PRECIOUS-Gold tests key resistance level ahead of Fed

Tue Jan 29, 2013 7:48pm EST

SINGAPORE, Jan 30 (Reuters) - Gold traded little changed on
Wednesday, holding just above a key resistance level on support
from a sluggish dollar as investors expect the U.S. Federal
Reserve to keep its loose monetary policy at a meeting ending
later in the day.
    
    FUNDAMENTALS
    * Spot gold was nearly flat at $1,664.11 an ounce by
0032 GMT, above the key 200-day moving average at $1,662.92.
    * U.S. gold inched up 0.2 percent to $1,663.40,
still below the 200-day moving average above $1,667. 
    * U.S. single-family home prices rose in November, building
on a string of gains that point to a housing market that is on
the mend, data from a closely watched survey showed on Tuesday.
 
    * U.S. home prices rose in November, climbing more than five
percent from a year ago in the biggest increase since August
2006 when the housing market was starting to collapse.
 
    * Anglo American Platinum Ltd, the world's largest
platinum producer, has briefly delayed a restructuring that puts
up to 14,000 jobs at risk to allow more time for talks with the
government and unions. 
    * American Eagle silver coin sales in January surged to an
all-time monthly high as the U.S. Mint resumed sales after huge
demand triggered a brief suspension, and gold coins also posted
their best performance since July 2010. 
    * India's silver jewellery exports are expected to jump up
to 30 percent this year as world demand picks up, said India's
Gems and Jewellery Export Promotion Council. 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * U.S. stocks advanced on Tuesday, led by defensive sectors,
in a sign the cash piles recently moving into the market are
being put to use by cautious investors to pick up more gains.
 
    * Euro bulls were battling to break 14-month peaks versus
the dollar on Wednesday and trip option barriers at $1.3500,
while the yen stayed under pressure on the belief that true
reflation in Japan would require a much weaker currency.
    
    DATA/EVENTS (GMT)
 1000 Euro zone   Business climate                              
 1000 Euro zone   Economic sentiment                           
 1315 U.S.        ADP employment report                       
 1330 U.S.        Preliminary Q4 GDP                           
 1915 U.S.        FOMC policy decision                          
        
    PRICES
   
 Precious metals prices 0032 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1664.11    0.66   +0.04     -0.62
  Spot Silver        31.38    0.00   +0.00      3.63
  Spot Platinum    1678.75    3.51   +0.21      9.36
  Spot Palladium    748.72    1.25   +0.17      8.20
  COMEX GOLD FEB3  1663.40    2.60   +0.16     -0.74         1677
  COMEX SILVER MAR3  31.40    0.21   +0.68      3.85          819
  Euro/Dollar       1.3486
  Dollar/Yen         90.79
  COMEX gold and silver contracts show the most active months
 
 (Reporting by Rujun Shen; Editing by Richard Pullin)
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.