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PRECIOUS-Gold falls back as stocks rally; Yellen keeps losses in check
February 12, 2014 / 12:35 AM / 4 years ago

PRECIOUS-Gold falls back as stocks rally; Yellen keeps losses in check

SINGAPORE, Feb 12 (Reuters) - Gold gave back some of its
sharp overnight gains on Wednesday as stocks rallied but was
still trading near its highest in three months on assurances
from the new Federal Reserve chair that there would be no abrupt
changes to U.S. monetary policy.
    
    FUNDAMENTALS
    * Spot gold fell 0.5 percent to $1,285.50 an ounce by
0024 GMT, snapping a three-day winning streak. The metal hit a
three-month high of $1,293.44 on Tuesday, before closing up 1.3
percent.
    * In her first public comments since becoming Fed chief
earlier this month, Janet Yellen emphasized continuity with the
policy approach taken by her predecessor, Ben Bernanke. 
    * She said the central bank was on track to keep reducing
its stimulus even though the labour market recovery was far from
complete. 
    * SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings rose 1.80 tonnes to
798.85 tonnes on Tuesday. 
    * Russian gold production is likely to fall by 5 percent
this year from a record level of 254 tonnes in 2013 due to a
fall in prices, Sergei Kashuba, head of the Russian Gold
Industrialists' Union, told Reuters. 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * Asian shares rallied for a fourth straight session on
Wednesday as risk appetites were whetted by an optimistic
economic outlook from Yellen, diminishing the need for safe
havens. 
    
    DATA/EVENTS (GMT)
    0200 China Trade data 
    0745 France Current account 
    1000 Euro zone Industrial production 
    1900 U.S. Federal budget 

    PRICES AT 0024 GMT    
 Metal             Last      Change    Pct chg
                                               
 Spot gold           1285.5     -5.96     -0.46
 Spot silver          20.14     -0.09     -0.44
 Spot platinum      1382.99      2.09      0.15
 Spot palladium         716       1.1      0.15
 Comex gold          1285.3      -4.5     -0.35
 Comex silver        20.145    -0.008     -0.04
 Euro                1.3627                    
 DXY                 80.661                    
                                               
 COMEX gold and silver contracts show the most
 active months
   

 (Reporting by A. Ananthalakshmi; Editing by Michael Perry)

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