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)

Monetary Policy Committee

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