August 27, 2013 / 12:26 AM / in 4 years

PRECIOUS-Gold holds above $1,400, weak U.S. data helps

SINGAPORE, Aug 27 (Reuters) - Gold held above $1,400 an
ounce on Tuesday, hovering near its highest in 11 weeks,
supported by weak U.S. data that traders hoped could stymie the
U.S. Federal Reserve's plan to taper its stimulus measures this
    * Spot gold had fallen 0.1 percent to $1,402.56 an
ounce by 0007 GMT, while U.S. gold gained about $9 to
    * Orders for long-lasting U.S. manufactured goods recorded
their biggest drop in nearly a year in July and a gauge of
planned business spending on capital goods also tumbled, casting
a shadow over the economy early in the third quarter.
    * The report on Monday added to other data for July on
industrial production, housing starts and new home sales that
have suggested economic growth this quarter will probably not
accelerate as much as economists had hoped.
    * Gold climbed about 0.6 percent on Monday as traders
believed the weak data could delay the Fed stimulus tapering,
that economists had largely expected to start from next month.
    * Gold's break above $1,400 an ounce on Monday for the first
time since June 7, and a bullish "cup and handle" chart pattern,
suggest more gains are in store for the precious metal which may
have bottomed out two months ago, technical analysts said.
    * India is considering asking gold traders to produce a
proof of payment for their jewellery exports, trade body
officials said on Monday, a move which may tighten supplies in
the world's top bullion buyer. 
    * The Obama administration warned Congress that the United
States could run out of money to pay its bills soon after
mid-October if lawmakers do not move swiftly to raise a limit on
government borrowing. 
    * For the top stories on metals and other news, click
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    * The dollar was marking time against major currencies on
Tuesday after disappointing U.S. data dragged Treasury yields
    0800 Germany Ifo business climate 
    1145 U.S. ICSC weekly chain store sales 
    1230 U.S. Chicago Fed manufacturing index 
    1300 U.S. CaseShiller home price index 
    1400 U.S. Consumer confidence 
    1400 U.S. Richmond Fed manufacturing index 
  Precious metals prices 0007 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1402.56   -1.84   -0.13    -16.24
  Spot Silver        24.23   -0.04   -0.16    -19.98
  Spot Platinum    1548.24    8.39   +0.54      0.86
  Spot Palladium    745.97    1.97   +0.26      7.80
  COMEX GOLD DEC3  1402.40    9.30   +0.67    -16.31         2517
  COMEX SILVER SEP3  24.24    0.22   +0.94    -20.03          751
  Euro/Dollar       1.3376                                                        
  Dollar/Yen         98.29                                                                                                                                        
  COMEX gold and silver contracts show the most active months
 (Reporting by A. Ananthalakshmi; Editing by Joseph Radford)
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