Gold flat; platinum, palladium steady on econ outlook
SINGAPORE (Reuters) - Spot gold traded nearly flat on Monday and platinum group metals extended gains as investors await a string of economic data this week to gauge the health of the world's top economies.
U.S. housing and retail data is likely to show resilience and China's economic growth probably quickened in the last quarter of 2012, underpinning sentiment in industrial metals like plantinum.
* Spot gold was little changed at $1,661.74 an ounce by 0057 GMT, after inching up 0.3 percent last week.
* U.S. gold traded nearly flat at $1,662.
* Prime Minister Shinzo Abe said the Bank of Japan (BOJ) must set a 2 percent inflation target and make it a medium-term, not long-term, goal to show markets it was determined to pursue bold monetary easing to end nearly two decades of deflation.
* Gold prices will rise 5.1 percent this year, stretching the precious metal's bull run into a thirteenth year, a poll of London Bullion Market Association members predicted on Friday.
* Hedge funds and money managers cut the size of net longs in gold futures and options to a four-month low in the week to January 8 as bullion prices tumbled on concerns the Federal Reserve might withdraw stimulus, data from the U.S. Commodity Futures Trading Commission showed.
* China's jewellery sector is bottoming, and Hong Kong-listed Chow Tai Fook (1929.HK), the world's biggest jewellery retailer by market value, is set to benefit the most from a rebound due to its vast store network, some analysts say. China's jewellery market is dominated by gold jewellery.
* Spot platinum inched up 0.2 percent to $1,631.76, on course for its fifth session of gains, matching a similar winning streak in mid-November.
* Spot palladium gained half a percent to $700.75, also headed for its fifth day or rise, its longest winning run since early October.
* U.S. stocks ended little changed on Friday as investors took a step back from buying ahead of the busy corporate earnings calendar. .N
* The euro rose to its highest against the dollar since April 2012, extending gains from Friday after European Central Bank chief Mario Draghi set a bullish tone by not giving any indication the bank would ease monetary policy.
(Reporting by Rujun Shen; Editing by Michael Urquhart)
- Tweet this
- Share this
- Digg this
- Ten countries scour sea for Malaysia jet lost in "unprecedented mystery"
- Pilot of missing Malaysian flight an aviation tech geek
- Rupee hits 7-month high as custodian banks sell dollars
- UPDATE 2-China steel and iron futures fall to lowest ever levels
- Missing Malaysian jet may have disintegrated in mid-air - source
The disappearance of a Malaysian jetliner is an "unprecedented aviation mystery", a senior official said on Monday, with a massive air and sea search now in its third day failing to find any confirmed trace of the plane or the 239 people aboard. Full Article