TOKYO, July 14 (Reuters) - Gold steadied on Wednesday after
rising nearly 2 percent the previous day when worries over debt
problems in the euro zone bolstered the metal's appeal as a haven
from risk and currency alternative, but high price levels may
prompt selling.
FUNDAMENTALS
* Spot gold <XAU=> was at $1,210.90 per ounce as of 0000 GMT,
little changed from late New York levels of $1,210.65 an ounce.
* Spot rose to a high of $1,217.60 an ounce on Tuesday after
debt rating agency Moody's cut Portugal's rating.
* U.S. gold futures for August delivery <GCQ0> were at
$1,211.20 per ounce, compared to $1,213.50 an ounce on the COMEX.
It reached $1,218.80 on Tuesday, its highest since July 1.
* The world's largest gold-backed exchange-traded fund, the
SPDR Gold Trust <GLD>, said holdings stood at 1,314.819 tonnes as
of Tuesday, unchanged from the previous day when they rose for
the first time since retreating from a record 1,320.436 tonnes
marked in late June. []
* The world's largest silver-backed exchange-traded fund, the
iShares Silver Trust <SLV>, said its holdings climbed to 9,185.29
tonnes as of July 13, up 33.51 tonnes or 0.4 percent, from the
previous business day. []
MARKET NEWS
* Nikkei stock average <> opened up 1.79 percent. []
* U.S. stocks rallied for a sixth straight day on Tuesday
after Alcoa's quarterly results gave heart to investors who had
fled to the sidelines on jitters about the sustainability of the
economic recovery. []
* The euro firmed near 2-month highs at $1.2720 <EUR=>,
having jumped nearly 1 percent the day before. Easing concerns
about funding pressure in the euro zone and bullish charts
technicals were likely to support the single currency. []
* U.S. Senate Democrats on Tuesday appeared to nail down the
votes needed to approve a historic overhaul of U.S. financial
regulations and set up a final vote by the end of the week.
[]
DATA EVENTS
* The following data is expected on Wednesday: <ECON>
- Basel Committee to discuss global bank capital rules. (N/A)
- Euro zone May industrial production. (0900 GMT)
- Euro zone June final inflation. (0900 GMT)
- Weekly U.S. mortgage market index. (1100 GMT)
- U.S. import/export prices for June. (1230 GMT)
- U.S. retail sales for June. (1230 GMT)
- U.S. business inventories for May. (1400 GMT)
- Federal Open Market Committee releases minutes from June
22-23 meeting. (1800 GMT)
RELATED NEWS
>Gold holds above $1,210/oz on euro debt concerns []
>BIS swap op signals wider use of gold-GFMS []
>Oil, wheat rally; CRB hits 2-week high []
>US May trade gap widens, tempers GDP outlook[]
>EU ministers back closer budget surveillance[]
PRICES
Precious metals prices at 0002 GMT
Metal Last Change Pct chg 2 Day chg MA 30 RSI
Spot gold $1210.45 -$0.20 -0.02% +4.54% $1227.30 49
Spot silver $18.23 $0.03 +0.16% +0.28% $18.35 53
Spot plat $1528.00 $3.50 +0.23% +1.06% $1547.25 51
COMEX gold $1210.90 -$2.60 -0.21% +1.02% $1194.76 49
TOCOM gold 3,469 45 +1.31% +0.20% 3,544 49
TOCOM plat 4,409 62 +1.43% +0.57% 4,480 53
Currencies
Euro/dlr $1.271 -$0.001 -0.09% +0.99%
Dlr/yen 88.84 0.21 +0.24% +0.24%
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Reporting by Chikako Mogi; Editing by Joseph Radford)
