PRECIOUS-Gold steady as investors await Fed meeting outcome

Wed Dec 12, 2012 6:22am IST

SINGAPORE, Dec 12 (Reuters) - Gold was little changed on
Wednesday ahead of the outcome of a U.S. Federal Reserve policy
meeting that investors hope will unveil more bond buying
measures, supporting bullion's appeal as a hedge against
inflation.
    
    FUNDAMENTALS
    * Spot gold traded nearly flat at $1,708.91 an ounce
by 0034 GMT.
    * U.S. gold was also little changed, at $1,708.20.
    * President Barack Obama and U.S. House of Representatives
Speaker John Boehner spoke by phone on Tuesday after exchanging
new proposals to avert the "fiscal cliff" as negotiations
intensified ahead of the end-of-year deadline. 
    * A Reuters poll showed that the U.S. Federal Reserve is
expected to announce a new round of Treasury securities
purchases at its policy meeting which concludes later in the
day. 
    * Morale among German analysts and investors improved
sharply in December on the back of encouraging U.S. economic
data, fanning hopes that Europe's largest economy will avoid
recession this winter. 
    * Italian Prime Minister Mario Monti warned against a slide
into populism on Tuesday as Silvio Berlusconi attacked his
technocrat government, accusing it of failed "Germano-centric"
policies that had dragged Italy into recession. 
    * Holdings of gold-backed exchange-traded funds edged up to
76.178 million ounces on Dec. 10, after slipping from a record
high of 76.187 million ounces in the previous session.
 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * U.S. stocks rose on Tuesday, led by gains in technology
companies, helping the S&P 500 end at its highest level since
Election Day. 
    * The dollar wallowed at three-month lows against the
Australian currency and remained broadly under pressure on
Wednesday as markets geared up for more stimulus from the
Federal Reserve.    
    
    DATA/EVENTS
 1000 Euro zone   Industrial production        Oct        
 1330 U.S.        Import/export prices         Nov          
 1730 U.S.        FOMC policy statement
 1915 U.S.        Fed Chairman Ben Bernanke news conference
     
    PRICES
   
 Precious metals prices 0034 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1708.91   -0.94   -0.05      9.28
  Spot Silver        32.97    0.03   +0.09     19.07
  Spot Platinum    1627.99   -5.01   -0.31     16.87
  Spot Palladium    688.80   -0.70   -0.10      5.56
  COMEX GOLD DEC2  1708.20   -1.40   -0.08      9.02         1226
  COMEX SILVER MAR3  33.02    0.00   +0.01     18.29          254
  Euro/Dollar       1.3005
  Dollar/Yen         82.55
  COMEX gold and silver contracts show the most active months
 
 (Reporting by Rujun Shen; Editing by Himani Sarkar)
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