November 6, 2012 / 12:35 AM / 5 years ago

PRECIOUS-Gold flat after coming off 2-month low; US election in focus

SINGAPORE, Nov 6 (Reuters) - Gold traded steady on Tuesday
as investors awaited potential policy spinoffs from the U.S.
presidential election, while China's upcoming leadership
transition and Greece's strike over a new austerity package also
kept sentiment cautious.
    * Spot gold ticked up $1.47 to $1,685.46 an ounce by
0017 GMT, rebounding from a two-month low of $1,672.24 in the
previous session.
    * U.S. gold inched up 0.2 percent to $1,685.70.
    * All eyes are on the U.S. presidential election due to take
place later in the day, as President Barack Obama and Republican
candidate Mitt Romney engaged in frantic last-minute campaigns
in a sprint through swing states.  
    * A win by President Obama could be positive for gold as he
is seen more supportive of stimulus measures, while additional
monetary easing may be out of question if Romney won, analysts
have said.
    * The expansion in the vast U.S. services sector slowed
slightly last month, suggesting growth in the world's largest
economy would remain modest, while activity in China's services
industry also waned. 
    * Greece's government presented a new austerity package to
parliament on Monday as a week of strikes and protests kicked
off over proposals that lawmakers must approve if the country is
to secure more aid and stave off bankruptcy. 
    * China's ruling Communist Party opens its 18th Congress on
Thursday, a complicated political coronation that will install
the country's fifth generation of leaders. 
    * Hong Kong's gold shipment to mainland China in September
jumped 23 percent on the year to 69.711 tonnes as demand picked
up ahead of the holiday season, although net exports decreased
13 percent on the year. 
    * Holdings of gold-backed exchange-traded funds
 stood at 75.074 million ounces by Nov. 4, just a
hair off the historical high of 75.086 million ounces hit in
late October.    
    * For the top stories on metals and other news, click
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    * U.S. stocks advanced modestly on Monday in light trading
in one of the year's quietest sessions on the day before the
U.S. presidential election. 
    * The euro languished at eight-week lows versus the
greenback on Tuesday, having fallen broadly as a Greek
parliament vote on a new austerity package loomed. 

 0330 Australia   RBA cash rate Nov                           
 0858 Euro zone   Markit Services PMI Oct                     
 1000 Euro zone   Producer prices Sep                         
 1100 Germany     Industrial orders Sep                       
 1245 U.S.        ICSC weekly chain store sales               
 1355 U.S.        Redbook weekly retail sales                 
 Precious metals prices 0017 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1685.46    1.47   +0.09      7.78
  Spot Silver        31.17    0.02   +0.06     12.57
  Spot Platinum    1539.40    0.16   +0.01     10.51
  Spot Palladium    609.00    0.03   +0.00     -6.67
  COMEX GOLD DEC2  1685.70    2.50   +0.15      7.59         1262
  COMEX SILVER DEC2  31.20    0.07   +0.23     11.77          545
  Euro/Dollar       1.2794
  Dollar/Yen         80.17
  COMEX gold and silver contracts show the most active months
 (Reporting by Rujun Shen; Editing by Ed Davies)
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