SINGAPORE, June 5 Gold was little changed near a
four-month low on Thursday, but faced a risk of more losses if
the European Central Bank meets expectations to cut rates, a
move that could strengthen the dollar and hurt bullion.
* Spot gold had edged up slightly to $1,244.01 an
ounce by 0039 GMT. The metal is close to its 4-month low of
$1,240.61 hit earlier in the week.
* The ECB is widely expected to cut all of its interest
rates on Thursday, which would push the deposit rate into
negative territory for the first time. It is also seen offering
longer-term loans linked to further lending, but stop short of
following the Bank of Japan in launching large-scale asset
* A weaker euro and a stronger dollar would make the
dollar-denominated gold more expensive of holders of other
* Markets were also eyeing Friday's U.S. nonfarm payrolls to
gauge the strength of the economy. A weak report could burnish
gold's appeal as a safe-haven.
* ETF Securities, one of the biggest providers of
exchange-traded funds, has submitted a proposal to develop a new
global silver price benchmark when the 117-year-old London
silver fix is disbanded in August.
* In news from other precious metals, South Africa's new
mining minister Ngoako Ramatlhodi said he hoped to resolve the
strike in the platinum sector this week, and union AMCU was also
optimistic the five-month stoppage that has crippled mine output
could be nearing an end.
* For the top stories on metals and other news, click
* The euro languished at four-month lows early on Thursday
with investors firmly sidelined as they waited to see what
measures the European Central Bank would implement to tackle the
threat of deflation.
0145 China HSBC services PMI May
0600 Germany Industrial orders April
0900 Euro zone Retail sales April
1145 European Central Bank announces policy meeting outcome
1230 U.S. Weekly jobless claims
PRICES AT 0039 GMT
Metal Last Change Pct chg
Spot gold 1244.01 1.21 0.1
Spot silver 18.76 0 0
Spot platinum 1434.4 3.2 0.22
Spot palladium 833.25 -0.15 -0.02
Comex gold 1244.4 0.1 0.01
Comex silver 18.79 -0.002 -0.01
COMEX gold and silver contracts show the
most active months
(Reporting by A. Ananthalakshmi; Editing by Ed Davies)