PRECIOUS-Gold edges up after taking a hit from US data

Tue Aug 14, 2012 8:40pm EDT

SINGAPORE, Aug 15 (Reuters) - Gold edged up on Wednesday,
after dropping to a 1-1/2-week low in the previous session when
promising U.S. retail sales data dampened hopes for further
stimulus measures from the Federal Reserve.    
    
    FUNDAMENTALS
    * Spot gold inched up 0.2 percent to $1,600.64 an
ounce by 0022 GMT, after falling to as low as $1,594.10 on
Tuesday, its lowest since Aug 3. 
    * U.S. gold futures contract for December delivery 
was little changed at $1,603.50.
    * Prominent hedge fund manager John Paulson raised his stake
in gold in the second quarter of 2012, boosting investor
confidence that bullion prices have more room to rise this year,
a U.S. regulatory filing showed on Tuesday. 
    * U.S retail sales rose in July for the first time in four
months as demand climbed for goods ranging from cars to
electronics, a sign that consumers could drive faster economic
growth in the third quarter. 
    * The world's No. 3 platinum producer Lonmin 
 has been forced to freeze mining at its South African
operations after violence between rival unions killed at least
nine people. The company accounts for 12 percent of the world's
platinum output. 
    * Platinum group metals are on course for a second day of
gains. Spot platinum gained 0.7 percent to $1,399.74, and
spot palladium also rose 0.7 percent to $576.72.
    * The euro zone's debt-ravaged economy shrank in the second
quarter, having flatlined in the first, despite continued German
growth which economists said could soon be snuffed out.
 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * The dollar hovered near one-month highs against the yen in
early Asian trade on Wednesday, having broken out of a slim
trading range after surprisingly upbeat retail sales dampened
talk of more stimulus from the Federal Reserve. 
    * U.S. stocks ended little changed on Tuesday in what
investors described as a fatigued market after the S&P 500 rose
in seven of the past eight sessions. 
       
    DATA/EVENTS
 1230  U.S.      Core CPI mm, sa          Jul                     
 1230  U.S.      CPI mm, sa               Jul                     
 1230  U.S.      Core CPI yy, nsa         Jul                     
 1230  U.S.      CPI yy, nsa              Jul                     
 1315  U.S.      Industrial output mm     Jul                     
 1400  U.S.      NAHB housing market indx Aug                     
    
    PRICES  
 Precious metals prices 0022 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1600.64    2.60   +0.16      2.36
  Spot Silver        27.84    0.09   +0.32      0.54
  Spot Platinum    1399.74    9.14   +0.66      0.48
  Spot Palladium    576.72    3.72   +0.65    -11.61
  COMEX GOLD DEC2  1603.50    1.10   +0.07      2.34         1111
  COMEX SILVER SEP2  27.80    0.04   +0.13     -0.41          203
  Euro/Dollar       1.2329
  Dollar/Yen         78.82
  COMEX gold and silver contracts show the most active months
 
 (Reporting by Rujun Shen; Editing by Himani Sarkar)
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.