of a meeting by euro zone finance
ministers later in the session. 
       
    DATA/EVENTS (GMT) 
    0030 Australia housing finance September 
    0700 Germany wholesale price index October 
    
    PRICES    
  Precious metals prices 0025 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1733.94    3.03   +0.18     10.88
  Spot Silver        32.67    0.09   +0.28     17.98
  Spot Platinum    1560.00   10.01   +0.65     11.99
  Spot Palladium    605.00    1.08   +0.18     -7.28
  COMEX GOLD DEC2  1734.20    3.30   +0.19     10.68         3010
  COMEX SILVER DEC2  32.67    0.07   +0.20     17.02          587
  Euro/Dollar       1.2717
  Dollar/Yen         79.47
 
  COMEX gold and silver contracts show the most active months
 
 (Reporting by Lewa Pardomuan)
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared
People walk in the Wipro campus in Bangalore June 23, 2009. REUTERS/Punit Paranjpe/Files

Wipro Q4 net profit beats estimates, rises 29 percent

Wipro posted a 29 percent rise in its fourth-quarter net profit, beating expectations, helped by increased IT spending by its customers. For the quarter ended March 31, the company said it earned 22.27 billion rupees compared with 17.29 billion rupees a year earlier.  Full Article | Full Coverage 

REUTERS SHOWCASE

Election 2014

Election 2014

India holds biggest day of voting with BJP gaining strength  Read | Full Coverage 

Market Eye

Market Eye

Sensex jumps 351 points, snaps 3-day losing streak  Full Article 

Insider Trading Case

Insider Trading Case

Ex-Goldman director Rajat Gupta to surrender June 17 in insider case.  Full Article 

Expansion Plans

Expansion Plans

Reliance Industries, HPCL Mittal plan refinery expansions.  Full Article 

S&P on India

S&P on India

S&P: India's ratings to depend on next govt econ, fiscal policies.  Full Article 

Ambitious Aim

Ambitious Aim

In green car race, Toyota adds muscle with fuel-cell launch.  Full Article 

Deal Talk

Deal Talk

Piramal to buy 20 percent stake in Shriram Capital for $334 million.  Full Article 

Bond Market

Bond Market

A star abroad, RBI boss riles bond traders at home  Full Article 

Reuters India Mobile

Reuters India Mobile

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