PRECIOUS-Gold slips as oil pares gains; eyes on Middle East

Thu Nov 15, 2012 6:18am IST

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SINGAPORE, Nov 15 (Reuters) - Gold slipped on Thursday as
oil pared gains and share prices fell, but tension in the Middle
East and worries about the U.S. "fiscal cliff" could still spur
buying from investors and boost the metal's safe-haven appeal in
times of uncertainty.
    
    FUNDAMENTALS
    * Gold fell $2.70 an ounce to $1,723.35 by 0036 GMT,
below a three-week peak around $1,738 struck on Friday.
    * U.S. gold for December dropped $6.40 an ounce to
$1,723.70.
    * The U.N. Security Council will hold a closed emergency
meeting on Wednesday to discuss Israeli strikes against the Gaza
Strip, France said, as Israel threatened a wider offensive in
the Palestinian enclave to stem rocket salvoes by Hamas
militants.  
    * President Barack Obama said on Wednesday that Republicans
would have to agree to raise taxes on the wealthy as the first
step in a budget deal that would prevent a dysfunctional
Washington from pushing the economy into
recession. 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * U.S. oil held steady above $86 a barrel after rising by
the most in a week on renewed worries of supply disruption as
Israel launched a major offensive against Palestinian militants,
while a weak global economic outlook kept gains in check. 
    * Asian stocks mostly fell on Thursday, taking their lead
from a drop in Wall Street shares as investors reacted to the
prospect of drawn-out negotiations to avert the looming U.S.
"fiscal cliff" by shedding riskier assets. 
        
    DATA/EVENTS (GMT)
    
 0630   France       Q3 GDP                                   
 0700   Germany      Q3 GDP                             
 0900   Italy        Q3 GDP                        
 1000   Euro zone    Q3 GDP                        
 1000   Euro zone    Final inflation      Oct 
 1330   U.S.         Inflation            Oct 1330   
 U.S.   New York Fed manufacturing  Nov              
 1330   U.S.         Weekly jobless claims 
 1500   U.S.         Philly Fed business index   Nov
     PRICES
    
  Precious metals prices 0036 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1723.35   -2.70   -0.16     10.20
  Spot Silver        32.54   -0.11   -0.34     17.52
  Spot Platinum    1575.74   -7.25   -0.46     13.12
  Spot Palladium    627.75   -5.65   -0.89     -3.79
  COMEX GOLD DEC2  1723.70   -6.40   -0.37     10.01         2262
  COMEX SILVER DEC2  32.55   -0.33   -1.00     16.60          713
  Euro/Dollar       1.2715
  Dollar/Yen         80.20
 
  COMEX gold and silver contracts show the most active months
 
 (Reporting by Lewa Pardomuan; Editing by Chris Gallagher)

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