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)

Economic Pulse

REUTERS SHOWCASE

Vodafone Tax Dispute

Vodafone Tax Dispute

India advised against challenging Vodafone tax ruling - source  Full Article 

Banking Sector

Banking Sector

India's laggard state lenders face tough sell on capital raising plan  Full Article 

Trade Deal

Trade Deal

WTO postpones trade deal by a day after last-minute objection.  Full Article 

Falling Oil Prices

Falling Oil Prices

Saudis signal no push for oil cut as market to "stabilise itself"  Full Article 

Raising Stake

Raising Stake

Nippon Life to raise stake in Reliance Capital fund unit  Full Article 

Sterilisation Camps

Sterilisation Camps

Sterilisation targets remain in all but name, critics say  Full Article 

Share Buyback

Share Buyback

Samsung Electronics to buy back $2 billion in shares  Full Article 

Microsoft in China

Microsoft in China

Microsoft to pay China $140 million for 'tax evasion'   Full Article 

Flashback: 26/11

Flashback: 26/11

The three-day attack in November 2008 left 166 dead.  Slideshow 

Reuters India Mobile

Reuters India Mobile

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