SINGAPORE, Nov 14 (Reuters) – Gold edged up on Wednesday as
the euro steadied against the U.S. dollar, while platinum
extended gains to its highest in three weeks on expectations
that demand could exceed supply this year.
FUNDAMENTALS
* Gold had risen $2.60 to $1,727.49 an ounce by 0035
GMT, but was still down from a 3-week peak around $1,738 struck
on Friday.
* Platinum climbed to $1,590, its strongest since
Oct. 23.
* Palladium was steady at $633.00 an ounce,
having rallied to $634.97 on Tuesday, its strongest since Oct.
19.
* Supply outages in South Africa are set to push the
platinum market into deficit this year as shipments from the
world’s main producer of the white metal fall by the equivalent
of more than a month’s demand, refiner Johnson Matthey said on
Tuesday.
* U.S. Treasury Secretary Timothy Geithner on Tuesday warned
against extending all U.S. tax breaks to give Washington
additional time to broker a deficit reduction deal, saying it
would create more uncertainty in the markets.
* U.S. gold futures for December rose $3 an ounce to
$1,727.80.
* Holdings of the largest silver-backed exchange-traded-fund
(ETF), New York’s iShares Silver Trust SLV, dropped 0.19 percent
on Monday from Friday, while those of the largest gold-backed
ETF, New York’s SPDR Gold Trust GLD, remained unchanged during
the same period.
* For the top stories on metals and other news, click
, or
MARKET NEWS
* Asian shares and the euro steadied on Wednesday but lacked
the impetus for a decisive rebound, as investors continued to
fret about the looming “fiscal cliff” in the United States and a
delay in releasing more aid to debt-stricken Greece.
A weaker dollar makes commodities priced in the greenback
more appealing to holders of other currencies.
DATA/EVENTS (GMT)
1000 Euro zone Industrial production Sep
1330 U.S. Retail sales Oct
1330 U.S. Producer price index Oct
1500 U.S. Business inventories Sep
1900 Federal Open Market Committee minutes of Oct. 23-24
meeting
PRICES
Precious metals prices 0035 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1727.49 2.60 +0.15 10.47
Spot Silver 32.56 0.10 +0.31 17.59
Spot Platinum 1590.00 9.25 +0.59 14.14
Spot Palladium 633.00 0.28 +0.04 -2.99
COMEX GOLD DEC2 1727.80 3.00 +0.17 10.28 2293
COMEX SILVER DEC2 32.58 0.09 +0.27 16.69 435
Euro/Dollar 1.2710
Dollar/Yen 79.47
COMEX gold and silver contracts show the most active months
(Reporting by Lewa Pardomuan; Editing by Joseph Radford)
