SINGAPORE, April 18 (Reuters) – Gold traded steady near
$1,650 an ounce on Wednesday, bouncing from a one-week low hit
in the previous session after a successful Spanish debt auction
eased fears about the euro zone debt crisis and lent support to
the euro.
FUNDAMENTALS
* Spot gold was nearly flat at $1,650.19 an ounce by
0052 GMT, after touching a one-week low near $1,634 in the
previous session.
* U.S. gold was little changed at $1,651.60.
* Worries about a new phase of the euro zone debt crisis
eased on Tuesday after a Spanish debt auction met with
better-than-expected buying interest, but concerns about the
country’s finances are likely to keep the pressure on in coming
days.
* German business sentiment rose unexpectedly in April to
its highest level since June 2010, a survey showed on Tuesday,
suggesting Europe’s biggest economy may be recovering from a
weak spell.
* But output at U.S. factories slipped in March and builders
started construction on fewer homes, offering cautionary signals
for an economy that appeared to be gaining traction.
* The International Monetary Fund revised upward its global
growth forecast for this year and 2013, but said risks remain
high and growth is very fragile.
* Spot palladium rose to a two-week high of $662.50
an ounce, before paring some gains to $661.47, up 0.6 percent
from the previous close.
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MARKET NEWS
* U.S. stocks scored their biggest gains in a month on
Tuesday after Coca-Cola led a round of strong earnings and as
concerns about Europe’s debt crisis eased as Spanish bond yields
fell.
* The safe-haven yen stayed under pressure in Asia on
Wednesday, having suffered a broad decline overnight as a
revival in risk appetite saw Wall Street score its biggest gains
in a month.
DATA/EVENTS
0830 UK Bank of England April meetings minutes
1100 US Mortgage market index Weekly
1130 India M3 Money Supply
2330 Japan Reuters Tankan DI Apr 2012
2350 Japan Exports yy Mar 2012
PRICES
Precious metals prices 0052 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1650.19 1.21 +0.07 5.52
Spot Silver 31.74 0.07 +0.22 14.63
Spot Platinum 1588.49 11.36 +0.72 14.03
Spot Palladium 661.47 4.07 +0.62 1.37
COMEX GOLD JUN2 1651.60 0.50 +0.03 5.41 1447
COMEX SILVER MAY2 31.74 0.07 +0.21 13.70 938
Euro/Dollar 1.3139
Dollar/Yen 81.12
COMEX gold and silver contracts show the most active months
(Reporting by Rujun Shen; Editing by Richard Pullin)
