PRECIOUS-Gold inches down, U.S. fiscal talks drag

Mon Dec 24, 2012 6:35am IST

SINGAPORE, Dec 24 (Reuters) - Gold gave up early gains and
slipped in thin pre-holiday trade on Monday after a setback in
U.S. talks to avoid a fiscal crisis prompted investors to stay
on the sidelines. 
     
      FUNDAMENTALS
    * Gold fell $1.90 an ounce to $1,654.19 -- within
sight of a four-month low of $1,635.09 struck last week. 
    * But gold remains set for a twelfth straight year of gains
on rock-bottom interest rates, concerns over the financial
stability of the euro zone and diversification into bullion by
central banks.
    * U.S. gold for February fell $4.80 an ounce to    
$1,655.30 an ounce.
    * Some U.S. lawmakers voiced concern on Sunday the country
would go over "the fiscal cliff" in nine days, triggering harsh
spending cuts and tax hikes, and some Republicans charged that
was President Barack Obama's goal. 
    * Hedge funds and money managers cut their net long position
in gold to their lowest level since the end of August in the
week to Dec. 18, according to the Commodity Futures Trading
Commission's Commitments of Traders report on Friday.
 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * Asian shares steadied in quiet trade on Monday after a
slump late last week, with markets cautious over whether the
United States can avoid a fiscal crisis. 
    * U.S. crude remained below $89 a barrel on Monday,
extending losses from Friday's 1.6 percent fall after Republican
lawmakers in the United States withheld support for a proposal
to avert the so-called fiscal cliff. 
    
    DATA/EVENTS
    No major data release is scheduled for Monday.
    
    PRICES
    
  Precious metals prices 0048 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1654.19   -1.90   -0.11      5.78
  Spot Silver        30.02    0.04   +0.13      8.41
  Spot Platinum    1538.00    3.75   +0.24     10.41
  Spot Palladium    679.49    2.99   +0.44      4.14
  COMEX GOLD FEB3  1655.30   -4.80   -0.29      5.65         1690
  COMEX SILVER MAR3  30.09   -0.12   -0.39      7.77          460
  Euro/Dollar       1.3171
  Dollar/Yen         84.43
 
 (Reporting by Lewa Pardomuan; Editing by Himani Sarkar)
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Kerry in India

REUTERS SHOWCASE

Deadly Landslide

Deadly Landslide

Landslide near Pune kills 10, scores feared trapped.  Full Article 

Fed Policy

Fed Policy

Fed presses forward with bond buying, cites uptick in inflation.  Full Article 

Big Infra Deal

Big Infra Deal

Piramal, Dutch APG tie up for $1 bln infra investment  Full Article 

E-Commerce

E-Commerce

Amazon says to invest $2 billion more in India   Full Article 

Lupin Results

Lupin Results

Q1 net profit up 56 percent on higher U.S. drug sales   Full Article 

Smuggling Gold

Smuggling Gold

Air India staff found smuggling gold  Full Article 

Economy Reboots

Economy Reboots

U.S. economy back on track with strong second-quarter rebound .  Full Article 

Auto Sector

Auto Sector

VW closes in on Toyota as global auto leader  Full Article 

Expanding Reach

Expanding Reach

Tata to invest $35 bln over 3 years, focus on new businesses   Full Article 

Reuters India Mobile

Reuters India Mobile

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