PRECIOUS-Gold edges lower for sixth session on Fed stimulus worries

Sun Nov 3, 2013 7:32pm EST

SINGAPORE, Nov 4 (Reuters) - Gold eased for a sixth straight
session on Monday to trade near near two-week lows as renewed
uncertainty over when the U.S. Federal Reserve will scale back
its stimulus measures weighed on sentiment.
        
    FUNDAMENTALS
    * Spot gold fell 0.1 percent to $1,313.54 an ounce by
0014 GMT, after posting a near 3 percent weekly drop. It fell to
a low of $1,305.69 on Friday - its lowest since Oct. 17.
    * A top Federal Reserve official said on Friday the U.S.
labour market has recovered enough in the last 14 months to
allow the central bank to reduce its bond-buying stimulus. 
    * Another official said inflation has to be higher before
the Fed decides to scale back. 
    * The Fed's $85 billion monthly bond purchases have
burnished gold's appeal as a hedge against inflation, boosting
prices, but signs that the bank is nearing a tapering of the
purchases have hurt prices this year.
    * The U.S. Mint's American Eagle gold coin sales rose to a
two-year high on Friday, lifting 2013 sales above the previous
year's total and reflecting the consistently strong demand for
physical bullion coins among retail investors. 
    * Hedge funds and money managers broadly raised bullish bets
in futures and options of U.S. gold, silver and copper for the
week ended Oct. 22, a report by the Commodity Futures Trading
Commission showed on Friday. 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * Asian markets started the week on a sluggish note on
Monday, while the euro languished at two-week lows. 
    
    DATA/EVENTS (GMT)
    0843 Italy Markit/ADACI Manufacturing PMI 
    0853 Germany Markit/BME Manufacturing PMI 
    0858 Euro zone Markit Manufacturing PMI 
    0930 Euro zone Sentix index 
    1445 U.S. ISM-New York business activity 
    1500 U.S. Factory orders 

  Precious metals prices 0014 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1313.54   -1.20   -0.09    -21.56
  Spot Silver        21.84    0.01   +0.05    -27.87
  Spot Platinum    1449.74    6.04   +0.42     -5.55
  Spot Palladium    737.22   -0.57   -0.08      6.53
  COMEX GOLD DEC3  1313.70    0.50   +0.04    -21.61         1452
  COMEX SILVER DEC3  21.86    0.02   +0.08    -27.89          234
  Euro/Dollar       1.3489
  Dollar/Yen         98.74
 
  COMEX gold and silver contracts show the most active months
 
 (Reporting by A. Ananthalakshmi; Editing by Richard Pullin)