January 21, 2013 / 1:05 AM / 6 years ago

PRECIOUS-Gold edges up as US debt ceiling talks progress

SINGAPORE, Jan 21 (Reuters) - Gold inched up on Monday,
reversing losses from the previous session on signs U.S.
lawmakers were making progress towards an agreement on raising
the country's borrowing limit to avoid a debt default.
    * Spot gold rose 0.3 percent to $1,688.21 an ounce by
0043 GMT, after gaining 1.3 percent in the previous week.
    * U.S. gold was little changed at $1,688.30.
    * U.S. House Republican leaders on Friday said they would
seek to pass a three-month extension of federal borrowing
authority next week to buy time - on pain of losing their own
paychecks - for the Democratic-controlled Senate to pass a
budget plan that shrinks budget deficits. 
    * U.S. Senate Democrats for the first time in more than
three years will pass a budget, a senior Democratic lawmaker
said on Sunday, fulfilling a basic task that Republicans have
been urging them to do. 
    * U.S. consumer sentiment unexpectedly deteriorated for a
second straight month to its lowest in over a year in January,
with many consumers citing fallout from the recent "fiscal
cliff" debate in Washington, a survey released on Friday showed.
    * Italy's central bank cut its forecast for the country's
shrinking economy on Friday, as tight credit conditions and a
gloomy international backdrop darken the domestic outlook before
a national election in February. 
    * Speculators raised their net long positions 
in U.S. gold futures and options by 8 percent on the week to
99,458 contracts in the week ended Jan. 15, said U.S. Commodity
Futures Trading Commision. Net length in silver 
also increased. 
    * For the top stories on metals and other news, click
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    * The Dow and S&P 500 closed at five-year highs on Friday as
the market registered a third straight week of gains on a solid
start to the quarterly earnings season. 
    * The yen sank to a fresh 2-1/2 year low against the
greenback on Monday with investors giving the currency a wide
berth in the lead up to a Bank of Japan meeting that could see
the central bank commit to aggressive reflationary policy.
 0700  Germany    Producer prices       Dec                   
 1600  Eurogroup meeting in Brussels
    Precious metals prices 0043 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1688.21    4.87   +0.29      0.82
  Spot Silver        32.01    0.17   +0.53      5.71
  Spot Platinum    1674.49    7.24   +0.43      9.09
  Spot Palladium    720.75    3.03   +0.42      4.15
  COMEX GOLD FEB3  1688.30    1.30   +0.08      0.75         3597
  COMEX SILVER MAR3  32.03    0.09   +0.29      5.94         1054
  Euro/Dollar       1.3305
  Dollar/Yen         89.83
  COMEX gold and silver contracts show the most active months  
 (Reporting by Rujun Shen; Editing by Himani Sarkar)
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