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