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PRECIOUS-Gold heads for biggest weekly rise since late-Aug
November 9, 2012 / 1:05 AM / 5 years ago

PRECIOUS-Gold heads for biggest weekly rise since late-Aug

SINGAPORE, Nov 9 (Reuters) - Gold inched up on Friday,
heading for its biggest weekly rise in over two months, on the
prospect of monetary policy remaining loose after U.S. President
Barack Obama's re-election, and worries about looming fiscal
woes driving safe haven bids.
    * Spot gold inched up 0.1 percent to $1,732.25 an
ounce by 0038 GMT, on course for a weekly rise of more than 3
percent -- the sharpest since late August. 
    * U.S. gold was up 0.4 percent to $1,732.60.
    * The European Central Bank left its key interest rate
unchanged at 0.75 percent, and its president Mario Draghi said
the euro zone economy shows little sign of recovering before the
year-end despite easing financial market conditions. 
    * Concerns about the U.S. "fiscal cliff", an automatic tax
hike and spending cuts amounting to $600 billion due to take
effect early next year, drove investors to seek safety in havens
including U.S. Treasuries, the dollar and gold.
    * Escalating tension between the United States and Iran also
underpinned sentiment in gold. Iranian warplanes fired at an
unarmed U.S. drone in international airspace last wee but did
not hit the aircraft, the Pentagon said. 
    * Holdings of gold-backed exchange-traded funds rose to a
record high of 75.133 million ounces by Nov. 7, suggesting
unseating investment enthusiasm. 
    * Later in the day, China is scheduled to release a string
of data, including inflation, industrial output and retail
sales, expected to show modest growth recovery in the world's
No.2 economy. 
    * China's gold demand is expected to grow 1 percent this
year to a record of around 860 tonnes, the global head of metals
at consultancy Thomson Reuters GFMS said on Thursday, with both
jewellery and investment sales rising. 
    * For the top stories on metals and other news, click
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    * U.S. stocks fell on Thursday and could be in line for more
weakness as worries about Washington's ability to find a timely
solution to the "fiscal cliff" dominate investor thinking in
coming weeks. 
    * The euro traded little changed on Friday, after falling to
a two-month low against the dollar in the previous session as
the ECB held interest rates at a record low. 

 0130 China   CPI                       Oct                   
 0130 China   PPI                       Oct                   
 0500 Japan   Consumer confidence index Oct                   
 0530 China   Industrial output         Oct                   
 0530 China   Retail sales              Oct                   
 0530 China   Urban investment          Oct                   
 0745 France  Industrial output         Sep                   
 0900 Italy   Industrial output         Sep                   
 1230 U.S.    Import/Export prices      Oct                   
 1455 U.S.    TR/Univ of Michigan consumer sentiment          
 2130 U.S.    CFTC commitment of traders data                 
 Precious metals prices 0038 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1732.25    2.26   +0.13     10.77
  Spot Silver        32.31   -0.01   -0.03     16.68
  Spot Platinum    1543.00    2.25   +0.15     10.77
  Spot Palladium    612.00    0.03   +0.00     -6.21
  COMEX GOLD DEC2  1732.60    6.60   +0.38     10.58         2979
  COMEX SILVER DEC2  32.32    0.08   +0.25     15.78         1289
  Euro/Dollar       1.2737
  Dollar/Yen         79.50
  COMEX gold and silver contracts show the most active months
 (Reporting by Rujun Shen; Editing by Ed Davies)

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