TOKYO, Feb 8 (Reuters) - Gold prices steadied on Monday after
falling to a three-month low late last week, when investors
became risk-averse amid worries about the euro zone's fiscal
stability and sold off commodities, including gold.
FUNDAMENTALS
* Spot gold <XAU=> inched up 0.1 percent to $1,066.55 per
ounce, compared with New York's notional close of $1,065.55.
* U.S. gold futures for April delivery <GCJ0> were up 1.4
percent at $1,067.30 per ounce. On Friday, the contract fell
$10.20 to $1,052.80 on the COMEX division of NYMEX.
* Spot gold fell as low as $1,043.75 on Friday.
* In contrast, the dollar index <.DXY>, a measure of the
greenback's performance against six major currencies, rallied to
a seven-month high on Friday as concern deepened about fiscal
problems in south European countries and investors exited riskier
plays. []
* Strength in the dollar often reflects risk tolerance of
investors and also makes dollar-priced commodities more expensive
for holders of other currencies.
* The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust <GLD>, rose 1.828 tonnes or 0.2 percent to 1,106.378
tonnes on Friday. It was the first rise in the holdings since
late December. []
* Noncommercial net long U.S. gold futures positions fell to
210,169 contracts in the week to Feb. 2, down from 211,924
contracts a week earlier, according to the weekly Commitments of
Traders report published by the Commodity Futures Trading
Commission. []
MARKET NEWS
* The euro and growth-linked currencies were on slippery
ground on Monday as risk appetite was subdued on the back of
mounting fiscal worries in the euro zone and lingering concerns
about a global tax on banks. []
* Reassurances about debt-strapped Greece and agreement that
banks should pay for future rescue funds capped a G7 meeting in
Canada's Arctic over the weekend, as European policymakers sought
to convince jittery markets that they have things under control.
[]
* U.S. stocks erased a midday drop to end slightly higher on
Friday, closing out a volatile week punctuated by mixed signals
from the labor market data and growing anxiety over fiscal
problems in Europe. []
DATA EVENTS
* The following data is expected on Monday: <ECON>
- Japan current account balance for Dec (2350 GMT)
- Japan bank lending, Jan (2350 GMT)
- Swiss unemployment, Jan (0645 GMT)
- Euro zone Sentix index, Feb (0930 GMT)
- US. employment trend index for Jan (1500 GMT)
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>India's Jan gold ETF volumes up 65.6 pct on year[]
>Gold falls in Vietnam after c.bank orders sales []
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>Gold-silver ratio set to widen on risk aversion []
PRICES
Precious metals prices at 0012 GMT
Metal Last Change Pct chg 2 day chg MA 30 RSI
Spot gold $1066.25 $0.70 +0.07% -7.92% $1111.70 30
Spot silver $15.09 -$0.02 -0.13% -17.00% $17.44 21
Spot plat $1488.00 $8.50 +0.57% -6.59% $1545.55 38
TOCOM gold 3,075 -363 -10.56% -9.40% 3,294 30
TOCOM plat 4,256 -491 -10.34% -8.96% 4,303 34
Currencies
Euro/dlr $1.364 -$0.086 -5.90% -6.02%
Dlr/yen 89.39 -1.56 -1.72% -2.92%
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Reporting by Risa Maeda; Editing by Michael Watson)
