PRECIOUS-Gold flat; weaker dollar, c.bank purchases support

Thu Nov 22, 2012 6:15am IST

SINGAPORE, Nov 22 (Reuters) - Gold traded flat on Thursday,
supported by central bank purchases of the precious metal and by
a weaker dollar as European leaders assured investors that a
deal on a bailout for Greece was imminent.
    
    FUNDAMENTALS
    * Spot gold was little changed at $1,729.14 an ounce
by 0030 GMT.
    * U.S. gold traded flat at $1,729.70.
    * But spot silver rose to $33.43, its highest in more
than a month
    * Brazil, Kazakhstan and Turkey raised their official gold
holdings in October, while the euro area trimmed its gold
reserves, data from the International Monetary Fund showed.
 
    * Though Greece's international lenders failed for the
second week to free up new aid for Greece, European leaders said
they were close to reaching a deal. 
    * U.S. manufacturing grew in November at its quickest pace
in five months, with a rise in domestic demand hinting that
factories could provide a boost to economic growth in the fourth
quarter. 
    * Israel and the Islamist Hamas movement ruling the Gaza
Strip agreed on Wednesday to an Egyptian-sponsored ceasefire to
halt an eight-day conflict that killed 162 Palestinians and five
Israelis. 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * U.S. stocks finished modestly higher on Wednesday, with
the S&P 500 up for a fourth session, although volume was one of
the year's lowest on the day ahead of the Thanksgiving holiday.
 
    * The yen languished near eight-month lows versus the dollar
on Thursday as investors gave it a wide berth on expectations of
more policy action in Japan, while the revived hopes of a Greek
loan deal saw the euro stage a dramatic turnaround. 
    
    DATA/EVENTS
 0145 China     HSBC Mfg PMI Flash    Nov               
 0758 France    Markit Mfg Flash PMI  Nov               
 0828 Germany   Markit Mfg Flash PMI  Nov               
 0858 Euro zone Markit Mfg flash PMI  Nov               
      European Central Bank Governing Council meeting
 
    
    PRICES
    
      Precious metals prices 0030 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1729.14    0.61   +0.04     10.57
  Spot Silver        33.39    0.06   +0.18     20.59
  Spot Platinum    1574.12    0.37   +0.02     13.00
  Spot Palladium    642.40    0.90   +0.14     -1.55
  COMEX GOLD DEC2  1729.70    1.50   +0.09     10.40         1325
  COMEX SILVER DEC2  33.39    0.04   +0.12     19.61          613
  Euro/Dollar       1.2851
  Dollar/Yen         82.46
  COMEX gold and silver contracts show the most active months
 
 (Reporting by Rujun Shen; Editing by Joseph Radford)
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

India-WTO Row

REUTERS SHOWCASE

Market Eye

Market Eye

Nifty falls most in nearly 3-1/2 weeks; Sensex down over 400 points  Full Article 

Factory Activity

Factory Activity

Factories post fastest growth for 17 months in July  Full Article 

Paying for Bail

Paying for Bail

Jailed Subrata Roy gets office to negotiate hotel sales.  Full Article 

Rupee Dips

Rupee Dips

Rupee posts biggest weekly loss since record lows in August.  Full Article 

Reviving Infosys

Reviving Infosys

CEO Sikka says to improve business with new growth avenues  Full Article 

Outlook Slashed

Outlook Slashed

ArcelorMittal cuts outlook as ore prices hit mining  Full Article 

Re-gaining Momentum

Re-gaining Momentum

China, Asian factory growth gathers pace; Europe falters  Full Article 

Factory Lockout

Factory Lockout

Pfizer says threats to managers force staff lockout at Mumbai factory .  Full Article 

Gold Smuggling

Gold Smuggling

In cat-and-mouse game, India uncovers new gold smuggling route.  Full Article 

Reuters India Mobile

Reuters India Mobile

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