PRECIOUS-Gold heads for biggest weekly drop since December

Fri Feb 15, 2013 6:40am IST

SINGAPORE, Feb 15 (Reuters) - Gold steadied on Friday but
stayed near its lowest in six weeks and remained on track for
its biggest weekly drop since December, hurt as the euro
weakened on disappointing data from Europe.
       
    FUNDAMENTALS
    * Gold was little changed at $1,634.89 an ounce by
0039 GMT, after falling to $1,632.34 on Thursday, its weakest
since early January. 
    * Worries over appetite for the metal also dragged. Global
gold demand fell last year for the first time since 2009 as
jewellery buying abated in the key Indian and Chinese markets,
and as U.S. and European coin and bar investment dropped, the
World Gold Council said on Thursday. 
    * U.S. gold was also little changed at $1,635.40 an
ounce.    
    * The euro zone slipped deeper than expected into recession
in the last three months of 2012 after its largest economies,
Germany and France, shrank at the end of a wretched year for the
region. 
      * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * Asian shares eased on Friday, with investors turning
cautious as the weak euro zone growth data presaged the G20
meeting in this session and on Saturday in Moscow. 
    * The euro nursed heavy losses on Friday in the wake of the
data. 
    * U.S. crude futures were steady above $97 a barrel on
Friday, holding a slight gain from the day before on encouraging
U.S. jobless data and concerns over U.S. gasoline supply. 
        
    DATA/EVENTS (GMT)
    0430 Japan Industrial output revised 
    0900 Italy Trade balance 
    1000 Euro zone Eurostat trade 
    1330 U.S. New York Fed manufacturing 
    1415 U.S. Industrial output 
    1455 U.S. Univ of Michigan sentiment index 
    1930 U.S. CFTC commitment of traders data 
    G20 Finance ministers and central bankers' meeting in Moscow
   
    PRICES
    
  Precious metals prices 0039 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1634.89    0.43   +0.03     -2.37
  Spot Silver        30.42    0.05   +0.16      0.46
  Spot Platinum    1705.25   -2.24   -0.13     11.09
  Spot Palladium    761.25   -1.75   -0.23     10.01
  COMEX GOLD APR3  1635.40   -0.10   -0.01     -2.41         2024
  COMEX SILVER MAR3  30.43    0.08   +0.25      0.66          553
  Euro/Dollar       1.3350
  Dollar/Yen         92.98
 
  COMEX gold and silver contracts show the most active months
 

 (Reporting by Lewa Pardomuan; Editing by Joseph Radford)
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