PRECIOUS-Gold heads for biggest weekly gain since late 2011

Thu Apr 25, 2013 8:46pm EDT

SINGAPORE, April 26 (Reuters) - Gold rose to its highest in
more than a week on Friday, heading for its biggest weekly gain
since October 2011, after a surge in physical demand in Asia
helped pluck the metal from a 2-year trough.
       
    FUNDAMENTALS
    * Spot gold added $4.06 an ounce to $1,471.05 by 0025
GMT after posting its biggest daily rise since June last year on
Thursday. Gold plunged to around $1,321 on April 16, the lowest
in more than two years, in a sell-off that surprised ardent gold
investors and bulls.
    * U.S. gold futures for June delivery stood at
$1,471.00 an ounce, up $9.00.   
     * SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.25 percent to
1,090.27 tonnes on Thursday from 1,092.98 tonnes on Wednesday.
The current holdings are at their multi-year lows. 
    * Turkey, one of the world's biggest gold buyers, has
imported more of the precious metal in April than in any month
since last July following a surge in domestic demand after gold
prices hit a two-year low last week. 
    * Premiums for gold bars soared to multi-year highs in Asia
after a spate of physical buying ran down supplies, with dealers
in top consumer India expecting a surge in imports this month/
 
    * Russia and Turkey raised their gold reserves in March, the
International Monetary Fund said on Wednesday, increasing their
holdings ahead of a spectacular plunge in prices this month.
 
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    MARKET NEWS
    * The dollar recovered from losses to trade higher against
the euro on Thursday as resilience in the U.S. labor market
allayed some concerns about the nation's economic recovery, with
many analysts expecting more gains ahead for the greenback.
 
    * Japan's Nikkei average advanced in early trade on Friday
after strong U.S. company earnings and resilient labour market
data boosted Wall Street, although the benchmark was holding
just below the 14,000-mark, a level not seen since June 2008.
 
    
    DATA/EVENTS (GMT)
    N/A Bank of Japan policy decision 
    0600 Germany Import prices 
    0645 France Consumer confidence 
    0800 Euro zone M3 money supply 
    1230 U.S. Q1 GDP <USGDPR=ECI

    
    
    PRICES
    
  Precious metals prices 0025 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1471.05    4.06   +0.28    -12.15
  Spot Silver        24.42    0.09   +0.37    -19.35
  Spot Platinum    1463.00   -3.50   -0.24     -4.69
  Spot Palladium    680.22    0.22   +0.03     -1.70
  COMEX GOLD JUN3  1471.00    9.00   +0.62    -12.22         6034
  COMEX SILVER MAY3  24.41    0.27   +1.12    -19.25         1358
  Euro/Dollar       1.3000
  Dollar/Yen         99.14
 
    
    

 (Reporting by Lewa Pardomuan; Editing by Ed Davies)
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