PRECIOUS-Gold ticks higher after Greek debt deal

Tue Nov 27, 2012 6:18am IST

SINGAPORE, Nov 27 (Reuters) - Gold inched up on Tuesday,
tracking a higher euro after Greece's international lenders
reached a deal on a new debt target, key to unlocking the next
instalment of emergency aid for Athens.
    
    FUNDAMENTALS
    * Spot gold edged up $1.65 to $1,750.14 an ounce by
0025 GMT. U.S. gold was little changed at $1,750.60.
    * Euro zone finance ministers and the International Monetary
Fund clinched agreement on a new debt target for Greece on
Monday in a significant step towards releasing another tranche
of loans to the near-bankrupt economy, officials said.
 
    * CME Group declared a force majeure at one of its New York
precious metals depositories on Monday, run by major coin dealer
Manfra, Tordella and Brooks (MTB), due to operational
limitations posed by Hurricane Sandy. 
    * Hedge funds and money managers slightly raised their
bullish bets on gold and silver futures on some safe-haven bids
in the week to Nov. 20, said the U.S. Commodity Futures Trading
Commission. 
    * The White House on Monday threw cold water on the proposal
of solving the problem of the so-called "fiscal cliff" by
limiting tax deductions and loopholes, instead of allowing taxes
to rise for the highest earners in the United States.
 
    * South Africa's gold mining industry, one of the country's
most important sectors, is on the brink and will collapse if no
steps are taken to boost its productivity, the world's
fourth-largest bullion producer Gold Fields said on
Monday. 
    * Top gold producer China aims to produce between 420 and
450 tonnes of the precious metal in 2015, up about 25 percent
from 2011, while consumption may reach 1,000 tonnes by then, the
Ministry of Industry and Information Technology said on Monday.
 
    * Spot silver rose to $34.23 an ounce, its highest
since mid-October, before easing to $34.21.
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * The euro was caught in choppy trade on Tuesday after euro
zone and International Monetary Fund officials clinched
agreement on a new debt target for Greece in a significant step
towards releasing a much-needed aid package for Athens. 
    The euro briefly rose to its highest in nearly a month
against the dollar. 
    * Wall Street slipped on Monday, pulling back from last
week's gains, as retailers fell on concerns about heavy
discounts at the start of the U.S. holiday shopping season and
the overhang of the "fiscal cliff" kept investors wary of making
big bets. 
    
    DATA/EVENTS
 0700 Germany   Import prices Oct                             
 0745 France    Consumer confidence Nov                       
 1245 U.S.      ICSC weekly chain store sales                 
 1330 U.S.      Durable goods orders Oct                      
 1330 U.S.      Chicago Fed Midwest Manufacturing Oct         
 1400 U.S.      CaseShiller home price index Sep              
 1500 U.S.      Consumer confidence Nov                        
       
    PRICES     
 Precious metals prices 0025 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1750.14    1.65   +0.09     11.92
  Spot Silver        34.21    0.10   +0.29     23.55
  Spot Platinum    1610.49    1.75   +0.11     15.61
  Spot Palladium    660.99    0.52   +0.08      1.30
  COMEX GOLD DEC2  1750.60    1.00   +0.06     11.73         2224
  COMEX SILVER DEC2  34.22    0.08   +0.24     22.59          637
  Euro/Dollar       1.2988
  Dollar/Yen         82.02
  COMEX gold and silver contracts show the most active months
 
 (Reporting by Rujun Shen; Editing by Himani Sarkar)
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