PRECIOUS-Gold steady as investors await Fed meeting outcome
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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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
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