PRECIOUS-Platinum hovers around 3-month highs; gold flat

Tue Jan 15, 2013 6:35am IST

SINGAPORE, Jan 15 (Reuters) - Platinum hovered on Tuesday
around three-month highs hit in the previous session when supply
concerns helped the metal narrow the gap with gold, while gold
traded barely changed.
    
    FUNDAMENTALS
    * Spot gold traded little changed at $1,667.59 an
ounce by 0036 GMT.
    * U.S. gold was nearly flat at $1,667.90.
    * Spot platinum inched down 0.1 percent to $1,652.51.
The gold-platinum spread narrowed to $12.30 an ounce, its
smallest in nine months. Supply concerns as well as an improving
global economic outlook drove investors to metals with
industrial applications, such as platinum and palladium, from
safe-haven gold. 
    * Federal Reserve Chairman Ben Bernanke urged U.S. lawmakers
on Monday to lift the country's borrowing limit to avoid a
potentially disastrous debt default, warning that the economy
was still at risk from political gridlock over the deficit.
 
    * The United States expects to run out of tools to avoid a
default between mid-February and early March, potentially
causing lasting damage to the U.S. economy and its
creditworthiness, the Treasury said on Monday. 
    * South Africa's Anglo American Platinum is likely
to sell or shut its Union mine as part of a review of its
platinum business by parent Anglo American, a person
familiar with the matter said. 
    * The U.S. economy is expected to grow by 2.5 percent in
2013 and 3.5 percent in 2014, and the unemployment rate would be
7.4 percent this year, said Charles Evans, president of Federal
Reserve Bank of Chicago. 
    * Spot palladium inched up 0.3 percent to $703.25.
Though many expect the palladium market to tighten this year,
higher prices may attract a load of stockpiled and recycled
metal onto the market. 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * The S&P 500 and Nasdaq ended lower on Monday as worries
over demand for Apple products drove down its shares
and investors braced for earnings disappointments. 
    * The dollar languished at 11-month lows against the euro on
Tuesday after comments from the head of the Federal Reserve
suggested the central bank was in no hurry to withdraw monetary
stimulus from the world's biggest economy. 
    
    DATA/EVENTS (GMT)
 0800  Germany   GDP                        2012                   
 1000  EZ        Eurostat trade nsa, EUR    Nov                  
 1245  U.S.      ICSC chain stores yy       Weekly               
 1330  U.S.      PPI inflation yy, NSA      Dec                  
 1330  U.S.      Producer prices mm         Dec                  
 1330  U.S.      Producer prices, core mm   Dec                  
 1330  U.S.      Producer prices, core yy   Dec                  
 1330  U.S.      Retail sales mm            Dec                  
 1500  U.S.      Business inventories mm    Nov                   
    
    PRICES
 
 Precious metals prices 0036 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1667.59    0.79   +0.05     -0.42
  Spot Silver        31.04    0.03   +0.10      2.51
  Spot Platinum    1652.51   -1.74   -0.11      7.66
  Spot Palladium    703.25    2.25   +0.32      1.63
  COMEX GOLD FEB3  1667.90   -1.50   -0.09     -0.47         1983
  COMEX SILVER MAR3  31.06   -0.05   -0.16      2.75         1101
  Euro/Dollar       1.3378
  Dollar/Yen         89.52
  COMEX gold and silver contracts show the most active months
 
 (Reporting by Rujun Shen; Editing by Muralikumar Anantharaman)
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