January 25, 2011 / 7:48 AM / 8 years ago

PRECIOUS-Factors To Watch on Jan 25

 LONDON, Jan 25 (Reuters) - Spot gold hit a two-month trough on Tuesday, as support from safe-haven demand diminished on strong economic data and earnings reports, however tight supply in Asia is expected to provide a floor for prices.
  
 For latest market report, see [GOL/]
  
 PRICES   * Spot gold XAU= was bid at $1,332.13 at 0729 GMT from $1,334.25 late in New York on Monday.
 * Silver XAG= was at $26.76 from $26.91.
 * Platinum XPT= at $1,796.50 from $1,811.99.
 * Palladium XPD= at $795.50 from $809.50
  
 DATA/EVENTS
 * U.K. preliminary gross domestic product for the fourth quarter at 0930 GMT.
 * U.S. Federal Open Market Committee begins two-day interest rate policy meeting.
 * U.S. S&P/Case-Shiller home price index for November at 1400 GMT.
 * Richmond Fed manufacturing, services indexes for Jan at 1500 GMT.
 * U.S. Consumer confidence for January at 1500 GMT 
 [ECI/US] [ECI/EURO] [ECI/GB] [M/DIARY] [MTL/DIARY]
  
 MARKET NEWS
 * Asian stocks rose on Tuesday, with the Nikkei gaining more than 1 percent, on optimism that companies will report strong earnings, while the euro held near a two-month high.  [MKTS/GLOB] 
 * The euro held firm near a two-month peak on Tuesday, showing only the barest signs of fatigue after a rally in the past two weeks, as climbing euro zone interest rates prompted speculators to bet on further gains in the currency. [USD/] 
 * U.S. oil fell on Tuesday for a second straight session as an expected rise in U.S. stocks and a weak technical outlook weighed on prices.  [O/R] 
 * Wall Street resumed its rally on Monday, led by natural resources and technology shares as investors saw stocks regaining momentum lost late last week. [.N] [.EU]
  
 FUNDAMENTALS
 * SPDR Gold Trust (GLD), the world’s largest gold-backed exchange-traded fund, said its holdings had fallen 10.926 tonnes, or nearly one percent, to 1,260.843 tonnes by Jan 24, after rising more than 20 tonnes in the previous session. The holdings hit a record at 1,320.436 tonnes on June 29. [ID:nL3E7CO1VP]
 * Indonesian state miner Aneka Tambang (Antam) (ANTM.JK) expects gold output in 2011 to be 3.7 tonnes and nickel at 18,000 tonnes,  CEO Alwinsyah Lubis said on Tuesday. [ID:nJKB004246]
 * Canadian gold miner Greystar Resources GSL.TO said on Monday its gold and silver Angostura project in Colombia poses no threat to the ecosystem amid growing opposition from local authorities. [ID:nN24193781]
 * Holdings in the world’s largest silver-backed exchange-traded fund, iShares Silver Trust (SLV), rose by 0.8 percent to 10,478.08 tonnes by Jan 24, from 10,394.53 tonnes on Jan 21. [ID:nL3E7CP001]
  
 TECHNICALS
 * Gold support at $1,323 an ounce, resistance at $1,351 an ounce and 14-day RSI at 41.9.
 * Platinum support at $1,794 an ounce, resistance at $1,836 and 14-day RSI at 63.8.
 * Silver support at $26.35 an ounce, resistance at $27.80 and 14-day RSI at 44.7.  (Reporting by Melanie Burton; editing by Alison Birrane)                 

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