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PRECIOUS-Gold flat as U.S. fiscal worries boost dollar
November 8, 2012 / 12:55 AM / in 5 years

PRECIOUS-Gold flat as U.S. fiscal worries boost dollar

SINGAPORE, Nov 8 (Reuters) - Gold traded little changed on
Thursday, with initial momentum after U.S. President Barack
Obama's re-election giving way to concerns about the country's
fiscal problems, boosting the greenback and weighing on bullion.
    * Spot gold was flat at $1,716.49 an ounce by 0035
GMT, after rising to a 2-1/2 week high of $1,731.40 the session
    * U.S. gold inched up 0.2 percent to $1,717.
    * Obama had little time to savour victory on Wednesday after
voters gave him a second term in the White House where he faces
urgent economic challenges, a looming fiscal showdown and a
still-divided Congress able to block his every move.
    * The dollar rose to a two-month high against a basket of
currencies on Wednesday on its safe-haven appeal, as
investors fretted about the fiscal problems in the United
    * Investors will be watching the European Central Bank's
policy meeting later today. The ECB is expected to leave
interest rates unchanged, deferring a cut in borrowing costs
that would risk undermining the impact of Mario Draghi's
signature policy a year into his ECB presidency. 
    * German manufacturing, the locomotive of Europe's largest
economy, is running out of steam three years into the euro zone
debt crisis, while the European Commission said the euro zone
economy will barely grow next year but pick up in
    * Holdings of gold-backed exchange-traded funds increased to
75.027 million ounces by Nov. 6, snapping two sessions of
straight losses. 
    * For the top stories on metals and other news, click
, or 
    * The Dow industrials lost more than 300 points in a
sell-off on Wednesday that drove all major U.S. stock indexes
down over 2 percent in the wake of the presidential election.
    * The safe-haven yen hovered near a one-month high versus
the euro on Thursday, having rallied broadly amid a rout in risk
 0700 Germany    Trade data Sep                        
 0745 France     Trade data Sep                        
 1200 Britain    BOE rate decision                           
 1245 Euro zone  ECB rate decision                           
 1330 Euro zone  ECB's Draghi holds news conference 
 1330 U.S.       Weekly jobless claims                  
 Precious metals prices 0035 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1716.49    0.18   +0.01      9.76
  Spot Silver        31.77    0.01   +0.03     14.73
  Spot Platinum    1540.49    1.50   +0.10     10.59
  Spot Palladium    608.22   -1.25   -0.21     -6.79
  COMEX GOLD DEC2  1717.00    3.00   +0.18      9.59         1762
  COMEX SILVER DEC2  31.78    0.11   +0.36     13.83         1676
  Euro/Dollar       1.2752
  Dollar/Yen         79.89
  COMEX gold and silver contracts show the most active months   

 (Reporting by Rujun Shen; Editing by Joseph Radford)

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