PRECIOUS-Gold inches up after posting 1-pct weekly loss

Mon Nov 19, 2012 6:18am IST

SINGAPORE, Nov 19 (Reuters) - Gold edged up on Monday after
posting a 1 percent loss in the previous week, tracking a
positive tone in equities on hopes of progress in the U.S.
budget talks, while rising tensions in the Middle East supported
its safe-haven appeal.
    
    FUNDAMENTALS
    * Spot gold inched up 0.2 percent to $1,716.50 an
ounce by 0038 GMT, after posting a 1-percent decline last week.
    * U.S. gold edged up 0.1 percent to $1,716.60.
    * Speculators raised their net long bets in U.S. gold in the
week ended Nov. 13 from the three-month-plus low hit a week
earlier, the U.S. Commodity Futures Trading Commission said.
 
    * Net long positions in U.S. silver edged up to 27,802
contracts from 27,350 contracts a week earlier, its lowest since
late August. 
    * Republican and Democratic congressional leaders emerged
from a meeting with President Barack Obama on Friday pledging to
find common ground on taxes and spending that would allow them
to avert an upcoming "fiscal cliff" that could send the economy
back into recession. 
    * The escalating violence in the Middle East helps support
gold's safe-haven appeal. Israeli ministers were on Friday asked
to endorse the call-up of up to 75,000 reservists after
Palestinian militants nearly hit Jerusalem with a rocket for the
first time in decades and fired at Tel Aviv for a second day.
 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * Hope that U.S. politicians would find common ground to
steer clear of the "fiscal cliff" boosted stocks on Friday,
though the gains were not enough to offset the week's losses.
 
    * The yen was hovering near a seven-month low versus the
dollar at the start of the week, as expectations of more
stimulus by Japanese authorities after next month's election
made holding the already low-yielding currency even less
appealing. 
    
    DATA/EVENTS
 0900 Italy    Industrial orders         Sep              
 1500 U.S.     Existing home sales       Oct              
 1500 U.S.     NAHB housing market index Nov             
    
    PRICES
    
     Precious metals prices 0038 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1716.50    3.01   +0.18      9.76
  Spot Silver        32.35    0.14   +0.43     16.83
  Spot Platinum    1557.24    3.24   +0.21     11.79
  Spot Palladium    626.00   -1.00   -0.16     -4.06
  COMEX GOLD DEC2  1716.60    1.90   +0.11      9.56         3799
  COMEX SILVER DEC2  32.35   -0.02   -0.06     15.89          567
  Euro/Dollar       1.2746
  Dollar/Yen         81.42
  COMEX gold and silver contracts show the most active months
 

 (Reporting by Rujun Shen; Editing by Eric Meijer)

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