PRECIOUS-Gold inches down, but on track for best weekly gain since Nov

Thu Dec 27, 2012 8:05pm EST

SINGAPORE, Dec 28 (Reuters) - Gold inched down on Friday
ahead of talks to prevent the United States from plunging off a
"fiscal cliff" of tax increases and spending cuts, but the metal
remained on track for its biggest weekly gain in a month. 
    
     FUNDAMENTALS
    * Gold had eased 50 cents to $1,662.79 an ounce by
0041 GMT in thin trade. 
    * U.S. gold for February was little changed at
$1,663.70 an ounce.     
     * President Barack Obama will host a meeting on Friday with
the four top congressional leaders, a White House aide said on
Thursday, as the president and lawmakers rush to break deadlock
over the fiscal cliff days before a year-end deadline.
 
    * Republican leaders in the House of Representatives told
their members to be back in Washington from the Christmas
holiday break on Sunday in case they need to vote on budget
measures. 
     * For the top stories on metals and other news, click
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    MARKET NEWS
    * The yen hit its lowest point in more than two years on
Friday, on strong expectations of drastic monetary easing,
underpinning Japanese equities. 
    * U.S. crude futures edged up to above $91.40 a barrel on
Friday.    
           
    DATA/EVENTS (GMT)
    0745 - FRENCH CONSUMER SPENDING FOR NOVEMBER 
    0745 - FRENCH DETAILED GDP FOR Q3 
    0900 - ITALY PRODUCER PRICES FOR NOVEMBER . 
    1445 - U.S. CHICAGO PMI FOR DECEMBER 
    1500 - U.S. PENDING HOME SALES FOR NOVEMBER 
    1530 - U.S. ECRI WEEKLY 
    N/A - U.S. COMMERCE DEPARTMENT RELEASES NOVEMBER BUILDING
          PERMIT REVISIONS
    1930  U.S. CFTC COMMITMENT OF TRADERS DATA WEEKLY 
       
    PRICES
        
  Precious metals prices 0041 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1662.79   -0.50   -0.03      6.33
  Spot Silver        30.17    0.01   +0.03      8.96
  Spot Platinum    1529.25   -1.24   -0.08      9.78
  Spot Palladium    706.00   -0.25   -0.04      8.20
  COMEX GOLD FEB3  1663.70    0.00   +0.00      6.18         4074
  COMEX SILVER MAR3  30.22   -0.02   -0.07      8.26          277
  Euro/Dollar       1.3242
  Dollar/Yen         86.43
 

 (Reporting by Lewa Pardomuan; Editing by Joseph Radford)