SINGAPORE, Feb 24(Reuters) - Spot gold edged up on Thursday,
as spreading turmoil in Libya and soaring oil prices stoked
worry of slower economic growth and continued to drive investors
seeking safe-haven to bullion.
FUNDAMENTALS
* Spot gold edged up 0.1 percent at $1,413.35 an
ounce by 0037 GMT, after hitting a seven-week high of $1,416.30
in the previous session.
* The most-active U.S. gold futures contract was
steady at $1,413.9.
* U.S. crude oil futures rose more than $1 on mounting fears
that growing unrest in Libya could spread to other oil producers
in the Middle East and North Africa. The turmoil in Libya
continued as thousands of Libyans celebrated the liberation of
their country's east from the rule of Muammar Gaddafi, who has
vowed to crush the revolt. The rising fear of tribal conflicts
and civil war sent oil prices to their highest since August
2008.
* Spot silver inched up 0.2 percent at $33.59.
* Holdings in the world's largest silver-backed
exchange-traded fund, iShares Silver Trust , rose to
one-month high of 10,575.23 tonnes by Feb 23.
* Strong industrial and investment demand, coupled with
mining companies' need to borrow the metal for hedge programs
have led to a squeeze in physical silver market recently, but
there was no cause for concern about supply shortages, said
metals consultancy GFMS.
MARKET NEWS
* The dollar index edged down to a three-week low on
Thursday, as the safe-haven demand triggered by the crisis in
Libya drove investors to the Swiss franc while the greenback
appeared to lose its luster.
* U.S. stocks dropped for a second straight session on
Wednesday as Libya's violence sent oil prices up briefly to $100
a barrel and tech shares sank, adding credence to calls for a
market correction.
* The U.S. crude front-month contract for April delivery
was trading at $99.10 by 2354 GMT, up $1 from the
previous session. In London ICE Brent for April delivery
settled at $111.25 a barrel in the previous session, the highest
close since Aug. 29, 2008 for front-month Brent crude, when
prices ended at $114.05.
DATA/EVENTS (GMT)
0700 Germany GDP detailed yy Oct 2010
1000 EZ Business climate Feb 2011
1000 EZ Economic sentiment Feb 2011
2330 Japan CPI, core nationwide yy Jan 2011
1330 U.S. Durable Goods orders Jan
1330 U.S. Unemployment claims Weekly
1500 U.S. New Home Sales Jan
RELATED NEWS
> US home sales rise, price slump points to weakness
> Wall Street slides as oil jumps, tech shares weigh
> White House-Higher oil prices won't halt recovery
> US oil soars as high as $100 on Libya unrest
> Europe mulls higher rates; Fed seen on hold
> Fed's Plosser-Don't rule out curtailing bond buys
> China consumer confidence drops in Q4
> BOJ upbeat on economy, exports show seasonal dip
> Euro zone Dec industrial orders post surprise rise
> Merkel pressured after MPs oppose ESM debt buyback
> N.Zealand quake toll 71, voice heard in rubble
> Fear stalks Tripoli, celebrations in Libya's east
> World trade tops pre-crisis level in Dec-Dutch CPB
PRICES
Precious metals prices 0037 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1413.35 1.83 +0.13 -0.43
Spot Silver 33.59 0.08 +0.24 8.85
Spot Platinum 1799.49 17.99 +1.01 1.81
Spot Palladium 781.72 5.22 +0.67 -2.22
COMEX GOLD APR1 1414.30 0.30 +0.02 -0.50 2738
COMEX SILVER MAR1 33.59 0.29 +0.86 8.55 743
Euro/Dollar 1.3763
COMEX gold and silver contracts show the most active months
(Reporting By Rujun Shen)
Reuters
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