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PRECIOUS-Gold retains losses on stronger dollar, Swiss poll
November 20, 2014 / 12:52 AM / 3 years ago

PRECIOUS-Gold retains losses on stronger dollar, Swiss poll

SINGAPORE, Nov 20 (Reuters) - Gold struggled to recover from
overnight losses on Thursday as the Federal Reserve's optimism
over the U.S. economy boosted the dollar, and a poll showed
softer support for a Swiss referendum that would have forced the
central bank to boost gold reserves.
    * Spot gold was little changed at $1,182.10 an ounce
by 0036 GMT, after dropping 1.2 percent in the previous session.
    * U.S. gold futures slid 1 percent to $1,181.90,
while silver futures also lost over 1 percent.
    * An opinion poll showed on Wednesday that support among
Swiss voters for a referendum proposal that would force a huge
increase in the central bank's gold reserves has slipped to 38
percent, down from 44 percent in a survey conducted last month. 
    * Under the "Save our Swiss gold" proposal, the Swiss
National Bank would be banned from selling any of its gold
reserves and would have to hold at least 20 percent of its
assets in the metal, compared with 7.8 percent last month.
    * The central bank purchases could have boosted gold prices.
    * Bullion also came under pressure after the minutes of the
Fed's October policy meeting showed policymakers were concerned
about weakening inflation pressure, dampening the metal's appeal
as a hedge, and were confident about the economy.
    * Investors were eyeing more global economic data due later
in the day for more cues.
    * Selling by gold funds also resumed after a pause earlier
this week. SPDR Gold Trust, the world's largest
gold-backed exchange-traded fund, said its holdings fell 0.3
percent to 720.91 tonnes on Wednesday - close to a six-year low.
    * In the physical markets, India's largest gems and
jewellery federation has proposed its members curb sales of gold
coins and bars in an effort to prevent the government from
imposing import restrictions on gold after an increase in
inbound shipments. 
    * For the top stories on metals and other news, click
    * Asian stocks mostly fell on Thursday apart from Tokyo,
where shares bucked the downward trend and rose in reaction to a
further weakening in the yen. 
    0145 China HSBC flash manufacturing PMI Nov 
    0700 Germany Producer prices Oct 
    0800 France Markit flash manufacturing PMI Nov 
    0830 Germany Markit flash manufacturing PMI Nov 
    0900 Euro zone Markit flash manufacturing PMI Nov 
    1330 U.S. Consumer prices Oct 
    1330 U.S. Weekly jobless claims 
    1445 U.S. Markit flash manufacturing PMI Nov 
    1500 Euro zone Consumer confidence Nov 
    1500 U.S. Existing home sales Oct 
    1500 U.S. Leading index Oct 
    1500 U.S. Philly Fed business index Nov

    PRICES AT 0036 GMT    
 Metal           Last      Change   Pct chg
 Spot gold         1182.1    -0.73    -0.06
 Spot silver        16.04    -0.06    -0.37
 Spot platinum     1186.5        3     0.25
 Spot palladium    762.75     2.25      0.3
 Comex gold        1181.9      -12    -1.01
 Comex silver       16.06   -0.234    -1.44
 Euro              1.2535                  
 DXY               87.727                  
 COMEX gold and silver contracts show the
 most active months
 (Reporting by A. Ananthalakshmi; Editing by Richard Pullin)

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