PRECIOUS-Gold flat as U.S. fiscal talks deadlock
SINGAPORE, Dec 4 (Reuters) - Gold was little changed on Tuesday, as the uncertainty in the U.S. budget talks kept investors cautious, offsetting the upbeat sentiment after Greece and Spain made some progress in solving their debt crisis. FUNDAMENTALS * Spot gold traded nearly flat at $1,715.14 an ounce by 0031 GMT. * U.S. gold inched down 0.3 percent to $1,715.90. * Republicans proposed steep spending cuts on Monday but gave no ground on President Barack Obama's call to raise taxes on the wealthiest in their first formal proposal to avert a "fiscal cliff" that could push the U.S. economy into recession. * Greece said it would spend 10 billion euros to buy back bonds at a price range that topped market expectations, boosting hopes it can cut its ballooning debt and unlock long-delayed aid. * Spain on Monday made a formal request for an aid of 39.5 billion euros ($51.4 billion) of European funds to recapitalise its crippled banking sector. * Chinese manufacturing output grew last month for the first time in more than a year but a surprise contraction in U.S. factory activity tempered optimism about the health of the world economy. * Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, remained at a record high level of 1,348.826 tonnes. * For the top stories on metals and other news, click , or MARKET NEWS * U.S. stocks struggled to extend the previous week's gains, dropping on Monday as disappointing U.S. factory numbers dampened optimism about China's economic growth. * The euro rose slightly in early Asian trading on Tuesday, moving back towards a six-week high against the dollar and a seven-month high against the yen marked a day earlier on upbeat news from Spain and Greece. DATA/EVENTS 0330 Australia RBA cash rate Dec 1000 Euro zone Producer prices Oct 1100 Brazil Industrial output Oct 1245 U.S. ICSC weekly chain store sales 1355 U.S. Redbook weekly retail sales 1445 U.S. ISM-New York index Nov PRICES Precious metals prices 0031 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1715.14 0.29 +0.02 9.68 Spot Silver 33.57 -0.04 -0.12 21.24 Spot Platinum 1601.50 0.75 +0.05 14.97 Spot Palladium 685.72 -0.08 -0.01 5.09 COMEX GOLD DEC2 1715.90 -5.20 -0.30 9.52 1733 COMEX SILVER MAR3 33.66 -0.10 -0.31 20.56 317 Euro/Dollar 1.3050 Dollar/Yen 82.15 COMEX gold and silver contracts show the most active months (Reporting by Rujun Shen; Editing by Eric Meijer)
- Ukraine says Russian tanks flatten town; EU to threaten more sanctions |
- Seven NATO allies to create new rapid reaction force-report
- Islamic State militants behead captive Lebanese soldier: video
- F-16s dispatched for unresponsive pilot of small plane near D.C.
- Car tied to suspected threat against Obama found in Connecticut