March 30, 2011 / 12:51 AM / 9 years ago

PRECIOUS-Gold regains footing, talk of cenbank tightening weighs

 SINGAPORE, March 30 (Reuters) - Gold strengthened on Wednesday on firmer
equities, but investors were nervous after talk resurfaced that some central
banks would have to start tightening monetary policy soon, a move which could
dent bullion's appeal as a hedge against inflation. 	
  	
 FUNDAMENTALS	
 * Spot gold added $2.35 an ounce to $1,418.30 an ounce by 0027 GMT --
well below a lifetime high around $1,447 struck last week. It had dropped 0.1
percent on Tuesday as talk of central banks' monetary tightening prompted
selling. 	
 * U.S. gold futures for April rose $2.7 an ounce to $1,418.9 an
ounce.	
 * St. Louis Federal Reserve chief James Bullard urged the U.S. central bank
on Tuesday to begin reversing its campaign of monetary easing, saying it could
trim its $600 billion bond-buying programme by $100 billion. [ID:nN29607548] 	
 	
 MARKET NEWS	
 * Japan's Nikkei stock average nudged higher on Wednesday, recouping the
previous day's losses, after rising U.S. bond yields lifted the dollar against
the yen and after Wall Street edged higher, albeit in thin trade. 	
  * Commodity prices closed mixed on Tuesday, as investors prepared for the
end of a volatile quarter, with oil rising on continued unrest in Libya, gold
falling on tighter monetary policy talk, and copper tracking moderate Wall
Street gains. 	
	
DATA EVENTS (GMT)	
0900 EZ Business climate Mar 2011    0900 EZ Economic sentiment
Mar 2011    2301 S.Korea Industrial output yy Pre Feb 2011
 2315 Japan Manufacturing PMI Mar 2011 	
 	
 Precious metals prices 0027 GMT
 Metal             Last    Change   Pct chg  YTD pct chg  Turnover
 Spot Gold        1418.30     2.35    +0.17     -0.08
 Spot Silver        37.03   - 0.04    -0.11     19.99
 Spot Platinum    1750.49    16.04    +0.92     -0.96
 Spot Palladium    754.50     6.22    +0.83     -5.63
 TOCOM Gold       3769.00    31.00    +0.83      1.07        21142
 TOCOM Platinum   4670.00    64.00    +1.39     -0.55         6038
 TOCOM Silver       98.20     1.30    +1.34     21.23          842
 TOCOM Palladium  2012.00    56.00    +2.86     -4.05           75
 Euro/Dollar       1.4120
 Dollar/Yen         82.43
 TOCOM prices in yen per gram. Spot prices in $ per ounce.
	
(Reporting by Lewa Pardomuan; Editing by Clarence Fernandez)	
 	
 	
 	
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