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PRECIOUS-Gold steady; safe-haven demand down on upbeat data
January 28, 2011 / 12:58 AM / 7 years ago

PRECIOUS-Gold steady; safe-haven demand down on upbeat data

 SINGAPORE, Jan 28 (Reuters) - Spot gold held near a
four-month low on Friday, after falling by more than two percent
in the previous session, as economic data from the United States
and Europe pointed to steady growth, which depresses safe-haven
demand from investors.	
    	
 FUNDAMENTALS	
 * Spot gold was little changed at $1,313.25 an ounce
by 0041 GMT, after falling to $1,308.70 in the previous session,
its lowest in nearly four months.	
 * U.S. gold futures fell 0.4 percent at $1,313.	
 * U.S. housing and factory data on Thursday showed the
economy still gaining strength in December but at a pace
unlikely to cause the Federal Reserve to rethink its stimulus
program. 	
 * Euro zone economic sentiment was broadly flat in January,
pointing to a good start to 2011, but inflation expectations
jumped among companies and households, adding to European
Central Bank policy headaches. 	
 * Holdings in the SPDR Gold Trust , the world's largest
gold-backed exchange-traded fund, fell about three tonnes to its
eight-month low of 1,226.546 tonnes. 	
	
 MARKET NEWS	
 * Strong corporate earnings led Wall Street to a 29-month
closing high for a second day on Thursday, but another run of
big gains may be harder to achieve. 	
 * The yen nursed broad losses on Friday after Standard &
Poor's cut Japan's credit rating by a notch, though it fared
relatively better against the U.S. dollar which had troubles of
its own. 	
 	
 DATA/EVENTS (GMT)	
 0900 EZ       Money-M3 3m moving av Dec      	
 1130 India M3 Money Supply Final          	
 1330 U.S.  Real GDP qq SAAR Q4-Adv	
 1455 U.S.  Reuters/UMich Sent Jan-P	
  ::  U.S.  Chevron Q4 	
    	
 RELATED NEWS	
> Mixed U.S. data points to growth momentum         	
> ECB warns of imported inflation, euro jumps       	
> German inflation edges up in January              	
> S&P cuts Japan debt rating; warning to rich world 	
> US manufacturing profits suggest stronger economy 	
> China to open up yuan cautiously, boost trade     	
> Euro zone sentiment broadly flat, inflation outloo 	
> Yen weak on S&P downgrade; commodities drop       	
> U.S., Japan must spell out plans to cut debt-IMF  	
> Strong Japan exports suggest end to econ lull near 	
> Brent hovers near flat as premium to WTI surges   	
> Russia cbanker sees inflation risks in H1         	
 PRICES   	
 Precious metals prices 0041 GMT
  Metal             Last    Change  Pct chg  YTD pct chg  Volume
  Spot Gold        1313.25    1.01   +0.08     -7.48
  Spot Silver        26.90    0.02   +0.07    -12.83
  Spot Platinum    1777.99   -3.01   -0.17      0.59
  Spot Palladium    801.47   -0.75   -0.09      0.25
  TOCOM Gold       3511.00  -51.00   -1.43     -5.85      35292
  TOCOM Platinum   4790.00  -36.00   -0.75      2.00       4881
  TOCOM Silver       71.80   -1.20   -1.64    -11.36        668
  TOCOM Palladium  2139.00  -10.00   -0.47      2.00        290
  COMEX GOLD FEB1  1313.00   -5.40   -0.41     -7.63       1559
  COMEX SILVER MAR1  26.90   -0.13   -0.48    -13.06        501
  Euro/Dollar      1.3725
  Dollar/Yen         82.84
  
  TOCOM prices in yen per gram. Spot prices in $ per ounce.   
	
 (Reporting By Rujun Shen; Editing by Ed Lane)	
 	
  
Reuters
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