US gold, copper advance with rising euro

Fri Mar 23, 2012 8:35am EDT

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NEW YORK, March 23 (Reuters) - U.S. gold and copper futures
rallied in early Friday dealings, spurred by the euro's bounce
back against the dollar as concerns about slowing Chinese and
euro zone growth abated somewhat.	
    	
     FUNDAMENTALS 	
    * Gold rose, led by a rebound in the euro, but was still
set for a fourth consecutive weekly loss, due to patchy consumer
demand and evidence of the waning investor appetite for the
metal as confidence in the economic outlook strengthens. 	
    * Spot gold was up around 0.3 percent at $1,649.76 an
ounce by 1105 GMT, having recovered from a low of $1,627.68 on
Thursday, but still on course a 0.6 percent decline on the week,
the fourth weekly loss in a row.	
    * COMEX April gold added $6.50 per ounce to $1,649.  	
    * Copper rebounded from a two-week low hit the previous
session, helped by a weaker dollar and falling inventories, but
was still on track for a weekly loss as worries over demand
growth in top consumer China and elsewhere lingered.   	
 	
    * Three-month copper on the London Metal Exchange 
rose 1.3 percent to $8,403 a tonne by 0943 GMT from a close of
$8,290 on Thursday.	
    * COMEX May copper futures jumped 5.30 cents to
$3.8205 per lb.	
	
    ECONOMY	
    * U.S. new home sales for February are due at 1000 a.m.
EDT/1400 GMT and are forecast to rise to a 325,000 rate from
321,000 previously.  	
            	
    MARKETS 	
    * The euro recouped losses and global stocks were little
changed below this week's 8-month high while demand for German
government debt rose amid concerns about Chinese and euro zone
growth.  	
    * Oil rebounded after Thursday's sell off as supply concerns
underpinned prices despite reassurances from the International
Energy Agency about Saudi supply. 	
    	
 Prices at 8:15 a.m. EDT (1214 GMT)                         
 
                               LAST      NET    PCT     YTD
                                         CHG    CHG     CHG
 US gold                    1646.70     4.00   0.3%    5.1%
 US silver                   31.535    0.190   0.6%   13.0%
 US platinum                1617.60     5.50   0.3%   15.6%
 US palladium                656.30     5.25   0.8%    0.0%
 US copper                   379.10     2.55   0.7%   10.3%
 	
	
 (Reporting by Carole Vaporean)
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