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

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.
    
    FUNDAMENTALS
    * 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
strengthened. 
    * 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
Wednesday. 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * 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. 
    
    DATA/EVENTS (GMT) 
    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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