SINGAPORE, March 23 (Reuters) - Spot gold was steady on
Wednesday, underpinned by nervousness over the Middle East
turmoil as fighting in Libya continued and Yemen slid towards
the edge of a civil war, but a rebound in the dollar weighed on
prices.
FUNDAMENTALS
* Spot gold edged down 0.2 percent to $1,427.05 an
ounce by 0044 GMT.
* U.S. gold futures was flat at $1,427.20.
* Investors are closely watching the rapidly developing
turmoil in Yemen, where thousands of protesters took to the
street and President Ali Abdullah Saleh warned of a civil war if
he were forced to quit.
* Fears over Japan's nuclear crisis have eased, but TEPCO,
the operator of the quake-crippled Fukushima nuclear plant, said
it needed more time before it could say the reactors were
stabilised.
* Holdings in the SPDR Gold Trust , the world's largest
gold-backed exchange-traded fund, extended the decline from the
previous session, down 0.91 tonnes to 1,214.869 tonnes by March
22.
* Gold prices could rally up to $1,600 an ounce by next
year, as rising inflation and investor desire for safe-haven
assets feeds demand for the metal, gold miners told the Reuters
Global Mining & Steel Summit.
* For the top stories in metals and other news, click
, or
MARKET NEWS
* Wall Street snapped a three-day winning streak on Tuesday,
even as investors adjusted to the insecurity created by events
in Japan, the Middle East and North Africa.
* The dollar index edged up from a 15-month low hit
in the previous session. The euro hovered below a 4 1/2-month
high as worries about debt problems in Portugal and Ireland
sapped appetite for the currency.
* U.S. crude futures were hardly changed in early Asian
trade on Wednesday as concerns over fighting in oil producer
Libya and unrest in Yemen were weighed against expectations
official U.S. figures would show crude oil stocks rose last
week.
DATA/EVENTS (GMT)
0758 France Markit/CDAF Mfg FlashP P Mar 2011
0828 Germany Markit/BME MFG Flash PMI Mar 2011
0858 EZ Markit Mfg flash PMI Mar 2011
1230 U.S. Durable Goods orders Feb 2011
1230 U.S. Unemployment claims Weekly
2330 Japan CPI, core nationwide yy Feb 2011
PRICES
Precious metals prices 0044 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1427.05 -2.45 -0.17 0.54
Spot Silver 36.28 -0.06 -0.17 17.56
Spot Platinum 1734.49 2.49 +0.14 -1.87
Spot Palladium 733.50 0.50 +0.07 -8.26
TOCOM Gold 3724.00 -1.00 -0.03 -0.13 21746
TOCOM Platinum 4550.00 -15.00 -0.33 -3.11 4225
TOCOM Silver 94.30 0.60 +0.64 16.42 606
TOCOM Palladium 1916.00 -37.00 -1.89 -8.63 93
COMEX GOLD APR1 1427.20 -0.40 -0.03 0.41 1991
COMEX SILVER MAY1 36.31 0.04 +0.11 17.36 1199
Euro/Dollar 1.4158
Dollar/Yen 80.93
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 Himani Sarkar)
Reuters
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