March 14, 2012 / 1:06 AM / 5 years ago

PRECIOUS-Gold edges up on bargain hunting, U.S. dollar weighs

SINGAPORE, March 14 (Reuters) - Gold regained some
strength on Wednesday on bargain hunting  after prices dropped
about 2 percent in the previous session, but a firmer U.S.
dollar was likely to cap gains after the Federal Reserve vowed
to keep interest rates low until 2014.	
    	
    FUNDAMENTALS	
    * Spot gold rose 80 cents to $1,675.55 an ounce by
0054 GMT. It fell to a low around $1,661 an ounce on Tuesday,
its weakest since late January, after the Fed offered no clues
on whether there will be another round of monetary easing.    	
     * U.S. April gold extended losses, falling about 1
percent to $1,676.40 an ounce.   	
     * The U.S. Federal Reserve on Tuesday gave few signals
about the prospects for further monetary easing, offering just a
slight upgrade to its economic outlook while restating concerns
about the high level of unemployment. 	
     * Most of the largest U.S. banks passed their annual stress
test, the Federal Reserve revealed in an earlier-than-expected
release of the results, after JPMorgan Chase pulled the trigger
on announcing its glowing marks and helped lift the stock
market. 	
    * For the top stories on metals and other news, click
, or 	
    	
    MARKET NEWS	
    * The dollar was broadly firmer early in Asia on Wednesday,
having hit a seven-week high against a basket of major
currencies as prospects for further easing by the Federal
Reserve faded in the wake of more upbeat U.S. data. 	
    * U.S. crude oil futures rose for a second day on Wednesday
on the back of an improved outlook of the world's top economy,
but the gains were limited after industry data showed a
bigger-than-expected build-up in U.S. crude inventories. 	
    * Japan's Nikkei share average climbed above 10,000 to a
fresh seven-month high on Wednesday after the Federal Reserve
upgraded its U.S. economic outlook and upbeat U.S. retail data
boosted Wall Street to its best day for 2012. 	
    	
    DATA/EVENTS (GMT) 	
    0430  Japan Industrial output rev  Jan          	
    1000  EZ Industrial production yy  Jan          	
    1000  EZ Inflation, final yy       Feb         	
    1130  U.S. Import prices mm        Feb          	
    1130  U.S. Current account         Oct        <USCURA=ECI	
          	
    PRICES	
       	
  Precious metals prices 0054 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1675.55    0.80   +0.05      7.15
  Spot Silver        33.35   -0.03   -0.09     20.44
  Spot Platinum    1691.08    9.65   +0.57     21.40
  Spot Palladium    703.85    3.75   +0.54      7.87
  COMEX GOLD APR2  1676.40  -17.80   -1.05      7.00         4785
  COMEX SILVER MAY2  33.40   -0.18   -0.54     19.65          608
  Euro/Dollar       1.3068
  Dollar/Yen         83.17
 
  COMEX gold and silver contracts show the most active months
 	
    	
    	
    	
	
 (Reporting by Lewa Pardomuan; Editing by Daniel Magnowski)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below