December 6, 2011 / 12:46 AM / 8 years ago

PRECIOUS-Gold steady; S&P downgrade warning weighs

SINGAPORE, Dec 6 (Reuters) - Spot gold traded steady
on Tuesday, after posting its biggest daily loss in two weeks in
the previous session on fears of a possible credit rating
downgrade for euro zone nations by Standard & Poor's.	
    	
    FUNDAMENTALS	
    * Spot gold was little changed at $1,720.79 an ounce
by 0023 GMT, after a 1.4-percent drop in the previous session.	
    * U.S. gold dropped 0.6 percent to $1,725.	
    * Standard & Poor's on Monday warned it may carry out an
unprecedented mass downgrade of euro zone countries if EU
leaders fail to reach an agreement on how to solve the region's
debt crisis in a summit later this week. 	
    * The leaders of France and Germany agreed a master plan
involving treaty change on Monday to impose budget discipline
across the euro zone as a top rating agency piled on pressure
for a rapid solution to the EU debt crisis. 	
    * Cheap valuations offer potential for double-digit returns
on global equities in 2012, with emerging markets likely to do
especially well, the CIO of HSBC's wealth management division
said on Monday, adding he had raised equity exposure at the
expense of gold. 	
    * For the top stories on metals and other news, click
, or 	
    	
    MARKET NEWS	
    * U.S. stocks gained on Monday, but the day's rally was
dampened by news that Germany and other top-rated European
nations could see their credit ratings cut. 	
    * The euro stayed on the backfoot in Asia on Tuesday after
Standard & Poor's said it was reviewing the credit ratings of
euro zone countries, including top-rated Germany, for a possible
downgrade. 	
      	
    DATA/EVENTS	
 0330 Australia   RBA cash rate        Dec 2011              
 1100 Brazil      GDP yy               Jul 2011              
 1245 U.S.        ICSC chain stores yy Weekly                
 1400 Canada      BoC rate decision                          
 	
    PRICES	
   	
 Precious metals prices 0023 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1720.79   -0.70   -0.04     21.23
  Spot Silver        32.05    0.03   +0.09      3.86
  Spot Platinum    1520.99    4.50   +0.30    -13.95
  Spot Palladium    629.40   -0.82   -0.13    -21.28
  TOCOM Gold       4312.00  -69.00   -1.57     15.63        28388
  TOCOM Platinum   3830.00  -65.00   -1.67    -18.44         4968
  TOCOM Silver       79.40   -1.90   -2.34     -1.98          134
  TOCOM Palladium  1596.00  -25.00   -1.54    -23.89          152
  COMEX GOLD FEB2  1725.00   -9.50   -0.55     21.36         1362
  COMEX SILVER MAR2  32.14   -0.23   -0.72      3.88          246
  Euro/Dollar       1.3393
  Dollar/Yen         77.83
  TOCOM prices in yen per gram. Spot prices in $ per ounce.
  COMEX gold and silver contracts show the most active months
 	
	
 (Reporting by Rujun Shen)
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