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

REUTERS SHOWCASE

Coal Block Allocation

Coal Block Allocation

Government urges Supreme Court to not cancel some 'illegal' coal mines  Full Article 

Modi in Japan

Modi in Japan

Japan and India agree to boost strategic ties at summit  Full Article 

Basel III Norms

Basel III Norms

RBI amends Basel III guidelines for banks  Full Article 

HSBC PMI

HSBC PMI

Factory activity expands at slower clip in August.  Full Article 

Current Account

Current Account

Balance of payments surplus for third straight quarter  Full Article 

India Infrastructure

India Infrastructure

RBI rule handicaps India's infrastructure hopes  Full Article 

Book Talk

Book Talk

Reema Abbasi and a glimpse of Pakistan’s Hindu past  Full Article 

China Economy

China Economy

Retreat in China's PMIs heightens calls for policy easing.  Full Article 

Managing Share Sales

Managing Share Sales

Govt seeks bids from banks to manage PFC, REC share sales   Full Article 

Reuters India Mobile

Reuters India Mobile

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