TOKYO, May 21 (Reuters) - Gold steadied above two-week lows
on Friday as the euro climbed against the dollar, but the market
remained caught between selling to cover losses in other markets
and safe-haven buying on worries over financial market turmoil.
FUNDAMENTALS
* Spot gold <XAU=> was at $1,183.95 per ounce as of 0019 GMT,
compared to $1,181.10 an ounce late in New York on Thursday, when
it fell to a two-week low of $1,174.35 an ounce. Spot gold rose
to a record high $1,248.95 an ounce on May 14.
* U.S. gold futures for June delivery <GCM0> were at
$1,184.50 an ounce compared to $1,188.60 on the COMEX division of
the NYMEX.
* Gold prices dropped on Thursday, although steep equities
losses spurred safe-haven demand for the metal, while palladium
plummeted as much as 10 percent on investor fears that a euro
zone debt crisis could hamper economic growth.
* Platinum prices have slipped $200, or 12 percent, this week
alone, while palladium shed more than $120 to its Thursday low, a
23 percent drop.
* Platinum <XPT=> was at $1,492.00 an ounce compared to
$1,509.00 an ounce in late New York on Thursday, when it fell
more than 7 percent to as low as $1,482.90 an ounce. Palladium
<XPD=> was at $411.00 against $412.75 on Thursday, when it
dropped 12 percent to a low of $402.65.
* The world's largest gold-backed exchange-traded fund, the
SPDR Gold Trust <GLD>, said its holdings totalled 1,220.152
tonnes as of May 20, unchanged from the previous business day
when they hit a record high. []
MARKET NEWS
* Nikkei stock average <> slid nearly 3 percent and hit
a five-month low on Friday, with exporters hurt after the yen
strengthened against the euro on worries about disunity among
euro zone leaders on how to address the region's debt crisis.
[]
* U.S. stocks sank nearly 4 percent on Thursday on growing
fears the euro zone's efforts to tackle its sovereign debt crisis
will fall short, jeopardizing the global economic recovery. []
* The euro climbed against the dollar on Friday, extending
the rise the previous day made on speculation European monetary
officials may intervene to prop up the single currency. []
DATA EVENTS
* The following data is expected on Friday: <ECON>
- Bank of Japan policy decision. (N/A)
- European Central Bank Conference. (N/A)
- Germany Q1 detailed GDP. (0600 GMT)
- Bank of Japan governor news conference. (0630 GMT)
- Germany May provisional manufacturing, services PMI. (0728
GMT)
- Euro zone May provisional manufacturing, services PMI.
(0758 GMT)
- Germany May Ifo business climate index. (0800 GMT)
- Euro zone March current account data. (0800 GMT)
- U.S. ECRI weekly. (1430 GMT)
RELATED NEWS
>Gold drops but safe haven remains; palladium sinks []
>Oil, CRB slump as anxiety on eurozone spreads []
>Germany, France pledge unity as markets falter[]
>US jobless claims up, cast a pall over job mkt[]
PRICES
Precious metals prices at 0029 GMT
Metal Last Change Pct chg 2 Day chg MA 30 RSI
Spot gold $1184.85 $3.75 +0.32% +2.33% $1180.16 37
Spot silver $17.75 $0.16 +0.91% -2.37% $18.35 34
Spot plat $1492.50 -$16.50 -1.09% -6.72% $1691.82 15
COMEX gold $1185.20 $55.80 +4.94% +2.94% $1180.22 36
TOCOM gold 3,445 -22 -0.63% -4.17% 3,532 29
TOCOM plat 4,364 -227 -4.94% -11.16% 5,069 18
Currencies
Euro/dlr $1.252 $0.005 +0.40% +0.71%
Dlr/yen 90.14 0.70 +0.78% -1.79%
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Reporting by Chikako Mogi; Editing by Joseph Radford)
