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PRECIOUS-Gold extends gains on China easing, Greece eyed
February 5, 2015 / 12:42 AM / 3 years ago

PRECIOUS-Gold extends gains on China easing, Greece eyed

SINGAPORE, Feb 5 (Reuters) - Gold rose for a second session
on Thursday after China moved to cut banks' reserve requirement,
following other central banks in the world trying to spur growth
and fight deflation.
    * Spot gold was up 0.2 percent at $1,271.96 an ounce
by 0026 GMT, adding to a 0.8 percent gain on Wednesday.
    * Gold has historically benefited during periods of easier
global monetary policies amid increased liquidity and low
interest rates.
    * U.S. gold for April delivery rose 0.6 percent to
$1,272.50 an ounce. 
    * China's central bank made a system-wide cut to banks'
reserve requirement, the first time it has done so in over two
years, to unleash a fresh flood of liquidity to fight off
economic slowdown and looming deflation. 
    * Investors were also keeping an eye on Greece after the
European Central Bank said it will no longer accept Greek bonds
as collateral for its liquidity operations, dealing a blow to
Athens which is seeking debt relief from euro zone lenders.
    * Cleveland Federal Reserve President Loretta Mester said
only a broad decline in U.S. inflation measures and slower
economic growth would prompt to back off her recommendation for
an interest rate hike in the first half of the year.
    * U.S. private employers added 213,000 jobs in January,
falling short of forecasts for a gain of 225,000 jobs. The
figures come ahead of the U.S. Labor Department's more
comprehensive non-farm payrolls report on Friday.
    * Holdings at SPDR Gold Trust, the world's largest
gold-backed exchange-traded fund, rose to 24.69 million ounces
 on Wednesday, the highest since October.
    * For the top stories on metals and other news, click
    * The euro remained weak after the ECB surprised markets
late on Wednesday by announcing it would reimpose minimum credit
rating requirements for Greek bonds, effectively shifting the
burden on to the Greek central bank to finance its lenders.
    0700  Germany        Industrial orders               Dec
    1330  U.S.           Weekly jobless claims          
    1330  U.S.           International trade             Dec
    1330  U.S.           Labor costs                     Q4
  Precious metals prices 0026 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    
  Spot Gold        1271.96    2.31   +0.18      7.47
  Spot Silver        17.40    0.04   +0.23     11.11
  Spot Platinum    1241.35    5.35   +0.43      3.45
  Spot Palladium    792.65    3.40   +0.43     -0.01
  COMEX GOLD APR5  1272.50    8.00   +0.63      7.47         
  COMEX SILVER MAR5  17.41    0.02   +0.09     11.61          
  Euro/Dollar       1.1341
  Dollar/Yen        117.26
  COMEX gold and silver contracts show the most active months

 (Reporting by Manolo Serapio Jr.; Editing by Ed Davies)

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