TOKYO, July 9 (Reuters) - Gold was steady on Thursday, after
falling more than 1 percent to a two-month low near $900 an ounce
the previous day as investor risk aversion pushed up the dollar
versus the euro, dulling gold's allure as an alternative asset.
FUNDAMENTALS
* Spot gold <XAU=> traded at $909.00 an ounce at 0026 GMT, up
slightly from New York's notional close of $908.45.
* On Wednesday, gold fell as low as $904.70, its lowest since
May 8. []
* Bullion has lost its allure recently due to lessened
inflation concerns after a fall in oil prices and as
flight-to-quality buying in the face of economic uncertainty was
directed into U.S. Treasury bonds and the dollar.
* U.S. gold futures for August delivery <GCQ9> fell 0.1
percent to $908.10 an ounce after falling $19.80, or 2.1 percent,
to $909.30 on the COMEX division of the New York Mercantile
Exchange on Wednesday.
* The world's largest gold-backed exchange-traded fund, the
SPDR Gold Trust <GLD>, said holdings stood at 1,109.81 tonnes as
of July 8, down 10.38 tonnes or 0.9 percent from the previous
business day. []
MARKET NEWS
* Hard metal commodities weakened across the board on
Wednesday, hit by global economic concerns and worries over a
potential clampdown by the U.S. futures regulator on speculation
in energy and commodity trading. []
* Tokyo's Nikkei share average <> fell 1.2 percent. []
* The Dow and Nasdaq eked out gains on Wednesday as a
late-stage rally brought stocks off their lows on hopes that the
quarterly earnings season would deliver good news. []
* U.S. government bond prices shot higher on Wednesday,
pushing benchmark yields to seven-week lows, after the Treasury
sold $19 billion 10-year debt in an auction that attracted
surprisingly strong demand. []
* The yen inched up versus the dollar and euro, extending
Wednesday's sharp rally as renewed concerns about the global
economy spurred investors to exit risky investments. []
* Leaders of the Group of Eight major economies did not
discuss the dollar's role as the key global currency at
Wednesday's talks. []
DATA EVENTS
- G8 Summit in L'Aquila, Italy, through July 10. (N/A)
- Bank of England interest rate decision (1100 GMT)
* The following data is expected on Thursday: <ECON>
- Australia employment data for June (0130 GMT)
- German trade data for May (0600 GMT)
- UK trade data for May (0830 GMT)
- Weekly U.S. jobless claims (1230 GMT)
- U.S. wholesale inventories for May (1400 GMT)
RELATED NEWS
>Gold sinks with oil, soy as economic woes deepen []
>IMF sees 2010 growth; G8 frets over risks []
>SAfrica mines won't be nationalised-minister []
>FACTBOX-Hedging in commds markets under scrutiny[]
>CFTC seeks to limit energy, commds speculation []
>Dubai's gold sales fall 30 pct in June-retailers []
PRICES
Precious metals prices at 0020
Metal Last Change Pct chg Day ago pct MA 30 RSI
Spot gold $908.35 -$0.10 -0.01% +1.27% $860.10 28
Spot silver $12.84 $0.00 +0.00% +7.18% $11.29 20
Spot plat $1097.50 $1.50 +0.14% -3.05% $1201.10 23
COMEX gold $908.30 -$13.30 -1.44% -2.24% $943.02 31
TOCOM gold 2,721 -73 -2.61% -4.16% 2,923 22
TOCOM plat 3,294 -60 -1.79% -6.39% 3,746 20
Currencies
Euro/dlr $1.387 -$0.011 -0.79% -0.62%
Dlr/yen 92.84 -2.52 -2.64% -3.39%
(Reporting by Risa Maeda; Editing by Chris Gallagher)
