PRECIOUS-Gold heads for weekly gain on weak dollar

Thu Nov 22, 2012 8:16pm EST

SINGAPORE, Nov 23 (Reuters) - Gold was little changed on
Friday but was headed for the second weekly rise in three weeks,
buoyed by a weaker dollar as investors shifted their focus to
the fiscal problems in the United States.
    
    FUNDAMENTALS
    * Spot gold traded nearly flat at $1,729 an ounce by
0059 GMT, headed for a weekly gain of 1 percent.
    * U.S. gold inched up 0.1 percent to also stand at
$1,729.
    * The euro zone economy is on course for its deepest
downturn since early 2009, while Chinese factories returned to
growth last month bringing better news for the world economy,
business surveys showed on Thursday. 
    * Two miners were killed in clashes between rival unions in
South Africa on Thursday at a mine run by Harmony Gold,
in a fresh flare-up of labour violence in Africa's largest
economy days after a wave of wildcat strikes ended, police said.
 
    * Spain sold nearly 4 billion euros of bonds with ease at an
auction on Thursday that kicked off its funding programme for a
daunting 2013 when Madrid must shoulder regional debt needs and
will struggle to meet deficit targets. 
    * For the top stories on metals and other news, click
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    MARKET NEWS
    * The dollar hovered above the two-week low hit in the
previous session. 
    * Asian shares marked time on Friday but were on course for
a weekly gain of nearly 2 percent, after manufacturing surveys
from China and the United States raised hopes that the global
growth outlook is improving at last. 
        
    DATA/EVENTS
 0700 Germany  Detailed Q3 GDP                             
 0745 France   Business climate index Nov            
 0900 Germany  Ifo business climate index Nov              
 0900 Italy    Retail sales Sep                     
    
    PRICES
   
 Precious metals prices 0059 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1729.50    0.45   +0.03     10.60
  Spot Silver        33.33    0.05   +0.15     20.37
  Spot Platinum    1580.75    1.35   +0.09     13.48
  Spot Palladium    654.00   -0.40   -0.06      0.23
  COMEX GOLD DEC2  1729.90    1.70   +0.10     10.41        29681
  COMEX SILVER DEC2  33.33   -0.02   -0.07     19.38         8153
  Euro/Dollar       1.2876
  Dollar/Yen         82.42
  COMEX gold and silver contracts show the most active months  
 
 (Reporting by Rujun Shen; Editing by Ed Davies)
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