January 3, 2013 / 12:55 AM / 5 years ago

PRECIOUS-Gold holds gains after U.S. budget deal

3 Min Read

SINGAPORE, Jan 3 (Reuters) - Gold firmed on Thursday after
global stocks rallied on a last-minute deal in Washington to
prevent the U.S. economy from plunging into recession, but
investors remained cautious as they turned their attention to
tough negotiations ahead.
          
    FUNDAMENTALS
    * Gold added $1.65 an ounce to $1,688 by 0022 GMT.
The precious metal ended up around 7 percent in 2012 - the 12th
straight year of gains, making it one of the longest bull runs
ever for a commodity. 
    * President Barack Obama and congressional Republicans face
even bigger budget battles in the next two months after a
hard-fought "fiscal cliff" deal narrowly averted devastating tax
hikes and spending cuts. 
    * U.S. gold for February was little changed at
$1,688.70 an ounce.   
    * India's central bank has asked that volume and value
restrictions be placed on gold imports by banks and agencies,
while the finance minister said he was looking at further curbs
on gold imports to help rein in a current account gap that
touched an all-time high in the July-September quarter.
  
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    MARKET NEWS
    * Many Asian stocks were set to start Thursday with mild
gains while oil eased following the previous session's rally as
investors look ahead to negotiations on the U.S. debt limit and
spending cuts. 
          
    DATA/EVENTS (GMT)
    0855 Germany Unemployment rate sa Dec 2012 
    0900 EZ Money-M3 3m moving av Nov 2012 
    1330 U.S. Jobless claims Weekly 
    
    PRICES
   
  Precious metals prices 0022 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1688.00    1.65   +0.10      0.80
  Spot Silver        31.11    0.14   +0.45      2.74
  Spot Platinum    1566.99    6.49   +0.42      2.08
  Spot Palladium    703.72    1.35   +0.19      1.69
  COMEX GOLD FEB3  1688.70   -0.10   -0.01      0.77         1032
  COMEX SILVER MAR3  31.16    0.15   +0.49      3.08          508
  Euro/Dollar       1.3187
  Dollar/Yen         87.28
 
 (Reporting by Lewa Pardomuan; Editing by Michael Urquhart)

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