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PRECIOUS-Gold extends losses on euro zone concerns; China data eyed
February 8, 2013 / 1:10 AM / 5 years ago

PRECIOUS-Gold extends losses on euro zone concerns; China data eyed

SINGAPORE, Feb 8 (Reuters) - Gold fell further on Friday as
the euro weakened on renewed concerns over the health of the
euro zone economy, while investors eyed China trade data for
more trading cues.
   China's economic rebound should show signs of strengthening
when the first hard economic numbers of the year are released,
although distortions caused by the Lunar New Year holiday will
make it difficult to gauge momentum. 
    * Gold fell $2.25 an ounce to $1,668.44 by 0050 GMT,
but prices were still headed a slight gain this week -- its
second straight weekly rise. U.S. gold futures were at
$1,669.50 an ounce, down $1.80 .
    * Platinum and palladium extended losses,
having rallied to their highest level since September 2011
earlier this week on hopes of a better economic outlook.
    * The European Central Bank will monitor the economic impact
of a strengthening euro, ECB President Mario Draghi said on
Thursday, feeding expectations the climbing currency could open
the door to an interest rate cut. 
    * Draghi said the economic weakness in the euro zone was
expected to prevail in the early part of 2013 but that later in
the year, activity should gradually recover.
    * China's gold production rose for a sixth consecutive year
and hit a record 403 tonnes in 2012, keeping its ranking as the
world's largest bullion producer, the Shanghai Securities News
said on Thursday. 
    * For the top stories on metals and other news, click
, or 
    * The euro hovered near two-week low on Friday after the ECB
chief said he would monitor the impact of the currency's
strength, making more straightforward remarks on the exchange
rate than many had expected.     
    * U.S. crude steadied under $96 per barrel, weighed by
higher domestic supplies, which may be aggravated by the
possible delayed restart of BP's Indiana refinery. 
    N/A China Exports 
    N/A China Imports 
    N/A China Trade balance 
    0530 China CPI 
    0530 China PPI 
    0700 Germany Trade balance 
    0900 Italy Industrial output 
    1330 U.S. International trade 
    1930 U.S. CFTC commitment of traders data 
  Precious metals prices 0050 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1668.44   -2.25   -0.13     -0.36
  Spot Silver        31.39   -0.05   -0.16      3.67
  Spot Platinum    1705.24  -10.50   -0.61     11.09
  Spot Palladium    743.25   -4.72   -0.63      7.41
  COMEX GOLD APR3  1669.50   -1.80   -0.11     -0.38         3630
  COMEX SILVER MAR3  31.42    0.02   +0.05      3.94          954
  Euro/Dollar       1.3394
  Dollar/Yen         93.65
  COMEX gold and silver contracts show the most active months
 (Reporting by Lewa Pardomuan; Editing by Himani Sarkar)

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