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PRECIOUS-Gold edges down on U.S. Fed stimulus uncertainty
May 30, 2013 / 1:02 AM / 4 years ago

PRECIOUS-Gold edges down on U.S. Fed stimulus uncertainty

SINGAPORE, May 30 (Reuters) - Gold ticked lower on Thursday
on fears the U.S. Federal Reserve could soon scale back its
bullion-friendly bond buying programme, but tight supply in the
physical market could offer some support to prices.
        
    FUNDAMENTALS
    * Gold slipped $1.89 an ounce to $1,390.56 by 0036
GMT, having risen around 1 percent in the previous session as a
dollar drop and softer equities triggered physical buying. 
    * U.S. gold was at $1,390.10 an ounce, down $1.20.
    * The U.S. job market and the economy as a whole may be
strong enough in a few months' time to allow the Federal Reserve
to pare its bond buying by a small amount, one of the Fed's most
dovish policymakers said on Wednesday. 
    * Fed Chairman Ben Bernanke said last week that a decision
on whether to scale back the current monthly pace of $85 billion
in asset purchases could come at one of the central bank's "next
few meetings" depending on economic data.   
    * Worries that central banks' money-printing to buy assets
will stoke inflation have been a key driver in boosting gold,
which rallied to an 11-month high last October after the Fed
announced its third round of aggressive economic stimulus. 
    * Premiums for physical gold in Singapore touched all-time
highs this week as supplies proved hard to acquire, even as
premiums in other Asian countries eased after gold prices
bounced off two-year lows seen in April. 
    * Asian gold demand from this April to June will reach a
quarterly record as bullion consumers in the region take
possession of supply freed up by selling from exchange-traded
funds (ETFs), the World Gold Council said on Wednesday.
 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * Asian shares were pressured on Thursday, undermined by an
overnight pullback in global equities as investors assessed the
implications of a potential softening of the Federal Reserve's
monetary stimulus programme. 
     * U.S. oil fell below $93 a barrel, extending declines from
a near 2-percent drop a day earlier, pressured by weak shares
and an unexpected rise in U.S. crude inventories. 
       
    DATA/EVENTS (GMT)
    0800 Italy Producer prices 
    0900 Euro zone Economic sentiment 
    1230 U.S. Q1 GDP 
    1230 U.S. Weekly jobless claims 
    1400 U.S. Pending home sales 
    
    PRICES
      
  Precious metals prices 0036 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1390.56   -1.89   -0.14    -16.96
  Spot Silver        22.46   -0.02   -0.09    -25.83
  Spot Platinum    1450.49   -2.01   -0.14     -5.51
  Spot Palladium    746.22   -0.49   -0.07      7.84
  COMEX GOLD JUN3  1390.10   -1.20   -0.09    -17.05         1028
  COMEX SILVER JUL3  0.22    0.00   -0.26    -99.26          424
  Euro/Dollar       1.2944
  Dollar/Yen        100.88
 
  COMEX gold and silver contracts show the most active months
 
 (Reporting by Lewa Pardomuan; Editing by Himani Sarkar)

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