PRECIOUS-Gold eases, focus on U.S. fiscal talks

Tue Jan 1, 2013 7:45pm EST

SINGAPORE, Jan 2 (Reuters) - Gold slipped on Wednesday after
last minute talks to prevent the United States from plunging
into recession went off course, turning investors away. 
       
    FUNDAMENTALS
    * Spot gold fell $3.65 an ounce to $1,670.89 by 0022
GMT. Gold ended up around 7 percent in 2012 - the 12th straight
year of gains for the precious metal which makes it one of the
longest bull runs ever for a commodity. 
     * U.S. gold for February eased $3.90 an ounce to
$1,671.90.       
     * House Republicans complained that a bill passed by the
Senate in a late-night show of unity to prevent a budget crisis
contained tax hikes for the wealthiest Americans but no spending
cuts. 
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    MARKET NEWS
    * Markets were eerily quiet in Asia as trade resumed on
Wednesday with investors anxiously waiting to see if the U.S.
Congress could strike a last-minute deal to avoid triggering tax
rises and spending cuts that could threaten the global economy.
 
    * U.S. crude futures edged down toward $91 on Wednesday amid
fiscal worries about the United States - the world's largest
economy and top oil consumer. 
           
    DATA/EVENTS (GMT)
    
 0500  India HSBC Markit Mfg PMI        Dec 2012   
 0843  Italy     Markit/ADACI Mfg PMI   Dec 2012   
 0853  Germany   Markit/BME Mfg PMI     Dec 2012  
 0858  EZ        Markit Mfg PMI         Dec 2012  
 1245  U.S.      ICSC chain stores yy   Weekly     
 1500  U.S.      ISM Manufacturing PMI  
 1500  U.S.      Construction spending  mm  Nov          
   
    PRICES
    
  Precious metals prices 0022 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1670.89   -3.65   -0.22      6.85
  Spot Silver        30.30    0.02   +0.07      9.43
  Spot Platinum    1532.75   -2.25   -0.15     10.03
  Spot Palladium    695.72    3.72   +0.54      6.62
  COMEX GOLD FEB3  1671.90   -3.90   -0.23      6.71         1367
  COMEX SILVER MAR3  30.34    0.11   +0.37      8.69          435
  Euro/Dollar       1.3194
  Dollar/Yen         86.62
 
 (Reporting by Lewa Pardomuan; Editing by Himani Sarkar)
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