TOKYO, Dec 15 (Reuters) - Gold prices firmed on Tuesday
as the dollar stayed weak after easing concerns about debt woes
in Dubai improved risk tolerance.
Investors were bracing for comments by the U.S. Federal
Reserve, which is to start its two-day meeting later in the day
and will likely close out the year by repeating a pledge to keep
interest rates extraordinarily low for an extended period, even
as it makes a nod to signs of economic recovery. []
FUNDAMENTALS
* Spot gold <XAU=> stood at $1,127.85 per ounce, up 0.2
percent from New York's notional close of $1,126.20.
* Bullion hit a four-week low of $1,109.10 on Friday.
* Spot gold is trading about $100 below a record high of
$1,226.10 reached on Dec. 3 as investors have lightened positions
since then.
* U.S. gold futures for February delivery <GCG0> rose 0.4
percent to $1,129.00 per ounce. The contract finished $3.90
higher at $1,123.80 an ounce on Monday on the COMEX division of
the NYMEX. Futures were also off about $100 from a record peak of
$1,227.50 hit on Dec. 3.
* The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust <GLD>, said its holdings rose 0.304 tonnes on Monday,
marking the first rise since Dec. 3. []
MARKET NEWS
* Tokyo's Nikkei share average <> was down 0.6 percent
on Monday. []
* U.S. stocks closed at 14-month highs on Monday as Abu
Dhabi's $10 billion in aid to help Dubai avoid default eased
worries, and as a takeover deal by Exxon Mobil Corp raised
optimism about mergers and acquisitions activity. []
* The greenback was subdued on Tuesday, pulling away from
recent two-month highs against the euro, with markets wary about
what the U.S. Federal Reserve would signal after its two-day
policy meeting starting later in the day. []
DATA EVENTS
* The following data is expected on Tuesday: <ECON>
- Minutes of Reserve Bank of Australia meeting (0030 GMT)
- Australia Q3 dwelling unit starts (0030 GMT)
- Swiss industry orders for Q3 (0815 GMT)
- UK consumer prices for November (0930 GMT)
- German ZEW sentiment index for December (1000 GMT)
- Euro zone labour costs, wages for Q3 (1000 GMT)
- First day of two-day FOMC meeting (N/A)
- New York Fed Empire State survey for December (1330 GMT)
- U.S. PPI/core PPI for November (1330 GMT)
- Redbook weekly U.S. retail sales (1355 GMT)
- U.S. November industrial output, capacity use (1415 GMT)
- U.S. Treasury Secretary Geithner news conference (1630 GMT)
- U.S. NAHB index for December (1800 GMT)
RELATED NEWS
>Crops power commods higher despite weaker oil []
>BANK VIEW-Commods and energy price forecasts []
>Newmont,Sumitomo complete stake sales in venture[]
>India's Nov gold ETF volumes up to 7.4 tonnes []
>India's retail investors bet on gold funds []
>US post-Christmas shopping may fall - survey []
>Abu Dhabi throws Dubai a lifeline []
PRICES
Precious metals prices at 0012 GMT
Metal Last Change Pct chg Day ago pct MA 30 RSI
Spot gold $1127.70 $1.50 +0.13% -2.61% $1142.83 38
Spot silver $17.37 $0.01 +0.06% -4.46% $18.05 34
Spot plat $1444.25 $0.75 +0.05% +1.28% $1423.47 55
COMEX gold $1129.00 $1.00 +0.09% +1.20% $1140.04 38
TOCOM gold 3,231 9 +0.28% -0.92% 3,286 41
TOCOM plat 4,141 35 +0.85% +0.41% 4,087 56
Currencies
Euro/dlr $1.465 $0.000 -0.01% +0.19%
Dlr/yen 88.75 0.16 +0.18% -0.24%
(Reporting by Risa Maeda)
