TOKYO, July 13 (Reuters) - Gold inched up on Tuesday as a fall
below $1,200 per ounce the previous day invited light physical
buying, while holdings by the world's largest gold-backed
exchange-traded fund, SPDR Gold Trust <GLD.P>, rose for the first
time since late June.
FUNDAMENTALS
* Spot gold <XAU=> inched up $3.60 to $1,198.45 an ounce by
0015 GMT. Technically, the market confirmed resistance near the
50-day moving average. Investor caution ahead of the earnings
season and firmness in the dollar also put a lid on the precious
metal's prices.
* On Friday, it hit a one-week high around $1,213 an ounce,
still well below a lifetime high of $1,264.90 struck in late
June.
* U.S. gold futures for August delivery <GCQ0> were steady at
$1,198.90 an ounce. On Monday, the contract dropped $11.10 to
close at $1,198.70.
* SPDR Gold Trust <GLD.P> said its holdings rose to 1,314.819
tonnes as of Monday, up 0.304 tonnes from the previous business
day. That marked the first rise since holdings retreated from a
record 1,320.436 tonnes marked in late June. []
* Friday's U.S. Commodity Futures Trading Commission data
showed net long noncommercial U.S. gold futures positions fell
14.6 percent to 209,042 contracts in the week to July 6, the
lowest weekly level since mid-April. []
MARKET NEWS
* Japan's Nikkei share average <> was up 0.6 percent.
[]
* Caution prevailed in the U.S. stock market on Monday, with
indexes edging higher as investors kept bets to a minimum in
front of earnings. []
* The euro <EUR=> retreated on Monday from a two-month peak
against the dollar as investors said the currency was overbought
ahead of European bank stress test results due next week. []
* U.S. crude futures <CLc1> fell below $75 per barrel on
Monday on profit-taking ahead of earnings season, following gains
in the previous three sessions. []
* India gold futures may extend losses for a fourth straight
week weighed by expectations of a firm dollar overseas and
reduced bids for the safe-haven metal in the face of an easing in
the crisis in the euro zone, analysts said on Monday.
[]
DATA EVENTS
* The following data is expected on Tuesday: <ECON>
[]
- 0430 GMT Japan revised industrial output for May
- 0500 GMT Japan consumer confidence data for June
- 0900 GMT Germany ZEW econ sentiment for July
- 1145 GMT U.S. ICSC weekly chain store sales
- 1230 GMT U.S. International trade for May
- 1800 GMT U.S. Federal budget for June
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PRICES
Precious metals prices at 0020 GMT
Metal Last Change Pct chg 2 day chg MA 30 RSI
Spot gold $1198.90 $4.05 +0.34% +3.54% $1227.30 31
Spot silver $17.89 $0.03 +0.17% -1.60% $18.35 32
Spot plat $1516.50 $4.50 +0.30% -0.82% $1547.25 30
COMEX gold $1199.20 -$10.60 -0.88% +0.26% $1194.76 65
TOCOM gold 3,436 -26 -0.75% -0.43% 3,551 42
TOCOM plat 4,359 -25 -0.57% -0.32% 4,484 44
Currencies
Euro/dlr $1.261 $0.002 +0.15% -0.15%
Dlr/yen 88.81 0.16 +0.18% +0.11%
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Reporting by Risa Maeda; Editing by Joseph Radford)
