PRECIOUS-Gold heads for biggest weekly rise since late-Aug
SINGAPORE, Nov 9 (Reuters) - Gold inched up on Friday, heading for its biggest weekly rise in over two months, on the prospect of monetary policy remaining loose after U.S. President Barack Obama's re-election, and worries about looming fiscal woes driving safe haven bids. FUNDAMENTALS * Spot gold inched up 0.1 percent to $1,732.25 an ounce by 0038 GMT, on course for a weekly rise of more than 3 percent -- the sharpest since late August. * U.S. gold was up 0.4 percent to $1,732.60. * The European Central Bank left its key interest rate unchanged at 0.75 percent, and its president Mario Draghi said the euro zone economy shows little sign of recovering before the year-end despite easing financial market conditions. * Concerns about the U.S. "fiscal cliff", an automatic tax hike and spending cuts amounting to $600 billion due to take effect early next year, drove investors to seek safety in havens including U.S. Treasuries, the dollar and gold. * Escalating tension between the United States and Iran also underpinned sentiment in gold. Iranian warplanes fired at an unarmed U.S. drone in international airspace last wee but did not hit the aircraft, the Pentagon said. * Holdings of gold-backed exchange-traded funds rose to a record high of 75.133 million ounces by Nov. 7, suggesting unseating investment enthusiasm. * Later in the day, China is scheduled to release a string of data, including inflation, industrial output and retail sales, expected to show modest growth recovery in the world's No.2 economy. * China's gold demand is expected to grow 1 percent this year to a record of around 860 tonnes, the global head of metals at consultancy Thomson Reuters GFMS said on Thursday, with both jewellery and investment sales rising. * For the top stories on metals and other news, click , or MARKET NEWS * U.S. stocks fell on Thursday and could be in line for more weakness as worries about Washington's ability to find a timely solution to the "fiscal cliff" dominate investor thinking in coming weeks. * The euro traded little changed on Friday, after falling to a two-month low against the dollar in the previous session as the ECB held interest rates at a record low. DATA/EVENTS 0130 China CPI Oct 0130 China PPI Oct 0500 Japan Consumer confidence index Oct 0530 China Industrial output Oct 0530 China Retail sales Oct 0530 China Urban investment Oct 0745 France Industrial output Sep 0900 Italy Industrial output Sep 1230 U.S. Import/Export prices Oct 1455 U.S. TR/Univ of Michigan consumer sentiment 2130 U.S. CFTC commitment of traders data PRICES Precious metals prices 0038 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1732.25 2.26 +0.13 10.77 Spot Silver 32.31 -0.01 -0.03 16.68 Spot Platinum 1543.00 2.25 +0.15 10.77 Spot Palladium 612.00 0.03 +0.00 -6.21 COMEX GOLD DEC2 1732.60 6.60 +0.38 10.58 2979 COMEX SILVER DEC2 32.32 0.08 +0.25 15.78 1289 Euro/Dollar 1.2737 Dollar/Yen 79.50 COMEX gold and silver contracts show the most active months (Reporting by Rujun Shen; Editing by Ed Davies)
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'
- Four dead in apparent Connecticut murder-suicide
- South Korea expands air defense zone to partially overlap China's |
- Singer Susan Boyle reveals she has Asperger's syndrome: paper
- Dynasty's Congress party punished in Indian state elections