October 28, 2013 / 12:26 AM / 4 years ago

PRECIOUS-Gold hovers near 5-week high as Fed policy meeting looms

SINGAPORE, Oct 28 (Reuters) - Gold was hovering near
five-week highs on Monday as traders bet the U.S. Federal
Reserve would stick with its bullion-friendly stimulus measures
at a policy meeting later this week. 
    * Spot gold had eased 0.3 percent to $1,348.44 an
ounce by 0010 GMT, after posting a near 3-percent gain the week
    * Fed officials are unlikely to make any shift in monetary
policy this week and will continue to buy back bonds at an $85
billion monthly rate as they wait for more evidence of how badly
Washington's budget battle has hurt the U.S. economy.
    * The central bank's policy-setting committee is to release
a statement on its decision on Wednesday, at the end of its
two-day meeting.
    * Turkey and Kazakhstan raised their gold holdings in
September, while Russia's bullion reserves eased, according to 
the International Monetary Fund. 
    * SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings fell 4.50 tonnes to
872.02 tonnes on Friday. 
    * Hedge funds and money managers cut bullish bets in futures
and options of U.S. gold markets for the week ended Oct. 1, but
they increased their net longs in silver futures, a report by
the Commodity Futures Trading Commission showed. 
    * South Africa's hardline AMCU mining union threatened more
strikes at the world's top platinum producers, just weeks after
a deal to end an 11-day stoppage over job cuts. 
    * For the top stories on metals and other news, click
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    * Asian stocks got off to an encouraging start on Monday
after Wall Street closed at a record high. 
    0900 Italy Business confidence 
    1315 U.S. Industrial output 
    1400 U.S. Pending home sales 
    1430 U.S. Dallas Fed Texas manufacturing 

  Precious metals prices 0010 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1348.44   -3.84   -0.28    -19.47
  Spot Silver        22.53    0.03   +0.13    -25.59
  Spot Platinum    1448.74    3.84   +0.27     -5.62
  Spot Palladium    740.00    0.03   +0.00      6.94
  COMEX GOLD DEC3  1349.00   -3.50   -0.26    -19.50         2895
  COMEX SILVER DEC3  22.55   -0.09   -0.39    -25.59          417
  Euro/Dollar       1.3803
  Dollar/Yen         97.53
  COMEX gold and silver contracts show the most active months
 (Reporting by A. Ananthalakshmi; Editing by Joseph Radford)
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