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4 years ago
PRECIOUS-Gold near 3-week high as weaker dollar, short-covering supports
December 11, 2013 / 12:45 AM / 4 years ago

PRECIOUS-Gold near 3-week high as weaker dollar, short-covering supports

3 Min Read

SINGAPORE, Dec 11 (Reuters) - Gold was trading near its
three-week high on Wednesday, boosted by short-covering by funds
and technical buying, and as the dollar continued to weaken
against the euro.
    
    FUNDAMENTALS
    * Spot gold ticked up 0.04 percent to $1,260.71 an
ounce by 0019 GMT, after gaining 1.6 percent in the previous
session.
    * Funds have been buying to cover short positions ahead of
the Federal Reserve's policy meeting next week. A break above
strong resistance at $1,250 an ounce also triggered heavy buy
orders.
    * Budget negotiators in the U.S. Congress reached an
agreement on Tuesday that, if approved by the House and Senate,
could restore some order to the nation's chaotic budget process
and avoid another government shutdown on Jan. 15.
 
    * During the last 16-day shutdown in October, gold lost 3.5
percent as investors shunned the metal's safe-haven appeal and
chose to hold cash instead.
    * South Africa's Association of Mineworkers and Construction
Union has been given permission by a government mediator to call
a strike over wages against world No. 3 platinum producer Lonmin
. 
    * A mining consortium led by a Ghanaian firm intends to
spend $100 million in Uganda over the next seven years to
prospect for gold, Blaze Metal Resources Ashanti Ltd said.
 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * Asian share markets look set for another indecisive
session on Wednesday as investors booked profits on a range of
once-crowded positions, sending the dollar and Wall Street
lower. 
    
    DATA/EVENTS (GMT)
    0745 France Current account 
    1200 U.S. Weekly mortgage market index 
    1430 U.S. Treasury Secretary Jack Lew testifies before 
congressional committee 
    1900 U.S. Federal budget 
    
    PRICES AT 0019 GMT     
 Metal                Last        Change   Pct chg  YTD pct chg
                                                                
 Spot gold               1260.71     0.46     0.04        -24.71
 Spot silver               20.34    -0.01    -0.05        -32.83
 Spot platinum           1382.75       -2    -0.14         -9.92
 Spot palladium           734.97    -0.23    -0.03          6.21
 Comex gold Dec3          1260.6     -0.5    -0.04        -24.78
 Comex silver Dec3        20.375     0.06      0.3        -32.78
 Euro                     1.3762                                
 DXY                      79.978                                
                                                                
 COMEX gold and silver contracts show the most active months
 
 (Reporting by A. Ananthalakshmi; Editing by Richard Pullin)

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