SINGAPORE, Jan 26 (Reuters) - Spot gold held steady on
Wednesday, while the SPDR Gold Trust staged its biggest one-day
fall ever, showing a decline in interest from investors as the
latest U.S. data underscored an improved economic outlook.
FUNDAMENTALS
* Spot gold was little changed at $1,333.90 an ounce
by 0033 GMT, off the three-month low at $1,322.70 hit on
Tuesday.
* U.S. gold futures was also little changed at
$1,333.3.
* SPDR Gold Trust , the world's largest gold-backed
exchange-traded fund, said its holdings fell 31.262 tonnes, the
biggest one-day fall ever, to an eight-month low of 1,229.581
tonnes by Jan 25.
* U.S. consumer confidence rose in January to its highest
level in eight months, underscoring the brightening economic
outlook, although declining housing prices still cast a cloud on
the recovery.
* U.S. President Obama is scheduled to make his State of the
Union speech at 0200 GMT. Comments on U.S. government spending
plans may move the commodities markets.
* Gold prices are expected to average $1,450 an ounce in
2011, building on stellar gains from last year, boosted by low
interest rates, dollar weakness and lingering worry over growth
in major economies, a Reuters poll showed.
* Europe needs to strengthen its financial rescue fund to
reduce the risk of renewed global instability as U.S. tax cuts
and buoyant emerging economies help propel the recovery
elsewhere, the IMF said on Tuesday.
MARKET NEWS
* U.S. stocks erased losses in a late flurry of buying to
end little changed on Tuesday as overall optimism about earnings
offset disappointing results from blue chips 3M and Johnson &
Johnson.
* The euro climbed to a two-month high above $1.37 on
Tuesday and looked poised to extend gains as momentum turned
increasingly bullish after the currency's recent break above key
chart levels.
DATA/EVENTS (GMT)
0200 U.S. State of the Union presidential speech
1500 U.S. New home sales chg mm Dec
1500 U.S. New home sales-units mm Dec
1915 U.S. FOMC rate decision Jan
RELATED NEWS
> Obama pushes spending freeze, outlines challenges
> Wall Street ends flat in late flurry of buying
> US consumer morale at 8-mo high; home prices sag
> Recovery builds but Europe, inflation risks-IMF
> British economy suffers shock Q4 contraction
> BOJ sees brighter outlook, keeps easy money
> Canada inflation softer than expected in Dec
> Strong demand for EFSF bond boosts euro confidence
> German consumer morale highest since Oct 2007
> US oil slips for 6th straight day, economy eyed
> France consumer spending gets last car lift
> FAO wants price curbs, warns of food crisis-report
PRICES
Precious metals prices 0033 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1333.90 1.15 +0.09 -6.03
Spot Silver 26.97 0.13 +0.48 -12.61
Spot Platinum 1789.74 5.24 +0.29 1.26
Spot Palladium 784.22 5.50 +0.71 -1.91
TOCOM Gold 3544.00 -1.00 -0.03 -4.96 29370
TOCOM Platinum 4795.00 -23.00 -0.48 2.11 7877
TOCOM Silver 71.30 0.30 +0.42 -11.98 846
TOCOM Palladium 2080.00 -35.00 -1.65 -0.81 718
Euro/Dollar 1.3669
Dollar/Yen 82.26
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Reporting By Rujun Shen; Editing by Ed Lane)
Reuters
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