April 7, 2010 / 12:44 AM / 7 years ago

PRECIOUS-Gold rises on fiscal worries; near 1-month high

 SINGAPORE, April 7 (Reuters) - Gold firmed on Wednesday as
renewed worries about debt-ridden Greece and volatile
currencies boosted the metal's safe-haven appeal, while
palladium was steady near a 2-year high.
 FUNDAMENTALS
 * Spot gold XAU= was at $1,134.45 an ounce by 0031 GMT,
up $1.25 from New York's notional close on Tuesday, when it hit
a 1-month high of $1,138.40 an ounce despite a rising U.S.
dollar against the euro.
 * Palladium XPD= was steady at $504.75, having risen to
its highest since March 2008 at $508.50 on Tuesday on short
covering by autocatalyst makers and investment demand.
 * U.S. gold futures for June delivery GCM0 were hardly
moved at $1,135.2 an ounce.
 * The world's largest gold-backed exchange-traded fund,
SPDR Gold Trust, said its holdings stood at 1,129.823 tonnes as
of April 6, unchanged from the previous business day.
[GOL/SPDR]
 MARKET NEWS
 * The euro struggled on Wednesday, plagued by fresh worries
about debt-laden Greece, while commodity currencies like the
Australian and Canadian dollars held gains on the back of
expectations of higher interest rates. [USD/]
 * Bullion's gains in the face of a stronger dollar indicate
the inverse relationship between the metal and the U.S.
currency will occasionally break down, if risk-averse investors
pile into gold due to related to economic jitters, dealers
said.
 * Oil inched up toward $87 a barrel on Tuesday, rallying
for a sixth consecutive session, as recent positive economic
data launched futures to a fresh 18-month high. [O/R]
 DATA EVENTS
 * The following data is expected on Wednesday       ECON
 - Bank of Japan interest rate decision
 - Bank of England starts two-day meeting
 - Euro zone services PMI for March                 (0758
GMT)     - OECD interim assessment of G7 countries,euro
area(0900 GMT)     - Euro zone PPI for February
  (0900 GMT)     - Weekly U.S. mortgage market index
   (1100 GMT)
 - U.S. consumer credit for Feb                    (1900
GMT)
 RELATED NEWS > Fed says "extended period" may last a long
time  [nN06218670] > Greece denies EU-IMF pact u-turn amid
selloff  
 [nLDE63513Y] > Nikkei flat, exporters dip on stronger yen    
  [nTOE635087] > Yuan revaluation "China's choice"-Geithner   
[nLDE6351N1] > Australia service sector activity slow in
March   [nSGE6350KP] > US hirings fall in Feb, but job market
turning    [nN06223183] > UK economy gives mixed signals as
election nears  [nLDE6351NE] > EIA lowers global oil demand
growth forecast      [nN06240145] > Greece US dlr bond sale may
hinge on aid package  [nN06577549]    
 Precious metals prices at 0031 GMT
 Metal             Last    Change  Pct chg  YTD pct chg
Turnover
 Spot Gold        1134.45    1.25   +0.11      3.54
 Spot Silver        17.91    0.03   +0.17      6.42
 Spot Platinum    1705.00    7.50   +0.44     16.22
 Spot Palladium    504.75    0.25   +0.05     24.48
 TOCOM Gold       3428.00    9.00   +0.26      5.19       
19827
 TOCOM Platinum   5123.00   38.00   +0.75     16.94       
11214
 TOCOM Silver       54.50   -0.30   -0.55      5.42          
61
 TOCOM Palladium  1520.00   20.00   +1.33     30.47         
292
 Euro/Dollar       1.3377
 Dollar/Yen         93.75
 TOCOM prices in yen per gram. Spot prices in $ per ounce.
  (Reporting by Lewa Pardomuan; Editing by Michael Urquhart)







































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