Reuters logo
PRECIOUS-Gold holds ground as waits on Fed for stimulus outlook
October 30, 2013 / 12:36 AM / 4 years ago

PRECIOUS-Gold holds ground as waits on Fed for stimulus outlook

SINGAPORE, Oct 30 (Reuters) - Gold was treading water below
five-week highs on Wednesday, as investors awaited the end of a
Federal Reserve policy meeting to gauge the bank's stimulus
outlook.
    
    FUNDAMENTALS
    * Spot gold eased 0.05 percent to $1,343.06 an ounce
by 0019 GMT. The metal fell 0.6 percent on Tuesday after the
dollar index rose to one-week highs as traders booked profits.
    * Gold miners are likely to keep cutting their forward sales
of the metal this year after reducing outstanding positions by
another 16 tonnes in the second quarter, Societe Generale and
Thomson Reuters GFMS said on Tuesday. 
    * Hedge funds and money managers raised bullish bets in
futures and options of U.S. gold and silver markets for the week
ended Oct. 8, the latest report by the Commodity Futures Trading
Commission showed. 
    * Chinese gold prices closed lower than global prices on
Tuesday for the first time this year as fears of a credit
tightening prompted investors to sell bullion for cash. Indian
premiums stayed near record highs due to a supply crunch.
 
    * A gauge of U.S. consumer spending rose in September, but
falling car sales pointed to sluggish economic growth.
    * The Fed will make a statement later on Wednesday at the
end of its two-day policy meeting. The bank is widely expected
to say it will stay on course with its stimulus measures and
will not reduce any asset purchases.
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * U.S. stocks closed at historic highs on hopes that the Fed
will maintain its stimulus, while the dollar traded at one-week
highs against a basket of major currencies early in Asia on
Wednesday. 
     
    DATA/EVENTS (GMT) 
    0855 Germany Unemployment rate 
    1000 Euro zone Business climate 
    1000 Euro zone Economic sentiment 
    1215 U.S. ADP employment report 
    1230 U.S. CPI 
    1300 Germany CPI 
    1800 Federal Reserve releases statement after two-day 
monetary policy meeting
    
  Precious metals prices 0019 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1343.06   -0.63   -0.05    -19.80
  Spot Silver        22.44   -0.08   -0.36    -25.89
  Spot Platinum    1456.00   -4.00   -0.27     -5.15
  Spot Palladium    741.72   -2.28   -0.31      7.18
  COMEX GOLD DEC3  1343.20   -2.30   -0.17    -19.85         1089
  COMEX SILVER DEC3  22.48   -0.01   -0.05    -25.82          243
  Euro/Dollar       1.3736
  Dollar/Yen         98.24
 
  COMEX gold and silver contracts show the most active months
 
 (Reporting by A. Ananthalakshmi; Editing by Richard Pullin)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below