SINGAPORE, Nov 20 Gold was trading in a tight
range on Wednesday as investors awaited the release of the
minutes of a Federal Reserve policy meeting later in the session
for clues on when the bank will trim its stimulus.
A lack of major U.S. economic data and lacklustre physical
demand also prevented investors from taking big positions.
* Spot gold was largely unchanged at $1,274.06 an
ounce by 0023 GMT.
* Platinum and palladium were steady following gains on
Tuesday after South African utility Eskom declared a power
emergency on Tuesday, a move that could reduce output at mines
* Federal Reserve Chairman Ben Bernanke said on Tuesday the
Fed will maintain ultra-easy U.S. monetary policy for as long as
needed and will only begin to taper bond buying once it is
assured that labour market improvements would continue.
* Bernanke said that while the economy had made significant
progress, it was still far from where officials wanted it to be.
* The Fed may need to wait until next year, possibly until
March, before beginning to wind down its massive bond-purchase
program, Chicago Fed President Charles Evans said on Tuesday.
* Minutes of the October 29-30 Fed meeting are due to be
released later on Wednesday, with investors looking for detail
of Fed discussions on the timing of any tapering.
* SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings fell 1.50 tonnes to
863.01 tonnes on Tuesday.
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* Pressure on the yen showed no signs of letting up on
Wednesday, with the euro climbing to a four-year peak and the
dollar holding onto overnight gains even after more dovish
comments from top Fed officials.
0700 Germany Producer prices
1200 U.S. Weekly mortgage market index
1330 U.S. Retail sales
1330 U.S. Consumer inflation
1500 U.S. Existing home sales
1900 FOMC releases minutes from Oct. 29-30 meeting
PRICES AT 0023 GMT
Metal Last Change Pct chg YTD pct chg
Spot gold 1274.06 -0.58 -0.05 -23.92
Spot silver 20.34 0.02 0.1 -32.83
Spot platinum 1411.24 -0.56 -0.04 -8.06
Spot palladium 717.75 -0.25 -0.03 3.72
Comex gold Dec3 1273.6 0.1 0.01 -24
Comex silver Dec3 20.35 0.016 0.08 -32.86
COMEX gold and silver contracts show the most active months
(Reporting by A. Ananthalakshmi; Editing by Richard Pullin)