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PRECIOUS-Gold rises to 1-month high on weaker U.S. dollar
July 22, 2013 / 12:51 AM / in 4 years

PRECIOUS-Gold rises to 1-month high on weaker U.S. dollar

SINGAPORE, July 22 (Reuters) - Gold jumped more than 1
percent to its highest level in a month on Monday as the U.S.
dollar slipped against other currencies, with gains in Japanese
bullion futures adding extra support.
        
    FUNDAMENTALS
    * Gold hit a high of $1,314.49 an ounce, its highest
since June 20, and stood at $1,312.24 by 0024 GMT, up $16.50.
Gold last week posted its second weekly gain after the Federal
Reserve's assurance the timing of any tapering in economic
stimulus is not set in stone.
     * U.S. gold rose 1.49 percent to $1,312.10 an
ounce.     
    * The most active June 2014 gold contract on Tokyo Commodity
Exchange (JAUc6> rose as high as 4,243 yen a gramme, its highest
since June 20, because of a weaker yen. 
    * Hedge funds and money managers raised their bullish bets
in gold and silver futures and options in the week to July 16,
while they trimmed net shorts in copper, a report by the
Commodity Futures Trading Commission showed on Friday.
 
    * China's central bank removed controls on bank lending
rates, effective Saturday, in a long-awaited move that signals
the new leadership's determination to carry out market-oriented
reforms. 
     * SPDR Gold Trust GLD, the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.29 percent to
932.46 tonnes on Friday from 935.17 tonnes on Thursday.
 
     * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * The dollar index was down at 82.404. The yen, on
the other hand, inched lower Monday after a big win at the polls
by Japanese Prime Minister Shinzo Abe gave a green light for
prolonged monetary stimulus. 
    U.S. oil futures traded above the global crude-market
benchmark, North Sea Brent, for the first time since 2010 on
Friday as signs of strong demand from U.S. refiners boosted
spread trading and bets that the era of the U.S. discount was
ending. 
      
    DATA/EVENTS (GMT)
    1230 U.S. Chicago Fed National Activity Index 
    1400 U.S. Existing home sales 
   
    PRICES
      
  Precious metals prices 0024 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1312.24   16.50   +1.27    -21.64
  Spot Silver        19.80    0.34   +1.75    -34.61
  Spot Platinum    1435.75   12.25   +0.86     -6.47
  Spot Palladium    748.25    3.75   +0.50      8.13
  COMEX GOLD AUG3  1312.10   19.20   +1.49    -21.70        14800
  COMEX SILVER SEP3  0.20    0.00   +1.62    -99.35         1969
  Euro/Dollar       1.3160
  Dollar/Yen         99.86
 
  COMEX gold and silver contracts show the most active months
 
 (Reporting by Lewa Pardomuan; Editing by Richard Pullin)

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