PRECIOUS-Gold eases, but still near 2012 high on Spain caution

Tue Oct 2, 2012 8:50pm EDT

SINGAPORE, Oct 3 (Reuters) - Gold dipped slightly on
Wednesday but held near an 11-month high hit, as uncertainty
over Spain's bailout plan kept investors on their toes while
they wait for a key U.S. job market report expected to show the
effectiveness of the latest stimulus.
    
    FUNDAMENTALS
    * Spot gold edged down 0.1 percent to $1,773.10 an
ounce by 0030 GMT. It hit $1,791.20 earlier this week, its
highest level since last November.
    * U.S. gold was little changed at $1,775.50.
    * Spanish Prime Minister Mariano Rajoy said on Tuesday a
request for European aid was not imminent following a report the
country could apply for help as soon as this weekend. 
  
    * Ratings agency Moody's will announce the results of a
review of Spain's sovereign debt rating, which currently stands
just one notch away from losing investment grade, some time this
month, a spokeswoman said on Tuesday. 
    * Investors will closely watch the U.S. non-farm payrolls
data due Friday. Job growth likely improved only slightly in
September as businesses remained cautious out of fear a sharp
tightening of the government's budget could deliver a big blow
to the economic recovery early next year. 
    * Anglo American Platinum, the world's top platinum
producer, warned on Tuesday that security had worsened at its
strike-hit South African mines as several thousand gold miners
rallied over pay in the dispute-plagued industry.
 
    * Strong U.S. auto sales data helped platinum group metals,
widely used in autocatalyst production. Sales last month posted
their best showing in 4-1/2 years, helped by cheap financing,
rising consumer confidence and a major rebound by Toyota Motor
Corp. 
    * Spot palladium inched up 0.3 percent to $649. Spot
platinum traded nearly flat at $1,670.
    * For the top stories on metals and other news, click
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    MARKET NEWS
    * Wall Street ended little changed in a volatile session on
Tuesday as uncertainty over when Spain might apply for a bailout
shackled a market struggling to build on gains that took the S&P
500 to its highest in nearly five years. 
    * The euro started trade on Wednesday slightly on the back
foot after Spain dented hopes that it would soon ask for a
bailout, while the Australian dollar threw a fit on prospects of
more domestic interest rate cuts following Tuesday's easing.
 
    
    DATA/EVENTS

 0748 France       Markit Services PMI               
 0753 Germany      Markit Services PMI               
 0758 Euro zone    Markit Services PMI                     
 0900 Euro zone    Retail sales                      
 1215 U.S.         ADP employment report             
 1400 U.S.         ISM Non-Manufacturing PMI               
  
    PRICES
    
   
 Precious metals prices 0030 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1773.10   -1.90   -0.11     13.38
  Spot Silver        34.52   -0.07   -0.20     24.67
  Spot Platinum    1670.00    1.00   +0.06     19.89
  Spot Palladium    649.00    1.80   +0.28     -0.54
  COMEX GOLD DEC2  1775.50   -0.10   -0.01     13.32         1631
  COMEX SILVER DEC2  34.60   -0.07   -0.21     23.93          546
  Euro/Dollar       1.2910
  Dollar/Yen         78.24
  COMEX gold and silver contracts show the most active months
 

  
    

 (Reporting by Rujun Shen)