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PRECIOUS-Gold edges up after sell-off on fading easing hopes
2012-04-04 07:54:49

 

 

SINGAPORE, April 4 (Reuters) - Gold rebounded slightly on
Wednesday after tumbling nearly 2 percent in the previous
session, as the minutes of the U.S. Federal Reserve's last
policy meeting showed diminishing appetite for further monetary
stimulus.	
    	
    FUNDAMENTALS	
    * Spot gold inched up 0.1 percent to $1,646.96 an
ounce by 0008 GMT, after posting its biggest one-day decline in
three weeks.	
    * U.S. gold fell 1.4 percent to $1,648.50, tracking
weaker spot prices.	
    * Policy makers at the Fed have backed away from the need
for another round of quantitative easing as the U.S. economy
gradually improves, though they remained cautious on the
economic outlook. 	
    * Expectations of another round of quantitative easing had
helped send gold to $1,790.30 in February, its highest since
last November. 	
    * New orders for U.S. factory goods rebounded in February
and firms increased orders for capital goods, adding to evidence
that the U.S. economy is on the track to recovery.
 	
    * Supportive of sentiment in platinum group metals, U.S.
auto sales rose about 13 percent in March as consumers energized
by an improving job market replaced aging vehicles and took
advantage of cheap financing. 	
    * Markets in Hong Kong and mainland China are closed for a
public holiday.	
    * For the top stories on metals and other news, click
, or 	
    	
    MARKET NEWS	
    * U.S. stocks fell on Tuesday, with the S&P 500 retreating
from four-year highs after the U.S. Federal Reserve said it was
less inclined to provide more economic stimulus. 	
    * The dollar index held onto most gains made in the
previous session after the Fed minutes weakened expectations of
more stimulus measures from the central bank. 	
    	
    DATA/EVENTS	
 0758  EZ        Markit Services PMI      Mar 2012               
 0900  EZ        Euro zone retail sales   Feb 
 1000  Germany   Industrial orders        Feb         
 1130  India     M3 Money Supply                                   
 1145  EZ        ECB rate decision        Apr 2012                  
 1215  U.S.      ADP Employment report    Mar
 1400  U.S.      ISM N-Mfg PMI            Mar                      
 1400  U.S.      ISM N-Mfg Bus Act        Mar                      
        	
    PRICES	
  	
 Precious metals prices 0008 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1646.96    2.13   +0.13      5.32
  Spot Silver        32.62    0.00   +0.00     17.80
  Spot Platinum    1640.24    5.39   +0.33     17.75
  Spot Palladium    651.00    2.40   +0.37     -0.23
  COMEX GOLD JUN2  1648.50  -23.50   -1.41      5.21         2233
  COMEX SILVER MAY2  32.63   -0.63   -1.91     16.89          475
  Euro/Dollar       1.3226
  Dollar/Yen         82.84
  COMEX gold and silver contracts show the most active months
 	

 





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