SINGAPORE, March 28 (Reuters) - Spot gold edged lower on
Monday, after hawkish comments from some U.S. Federal Reserve
officials dampened sentiment, while the crisis in the Middle
East is expected to lend some support.
FUNDAMENTALS
* Spot gold inched down 0.2 percent to $1,425.25 an
ounce by 0045 GMT, off a record high of $1,447.40 hit on March
24.
* U.S. gold futures <GCv1> were little changed, at
$1,425.70.
* Stronger-than expected economic growth in the fourth
quarter in the United States, coupled with hawkish comments from
some U.S. Federal Reserve officials that the Fed was unlikely to
extend its bond purchase programme, pressured bullion prices.
[] []
* Eyes are still on the Middle East turmoil, as Libyan
rebels made advances in battles against the country's leader
Muammar Gaddafi and unrest in Yemen and Syria spread.
[]
* Oil supply worries triggered by the Middle East crisis
have buoyed prices of crude oil. A prolonged period of high oil
prices could lead to inflation, adding to gold's appeal as an
inflation hedge.
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MARKET NEWS
* Wall Street advanced for a third straight day on Friday,
giving the S&P its best weekly performance since early February,
but volume remained light as global uncertainty persisted.
* The euro started the week on the back foot following news
of a German state election rout for Chancellor Angela Merkel's
conservatives, but expectations of an imminent rate hike by the
European Central Bank looked set to limit its downside.
* U.S. crude oil futures were steady in early Asian trade on
Monday as fighting in Libya and political unrest continued
unabated in Syria, Yemen and Bahrain.
DATA/EVENTS (GMT)
1230 U.S. Personal income mm Feb
1400 U.S. Pending home sales Feb
PRICES
Precious metals prices 0045 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1425.25 -2.50 -0.18 0.41
Spot Silver 37.11 -0.18 -0.48 20.25
Spot Platinum 1735.99 -6.46 -0.37 -1.78
Spot Palladium 742.76 -2.19 -0.29 -7.10
TOCOM Gold 3747.00 2.00 +0.05 0.48 17150
TOCOM Platinum 4581.00 10.00 +0.22 -2.45 4590
TOCOM Silver 97.40 -0.20 -0.20 20.25 772
TOCOM Palladium 1960.00 3.00 +0.15 -6.53 72
COMEX GOLD APR1 1425.70 -0.50 -0.04 0.30 3647
COMEX SILVER MAY1 37.14 0.09 +0.23 20.02 2397
Euro/Dollar 1.4039
Dollar/Yen 81.55
TOCOM prices in yen per gram. Spot prices in $ per ounce.
COMEX gold and silver contracts show the most active months
(Reporting By Rujun Shen;Editing by Clarence Fernandez)
Reuters
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