* SPDR Gold Trust holdings drop
* Spot gold technically neutral []
* For a 24-hour gold technical outlook, see:
http://graphics.thomsonreuters.com/WT/20101512085703.jpg
(Adds details)
By Rujun Shen
SINGAPORE, Dec 15 (Reuters) - Spot gold was little changed
on Wednesday as the market entered consolidation mode ahead of
the year-end, but a rebound in dollar put pressure on the
bullion.
The dollar edged up against a basket of major currencies
early in Asia on Wednesday on upbeat U.S. retail sales data
that prompted economists to lift their growth forecasts for
the fourth quarter. []
However, the U.S. Federal Reserve on Tuesday offered only
a cautious nod to the economy's improving prospects as it put
a spotlight on lofty unemployment and reaffirmed its
commitment to buy $600 billion in bonds.[]
"It's really nothing new. Gold recently hit a record high,
and has been under some profit-taking pressure. It would need
fresh impetus to go higher, but there isn't any around," said
Hou Xinqiang, an analyst at Jinrui Futures in China.
"We see consolidation in the short term, but the overall
trend is still pointing up."
Spot gold was little changed at $1,395.15 an ounce
by 0312 GMT, after hitting a one-week high of $1,407.70 in the
previous session. U.S. gold futures slipped 0.6 percent
to $1,395.8 an ounce.
Spot gold is technically neutral as it trades sideways
between $1,394 to $1,408 per ounce, said Reuters market
analyst Wang Tao. For a 24-hour gold technical outlook:
http://graphics.thomsonreuters.com/WT/20101512085703.jpg
Trading interest was low as funds and traders wind down
their positions in the last few weeks of the year.
"Everybody is waiting for the holidays. They don't want to
buy," said a Hong Kong-based dealer. "Things will be quiet in
the market, and prices range between $1,380 to $1,410 until
the year end."
Gold is expected to enter another bullish year in 2011, as
uncertainties in the global economy and inflation anticipation
continue to lure people to park their value in gold, traders
and analysts said.
Holdings in the SPDR Gold Trust , the world's largest
gold-backed exchange-traded fund, continued to slip, down
3.036 tonnes to 1,286.794 tonnes, its lowest level so far this
month.
In contrast, holdings in the iShares Silver Trust ,
the world's largest physically backed exchange-traded fund,
rose to an all-time high of 10,964.14 tonnes.
Spot silver edged up 0.3 percent to $29.49 an ounce.
Precious metals prices at 0312 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1395.15 -0.46 -0.03 27.33
Spot Silver 29.49 0.09 +0.31 75.22
Spot Platinum 1700.24 -4.00 -0.23 15.90
Spot Palladium 757.72 -0.25 -0.03 86.86
TOCOM Gold 3771.00 -5.00 -0.13 15.71 28140
TOCOM Platinum 4637.00 5.00 +0.11 5.84 7236
TOCOM Silver 79.90 -0.70 -0.87 54.55 1369
TOCOM Palladium 2056.00 7.00 +0.34 76.48 410
Euro/Dollar 1.3343
Dollar/Yen 83.83
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Reporting By Rujun Shen; Editing by Himani Sarkar)
Reuters Terminal users can
see related news and prices by
double clicking on the
codes in brackets:
- All precious metals headlines
- Precious metals market reports
- Daily fixing
headlines
- Technical analysis
-
Indian gold reports
- European gold prices
<0#PREC>
- London interbank gold
forward rates <0#GOFO=>
- London silver forwards
- Gold lease rates <0#LGLR=>
-
London Bullion Market Association
- New York
Comex gold <0#GC:> and silver <0#SI:>
- New York
platinum <0#PL:> and palladium <0#PA:>
- Asian
gold prices <0#PREC>
- Australian
precious metals prices <0#AUPREC=>
- Shanghai Gold Exchange prices
-
Hong Kong gold exchange prices
- Hong
Kong bullion prices
- Indian bullion
prices <0#PREC-IN>
- Japanese producer prices
For Related News and other topics,
double click on one of
these
codes: SPEED GUIDES
))
