PRECIOUS-Platinum, palladium near multi-month highs on U.S. data
SINGAPORE, Jan 18 (Reuters) - Platinum and palladium on Friday hovered near multi-month highs hit in the previous session on upbeat U.S. economic data, while gold traded little changed after marking a one-month peak. FUNDAMENTALS * Spot gold was nearly flat at $1,686.64 an ounce by 0041 GMT, heading for a weekly rise of 1.4 percent, its biggest such climb in nearly two months. It hit a one-month high of $1,695.56 on Thursday. * U.S. gold inched down 0.2 percent to $1,686.80. * Spot platinum edged down 0.4 percent to $1,681.99, but remained on course for a weekly gain of over 3 percent in its third straight week of rises. * Spot palladium was 0.3 percent lower at $720.72, but was expected to chalk up a 3.4-percent weekly gain. It climbed to $727 in the previous session, the highest level since September, 2011. * The number of Americans filing new claims for unemployment aid hit a five-year low last week and residential construction surged in December, the latest signs that the U.S. economic recovery remains on track. * The U.S. Federal Reserve will very likely need to continue its large-scale asset purchases into the second half of this year, since a big improvement in the U.S. labour market is unlikely to have happened by then, a top central bank official said on Thursday. * Investors are awaiting China's gross domestic product data for the last quarter of 2012, due at 0200 GMT, which is expected to show the country's annual economic growth may have quickened to 7.8 percent, snapping seven sessions of weaker expansion. * The U.S. Mint has suspended sales of its 2013 American Eagle silver bullion coins after running out of stock due to soaring demand for the newly minted coins in the first two weeks of the year. * India's gold imports could drop by up to a quarter this year if, as expected, the government again raises the duty on the precious metal, the chairman of the All India Gems and Jewellery Trade Federation said on Thursday. * For the top stories on metals and other news, click , or MARKET NEWS * The stronger-than-expected data on U.S. housing starts and jobless claims lit a fire under stocks on Thursday, pushing the S&P 500 to a five-year high in its third day of gains. * The yen languished at two-and-a-half year lows against the dollar on Friday following a dramatic selloff as markets positioned for the Bank of Japan to take bold policy action to tackle deflation. DATA/EVENTS (GMT) 0200 China GDP Q4 0200 China Industrial output Dec 0200 China Retail sales Dec 0200 China Urban investment Dec 0900 Italy Industrial orders Nov 1455 U.S. Reuters/UMich consumer sentiment PRICES Precious metals prices 0041 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1686.64 -0.62 -0.04 0.72 Spot Silver 31.69 -0.03 -0.09 4.66 Spot Platinum 1681.99 -7.00 -0.41 9.58 Spot Palladium 720.72 -2.00 -0.28 4.15 COMEX GOLD FEB3 1686.80 -4.00 -0.24 0.66 3818 COMEX SILVER MAR3 31.72 -0.09 -0.30 4.91 375 Euro/Dollar 1.3371 Dollar/Yen 89.97 COMEX gold and silver contracts show the most active months (Reporting by Rujun Shen; Editing by Joseph Radford)
- White House reverses, says Obama met uncle and lived with him during law school
- South Africa, world mourn 'giant for justice' Mandela |
- Key U.S. lawmakers urge China to back off on air defense zone
- RPT-UPDATE 1-Ford leans on global Mustang to burnish overseas image
- Decaying steel town gets movie star turn in 'Out of the Furnace'