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PRECIOUS-Gold slips after sharp gains, Fed meeting eyed
July 29, 2013 / 12:35 AM / 4 years ago

PRECIOUS-Gold slips after sharp gains, Fed meeting eyed

SINGAPORE, July 29 (Reuters) - Gold edged lower on Monday
after three weeks of gains as investors awaited a key Federal
Reserve policy meeting this week for guidance on when the
central bank would begin to scale back its stimulus.
    
    FUNDAMENTALS
    * Spot gold fell 0.3 percent to $1,328.86 an ounce by
0015 GMT, after a 3 percent gain last week. U.S. gold 
gained almost $8 to $1,329.00.
    * Bullion has lost a fifth of its value this year as signs
of an economic recovery in the United States and signals from
the Fed suggested the bank may scale back its $85 billion
monthly bond purchases. But recent comments from the Fed have
reassured investors, pushing gold up for three straight weeks. 
    * The Fed's two-day policy meeting kicks off on Tuesday.    
The Bank of England and European Central Bank also hold policy
meetings this week.
    * Although spot gold gained 3 percent last week, its sharp
tumble on Wednesday sent a bearish signal to many technical
analysts, suggesting that the precious metal may slide further
toward three-year lows. 
    * Hedge funds and money managers raised their bullish bets
in gold futures and options to a four-month high last week,
boosted by speculation the Federal Reserve will keep interest
rates low for longer, a report by the Commodity Futures Trading
Commission showed on Friday. 
    * Russia, Ukraine and Azerbaijan are among eight countries
that increased their gold holdings in June, data from the
International Monetary Fund shows, reflecting strong interest on
the part of emerging economies to own gold as part of their
reserves. 
    * Stewart Murray, chief executive of the London Bullion
Market Association (LBMA), said on Friday he would retire in the
fourth quarter after 14 years in the post. 
    * JPMorgan Chase & Co is exiting physical
commodities trading, the bank said in a surprise statement on
Friday, as Wall Street's role in the trading of raw materials
comes under unprecedented political and regulatory pressure.
 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * The dollar was on the defensive in Asia on Monday as
investors braced for an event-packed week that includes central
bank meetings in the United States and Europe, manufacturing
data from China and U.S. growth and jobs figures. 
    
    DATA/EVENTS (GMT) 
    0800 Italy Business confidence 
    1230 U.S. Chicago Fed Midwest manufacturing 
    1400 U.S. Pending home sales 
    1430 U.S. Dallas Fed manufacturing index 

  Precious metals prices 0015 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1328.86   -4.43   -0.33    -20.64
  Spot Silver        19.90   -0.05   -0.25    -34.28
  Spot Platinum    1423.99   -1.01   -0.07     -7.23
  Spot Palladium    721.47   -1.53   -0.21      4.26
  COMEX GOLD AUG3  1329.00    7.50   +0.57    -20.69         2266
  COMEX SILVER SEP3  19.89    0.11   +0.58    -34.39          543
  Euro/Dollar       1.3282
  Dollar/Yen         98.08
 
  COMEX gold and silver contracts show the most active months
 
 (Reporting by A. Ananthalakshmi; Editing by Edwina Gibbs)

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