November 7, 2012 / 12:35 AM / 5 years ago

PRECIOUS-Gold pares some gains; U.S. election eyed

SINGAPORE, Nov 7 (Reuters) - Gold edged lower on Wednesday,
shaving off some of its nearly 2 percent gains in the previous
session, with investors awaiting the outcome of a neck-and-neck
U.S. presidential election.
    
    FUNDAMENTALS
    * Spot gold had inched down 0.3 percent to $1,710.05
an ounce by 0009 GMT, after posting a 1.9-percent jump the
session before, its biggest one-day rise since mid-September.
    * U.S. gold also lost 0.3 percent, falling to
$1,710.30.
    * Investors are waiting for the result of the U.S.
presidential election. Gold could benefit if President Barack
Obama succeeds in his re-election bid, while a victory by
Republican candidate Mitt Romney would weigh on sentiment as he
has appeared critical of the Federal Reserve's stimulus
measures. 
    * Hundreds of thousands of Greeks began a crippling 48-hour
strike on Tuesday to protest against a new round of wage and
pension cuts that parliament is expected to approve by a narrow
margin. 
    * Euro zone businesses endured their worst month in October
since June 2009, with little hope of a turnaround coming soon,
purchasing managers indexes data showed on Tuesday.
 
    * Holdings of gold-backed exchange-traded funds
 fell for a second session on Nov. 5 to 74.95
million ounces.
    * Spot silver lost 0.4 percent to $31.83, after
posting a 2.6-percent rise in the previous session, its
strongest daily gain since mid-September.
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * U.S. stocks climbed on Tuesday, the last day of trading
before the U.S. election results came to a close, as investors
looked forward to a resolution to the drawn-out race for the
White House. 
    * The U.S. dollar was a touch softer in Asia on Wednesday,
having retreated from a two-month high, while the Aussie dollar
stood out with broad gains after interest rates at home were
left steady. 
    
    DATA/EVENTS
 1000 Euro zone    Retail sales       Sep        
 1100 Germany      Industrial output  Sep            
 2000 U.S.         Consumer credit    Sep         
    
    PRICES
    
     Precious metals prices 0009 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1710.05   -5.29   -0.31      9.35
  Spot Silver        31.83   -0.12   -0.38     14.95
  Spot Platinum    1550.00    0.01   +0.00     11.27
  Spot Palladium    613.75    0.15   +0.02     -5.94
  COMEX GOLD DEC2  1710.30   -4.70   -0.27      9.16         3220
  COMEX SILVER DEC2  31.86   -0.18   -0.56     14.11          660
  Euro/Dollar       1.2804
  Dollar/Yen         80.26
  COMEX gold and silver contracts show the most active months
 
 

 (Reporting by Rujun Shen; Editing by Joseph Radford)

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