September 10, 2013 / 12:51 AM / 6 years ago

PRECIOUS-Gold edges down on oil, firm equities

SINGAPORE, Sept 10 (Reuters) - Gold tracked oil lower on
Tuesday after Russia offered to work with Damascus to put
Syria's chemical weapons under international control, while
firmer equities also dented the metal's appeal as an alternative
investment. 
      
    FUNDAMENTALS
    * Gold eased $1.03 an ounce to $1,385.91 by 0037 GMT.
      
    * U.S. gold was little changed at $1,386.20 an
ounce.    
    * Bullion is also under pressure from expectations the U.S.
Federal Reserve will opt to taper its monetary stimulus
programme. 
    * Syria welcomes a Russian proposal to place the nation's
chemical weapons under international control, Syrian Foreign
Minister Walid al-Moualem said on Monday after talks in Moscow,
praising the Kremlin for seeking to "prevent American
aggression". 
    * SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.23 percent to
917.13 tonnes on Monday from 919.23 tonnes on Friday. 
    * For the top stories on metals and other news, click
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    MARKET NEWS
    * U.S. crude oil fell more than $1 on Tuesday on a
Russian proposal to avert a possible U.S. strike against Syria.
 
    * The euro held steady around a more than one-week high in
early Asian trade on Tuesday, as risk appetite ticked up after a
Russian proposal on Syria raised the chance that a U.S. military
strike would be delayed or averted. 
    * Japan's benchmark Nikkei average opened up 0.80
percent at 14,318.72 on Tuesday. U.S. stocks closed sharply
higher on Monday, with the Nasdaq ending at its highest level
since September 2000, as upbeat data from China boosted optimism
about the health of the global economy.  
        
    DATA/EVENTS (GMT)
    0530 China Industrial output 
    0530 China Retail sales 
    0530 China Urban investment 
    0645 France Industrial output 
    1130 U.S. NFIB business optimism 
    1145 U.S. ICSC weekly chain store sales 
       
    PRICES
    
  Precious metals prices 0037 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1385.91   -1.03   -0.07    -17.24
  Spot Silver        23.63   -0.03   -0.13    -21.96
  Spot Platinum    1482.24    2.64   +0.18     -3.44
  Spot Palladium    685.97    2.97   +0.43     -0.87
  COMEX GOLD DEC3  1386.20   -0.50   -0.04    -17.28         3574
  COMEX SILVER DEC3  23.70   -0.02   -0.07    -21.80          452
  Euro/Dollar       1.3255
  Dollar/Yen         99.69
 
  COMEX gold and silver contracts show the most active months
 
    
    

    
    

 (Reporting by Lewa Pardomuan)
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