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PRECIOUS-Gold holds gains on renewed risk appetite
July 16, 2012 / 12:48 AM / 5 years ago

PRECIOUS-Gold holds gains on renewed risk appetite

SINGAPORE, July 16 (Reuters) - Gold traded little changed on
Monday, retaining gains from the previous session clocked up
after China's growth data came in on target and eased worries
about worsening economic conditions, feeding risk appetite and
boosting the euro.
    * Spot gold traded nearly flat at $1,590.59 an ounce
by 0023 GMT, after rallying 1 percent on Friday. 
    * U.S. gold futures contract for August was also
little changed from Friday's close, standing at $1,590.50.
    * Hedge funds and money managers cut their net long position
in U.S. gold futures and options by nearly 20 percent in the
week to July 10, as a price decline on deflation fears prompted
speculators to reduce their bullish bets. 
    * Solid domestic demand helped the Italian Treasury sell
5.25 billion euros in bonds on Friday with lower yields than a
month ago, but a rise in 10-year yields highlighted concerns
that the country may still fall victim to the euro zone debt
    * U.S. Federal Reserve Chairman Ben Bernanke will present
his semi-annual monetary policy report to Congress on Tuesday
and Wednesday, from which investors will seek clues on the Fed's
attitude towards another round of quantitative easing.
    * U.S. consumer sentiment cooled again in early July to its
lowest level in seven months, while producer prices rose only
slightly last month, the latest data showed. 
    * China's Premier Wen Jiabao said efforts to stabilise the
economy are working and the government will step up efforts in
the second half of the year to increase policy effectiveness and
    * For the top stories on metals and other news, click
, or 
    * U.S. stocks shed the sour tone that plagued equities all
week on Friday, with a rally that broke a six-day losing streak.
    * The euro and high-beta currencies like the Australian
dollar started trading on Monday with a spring in their step,
following a rally late last week in part on the back of
diminishing worries about China's economic health. 
 0900  EZ        Inflation, final yy        Jun                   
 0900  EZ        Eurostat trade nsa, EUR    May                   
 1230  U.S.      Retail sales mm            Jun                   
 1400  U.S.      Business inventories mm    May                   
 Precious metals prices 0023 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1590.59    0.56   +0.04      1.71
  Spot Silver        27.40    0.10   +0.37     -1.05
  Spot Platinum    1431.50    9.45   +0.66      2.76
  Spot Palladium    582.00    3.20   +0.55    -10.80
  COMEX GOLD AUG2  1590.50   -1.50   -0.09      1.51         1343
  COMEX SILVER SEP2  27.36   -0.01   -0.05     -2.01          303
  Euro/Dollar       1.2238
  Dollar/Yen         79.18
  COMEX gold and silver contracts show the most active months
 (Reporting by Rujun Shen; Editing by Ed Davies)

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