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PRECIOUS-Gold set for 5th straight week of gains on safe-haven demand
March 7, 2014 / 12:47 AM / 4 years ago

PRECIOUS-Gold set for 5th straight week of gains on safe-haven demand

SINGAPORE, March 7 (Reuters) - Gold held on to sharp
overnight gains on Friday to trade near a four-month high and
looked poised to log its fifth straight week of gains as a
weaker dollar and geopolitical tensions in Ukraine lifted its
safe-haven status. 
    * Spot gold eased 0.2 percent to $1,348.63 an ounce
by 0024 GMT, after rising 1 percent on Thursday. The metal has
gained nearly 2 percent for the week.
    * Palladium, with a 5 percent increase, was headed
for its best weekly gain in nearly eight months due to supply
worries from top producers Russia and South Africa. 
    * Crimea's parliament voted to join Russia on Thursday in a
dramatic escalation of the crisis over the Ukrainian region that
prompted U.S. President Barack Obama to order sanctions.
    * The European Central Bank left interest rates on hold and
unveiled no other measures to bolster a fragile euro zone
recovery on Thursday, boosting the euro. 
    * Switzerland's upper house rejected a popular initiative
that would prohibit the Swiss National Bank from selling any of
its gold reserves, saying the proposal could hamper the central
bank's ability to fulfil its mandate. 
    * Platinum was on track for another weekly gain as
strikes at top producers in South Africa hurt supply.
    * For the top stories on metals and other news, click
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    * The euro jumped against the dollar on Thursday to highs
last touched in December and to a peak against the yen unmatched
since January after European policymakers signaled no need for
new economic stimulus. 
    1100 Germany Industrial output 
    1330 U.S. Unemployment rate 
    1330 U.S. Nonfarm payrolls 
    1330 U.S. International trade 

    PRICES AT 0024 GMT
 Metal            Last      Change    Pct chg
 Spot gold         1348.63     -2.11     -0.16
 Spot silver         21.44         0         0
 Spot platinum     1479.25      1.65      0.11
 Spot palladium     778.75      1.45      0.19
 Comex gold         1349.2      -2.6     -0.19
 Comex silver         21.5     -0.07     -0.34
 Euro               1.3864                    
 DXY                79.651                    
 COMEX gold and silver contracts show the most
 active months
 (Reporting by A. Ananthalakshmi; Editing by Richard Pullin)

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