PRECIOUS-Gold inches down, U.S. fiscal talks drag
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)
- Tweet this
- Share this
- Digg this
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.
Trending On Reuters
The government made a push on Wednesday to bolster its strained finances, offering to sell a stake in miner Coal India and more mobile phone airwaves as it aimed to deliver on a promise to trim its fiscal deficit. Full Article