June 4, 2013 / 12:51 AM / 5 years ago

PRECIOUS-Gold supported as soft US data rekindles stimulus hopes

SINGAPORE, June 4 (Reuters) - Gold was a touch firmer on
Tuesday, after clocking up near-2 percent gains in the previous
session, as weak U.S. manufacturing data raised hopes the
Federal Reserve would not wind down its monetary stimulus soon.
    * Spot gold edged up 0.07 percent to $1,412.11 an
ounce by 0016 GMT. It gained 1.8 percent to $1,416.11 on Monday
as the dollar tumbled on weak manufacturing data. 
    * U.S. gold was little changed at $1,412.20.
    * The U.S. manufacturing sector contracted in May, driving
activity to the lowest in nearly four years, in the latest sign
the economy is encountering a soft patch. 
    * Data from China and Europe also showed that manufacturers
struggled last month as demand fell, suggesting an ailing world
economy that still needs a steady diet of central bank support.
    * Fed chairman Ben Bernanke had said last month the central
bank could slow down stimulus measures if the U.S. economy
    * India's gold imports jumped to 162 tonnes in May, from
142.5 tonnes in April, despite a rebound in prices. The data
raised fears that India, the world's biggest bullion buyer,
could impose more restrictions on imports in an effort to reduce
its deficit. 
    * Holdings of New York's SPDR Gold Trust, the largest
gold-backed exchange-traded-fund, remained unchanged on Monday,
showing investors' growing confidence in the metal. The
near-three week decline in the holdings came to a stop last
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    * The U.S. dollar wallowed at one-month lows against a
basket of major currencies on Tuesday, suffering a vicious
setback after disappointing data curbed speculation the Fed
would scale back its stimulus anytime soon. 
    0900 Euro zone Producer prices 
    1145 U.S. ICSC weekly chain store sales 
    1230 U.S. International trade 
    1255 U.S. Redbook weekly retail sales 
    1345 U.S. ISM-New York regional activity 
    1400 U.S. IBD/TIPP consumer confidence 
  Precious metals prices 0016 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1412.11    1.01   +0.07    -15.67
  Spot Silver        22.67   -0.04   -0.18    -25.13
  Spot Platinum    1490.74   -2.26   -0.15     -2.88
  Spot Palladium    754.22   -2.28   -0.30      8.99
  COMEX GOLD AUG3  1412.20    0.30   +0.02    -15.73         1938
  COMEX SILVER JUL3  --        --      --        --      
  Euro/Dollar       1.3070
  Dollar/Yen         99.71
  COMEX gold and silver contracts show the most active months
 (Reporting by A. Ananthalakshmi; Editing by Ed Davies)
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