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PRECIOUS-Gold ticks up, heads for second straight weekly gain
May 3, 2013 / 12:50 AM / 4 years ago

PRECIOUS-Gold ticks up, heads for second straight weekly gain

SINGAPORE, May 3 (Reuters) - Gold edged up slightly on
safe-haven buying on Friday, heading for a second straight
weekly gain, after the European Central Bank cut interest rates
to an all-time low and the U.S. Federal Reserve said it would
keep up its bond purchases to spur growth.
     
    FUNDAMENTALS
    * Spot gold hit an intraday high around $1,468 an
ounce and stood at $1,466.74 by 0022 GMT, up only 50 cents from
the previous close. Investors are waiting for U.S. non-farm
payrolls report for April due on Friday, which will signal the
longer-term prospects for the Fed's monetary stimulus.
    * Gains would still be capped by daily outflows on
exchange-traded funds. SPDR Gold Trust, the world's
largest gold-backed exchange-traded fund, said its holdings fell
0.56 percent to 1,069.22 tonnes on Thursday -- their lowest
since September 2009. 
    * U.S. gold was at $1,466.50 an ounce, down $1.10.  
    * The European Central Bank cut its main interest rate by 25
basis points to a record low of 0.50 percent on Thursday, after
inflation fell well below the ECB's target and increasingly weak
economic surveys increased doubts about a
recovery. 
    * Gold consumers in China, the world's second-largest buyer
after India, were looking for bargains following a shaky rebound
in global prices, while demand from other Asian consumers was
likely to keep premiums at multi-year highs, dealers said on
Thursday. 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * Asian shares rose after the interest rate cut by the ECB
added to hopes that more stimulus from yet another major central
bank will help shore up the global economic recovery. 
    * The euro traded at $1.3064, having skidded nearly 1
percent on Thursday. It also lost ground against the yen,
slipping to 128.00 and pulling further away from a
3-year peak around 131.10 set last month.    
    
    DATA/EVENTS (GMT)
    0900 Euro zone Producer prices 
    1230 U.S. Nonfarm payrolls 
    1230 U.S. Unemployment rate 
    1400 U.S. ISM non-manufacturing PMI 
    1400 U.S. Factory orders 
    
    PRICES
    
  Precious metals prices 0022 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1466.74    0.50   +0.03    -12.41
  Spot Silver        23.77   -0.02   -0.08    -21.50
  Spot Platinum    1501.00    7.00   +0.47     -2.21
  Spot Palladium    692.47    3.47   +0.50      0.07
  COMEX GOLD JUN3  1466.50   -1.10   -0.07    -12.49         1352
  COMEX SILVER JUL3  23.75   -0.08   -0.36    -21.45          559
  Euro/Dollar       1.3063
  Dollar/Yen         98.00
 
  COMEX gold and silver contracts show the most active months
 
 (Reporting by Lewa Pardomuan; Editing by Himani Sarkar)

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