SINGAPORE, Feb 6 (Reuters) – Platinum rose to its strongest
level in four months on Wednesday and sister metal palladium
held near its highest since September 2011 on hopes the global
economy is on the mend, while gold rebounded slightly after an
overnight decline.
FUNDAMENTALS
* Platinum hit a high of $1,711.25 an ounce and was
at $1,708.24 by 0046 GMT, up $2.25. Palladium was steady
at $763.72 an ounce, after rising as high as 766.22 an ounce on
Tuesday.
* Switzerland’s net exports of platinum more than tripled
and of palladium jumped more than 50 percent in 2012, data from
the Swiss customs bureau showed on Tuesday.
* Gold added $1.06 an ounce to $1,673.66. U.S. gold
rose $1.10 to $1,674.60 an ounce.
* The vast U.S. services sector expanded again last month,
extending a three-year run of growth, while European business
optimism hit an eight-month high, suggesting the euro zone
economy is starting to recover.
* Hong Kong’s net gold flow to mainland China jumped 47
percent in 2012 to a record high of 557.478 tonnes, indicating
robust demand in China, which vies with India to be the world’s
top gold consumer.
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MARKET NEWS
* Asian shares recovered on Wednesday as the solid euro zone
data calmed nerves jarred by potential political turmoil
derailing the region’s efforts to resolve its debt crisis, while
the prospect of a dovish new governor for the Bank of Japan
weakened the yen.
* U.S. crude steadied above $96 per barrel on Wednesday.
DATA/EVENTS (GMT)
1100 Germany Industrial orders
1200 U.S. Weekly mortgage market index
1530 U.S. EIA petroleum status report
PRICES
Precious metals prices 0046 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1673.66 1.06 +0.06 -0.05
Spot Silver 31.81 0.03 +0.09 5.05
Spot Platinum 1708.24 2.25 +0.13 11.29
Spot Palladium 763.72 0.28 +0.04 10.36
COMEX GOLD APR3 1674.60 1.10 +0.07 -0.07 3178
COMEX SILVER MAR3 31.84 -0.04 -0.13 5.31 1026
Euro/Dollar 1.3584
Dollar/Yen 93.60
COMEX gold and silver contracts show the most active months
(Reporting by Lewa Pardomuan; Editing by Joseph Radford)
