TOKYO, July 14 (Reuters) - Gold prices inched below $920 an
ounce on Tuesday, taking a breather after rallying above that
level the previous session helped by solid gains in stock markets
on optimism about upcoming corporate earnings.
FUNDAMENTALS
* Gold <XAU=> was down 0.2 percent at $918.50 an ounce as of
0012 GMT. That compared with New York's notional close of $920.00
on Monday, when it rose as high as $923.10, the highest since
July 8.
* Further gains could be capped by a lack of inflation-hedge
and risk aversion demand. Concerns about an economic recovery
have been weighing on oil prices and supporting the dollar,
instead of gold, as a safe asset. []
* U.S. gold futures for August delivery <GCQ9> fell 0.4
percent to $918.7 an ounce. The contract settled up $10, or 1.1
percent, at $922.50 an ounce on the COMEX division of the New
York Mercantile Exchange.
* The world's largest gold-backed exchange-traded fund, the
SPDR Gold Trust <GLD>, said its holdings stood at 1,109.81 tonnes
as of July 13, unchanged since July 8. []
* India's gold collection under exchange-traded funds rose
24.6 percent to 5.931 tonnes from 4.761 tonnes a year go, data
from the funds showed. []
* The amount of metal Zurich Cantonal Bank holds to back its
gold exchange-traded comodity rose 3,428 ounces in the week to
July 10 to 4.716 million ounces. []
MARKET NEWS
* Japan's Nikkei share average rose 1.9 percent. []
* U.S. stocks rallied more than 2 percent on Monday as
bullish comments on financial sector performance from analyst
Meredith Whitney lifted hopes that banks' quarterly results may
be stronger than expected. []
* The dollar rose against the yen on Monday, rebounding from
a five-month low, as Whitney's comments boosted optimism about
U.S. financial companies' earnings and sparked a rally on Wall
Street. []
DATA EVENTS
- Bank of Japan begins two-day policy board meeting
* The following data is expected on Tuesday: <ECON>
- National Australia Bank June business index (0130 GMT)
- UK consumer price inflation (0830 GMT)
- Germany ZEW survey (0900 GMT)
- Euro zone industrial production (0900 GMT)
- U.S. producer price index for June (1230 GMT)
- U.S. retail sales for June (1230 GMT)
- U.S. business inventories for May (1400 GMT)
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PRICES
Precious metals prices at 0004
Metal Last Change Pct chg Day ago pct MA 30 RSI
Spot gold $918.50 -$1.50 -0.16% +2.40% $860.10 43
Spot silver $12.82 $0.00 +0.00% +7.01% $11.29 28
Spot plat $1107.00 -$3.00 -0.27% +0.23% $1180.22 30
COMEX gold $918.70 -$2.10 -0.23% +0.68% $936.49 45
TOCOM gold 2,752 46 +1.70% +1.33% 2,881 35
TOCOM plat 3,321 67 +2.06% +1.40% 3,655 31
Currencies
Euro/dlr $1.400 $0.002 +0.16% +0.39%
Dlr/yen 92.90 -0.07 -0.08% +0.55%
(Reporting by Risa Maeda; Editing by Chris Gallagher)
