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PRECIOUS-Gold near 7-month high on Fed stimulus, weak dollar
September 17, 2012 / 12:42 AM / 5 years ago

PRECIOUS-Gold near 7-month high on Fed stimulus, weak dollar

SINGAPORE, Sept 17 (Reuters) - Gold firmed on Monday,
holding near its highest level in almost seven months, as the
dollar stayed under pressure after the Federal Reserve took bold
action to spur the economy.
    Gold closed up last week, its fourth straight weekly gain,
as investors flocked to bullion -- traditionally seen as a hedge
against rampant money printing by central banks.
    
    FUNDAMENTALS
    * Gold added $4.93 an ounce to $1,774.39 after rising
as high as $1,777.51 on Friday, its highest since late February.
    * U.S. gold for December rose 0.24 percent to
$1,776.90 an ounce.
    * Silver was within sight of its strongest since
March and platinum was near t multi-month highs even
after Anglo American Platinum said it will resume work
this week at its strike-hit Rustenburg operations.
    * The world's top two central banks have administered
extra-strong monetary painkillers, but the global economy will
still need a lot more time to recover from its thumping debt
hangover. 
    * Anglo American said it will resume work on Tuesday, just
days after South Africa's government launched a crackdown to
disarm miners and end five weeks of labour unrest.
 
   * For the top stories on metals and other news, click
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    MARKET NEWS
    * The dollar languished near a seven-month trough versus a
basket of major currencies in Asia on Monday, but recovered some
ground against a broadly weaker yen, which faces a central bank
that could ease monetary policy this week. 
    * The Fed's aggressive new plan to spark the U.S. economy
boosted risk assets on Friday, sending global stocks to a
13-month high and driving the dollar to a more than four-month
low against the euro.  
     
    DATA/EVENTS (GMT)
    0800 Euro zone current account for July 
    0900 Euro zone Eurostat trade for July 
    0900 Euro zone labour costs for Q2 
    1230 New York Fed Empire State Survey for September

    PRICES
    
  Precious metals prices 0020 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1774.39    4.93   +0.28     13.47
  Spot Silver        34.71    0.12   +0.35     25.35
  Spot Platinum    1702.50    7.50   +0.44     22.22
  Spot Palladium    694.97   -2.03   -0.29      6.51
  COMEX GOLD DEC2  1776.90    4.20   +0.24     13.41         5333
  COMEX SILVER DEC2  34.76    0.10   +0.30     24.52         2177
  Euro/Dollar       1.3108
  Dollar/Yen         78.33
 
  COMEX gold and silver contracts show the most active months
 
 (Reporting by Lewa Pardomuan; Editing by Himani Sarkar)
 (lewa.pardomuan@reuters.com; +65 68703834; Reuters Messaging:
lewa.pardomuan.reuters.com@reuters.net)

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