SINGAPORE, Feb 25 (Reuters) - Spot gold held steady above
$1,400 on Friday, after being dragged down by sinking oil prices
and shrinking safe-haven appetite in the previous session, as
investors keep close watch on the situation in Libya and the
energy market.
FUNDAMENTALS
* Spot gold edged up 0.1 percent to $1,403.15 an
ounce by 0052 GMT, heading for a fourth consecutive week of
gains.
* The most-active U.S. gold futures contract shed
nearly one percent to $1,403.60.
* The news that top oil exporter Saudi Arabia might increase
supply to make up for supply disruption in Libya and the rumor
about Gaddafi's death sank oil prices, which staged a rapid
rally earlier.
* In Libya, forces loyal to Muammar Gaddafi hit back at
rebels holding towns near the Libyan capital on Thursday but
there was no sign they had broken the momentum of opposition
gains that have been closing in around Tripoli.
* Holdings in the SPDR Gold Trust , the world's largest
gold-backed exchange-traded fund, dipped to a nine-month low of
1,211.568 tonnes.
* Spot silver climbed one percent to $32.41 an ounce.
* Holdings in the world's largest physically backed
exchange-traded fund, rose to a six-week high of 10,666.35
tonnes.
MARKET NEWS
* Bruised but not bowed, bulls staged a rebound on Thursday
and helped stocks stabilize in a volatile session suggesting
investors aren't ready to give up on the market's rally.
* The dollar nursed heavy losses early in Asia on Friday,
hovering above a record low versus the Swiss franc as investors
sought safety in other currencies on fears the unrest in Libya
will spread to other oil producers.
*
DATA/EVENTS (GMT)
1130 India M3 Money Supply 40599
1330 U.S. GDP Q4-Prelim
RELATED NEWS
> US jobless claims fall, durable orders mixed
> Wall Street rebounds late on oil drop
> Euro zone sentiment, inflation expectations grow
> Oil falls from near $120 on Saudi, Gaddafi rumor
> Gun battles rage in Libya, Gaddafi fights on
> Fed's Bullard-It's time to debate completing QE2
> N.Zealand quake toll rises, survivor hopes fades
> Solid Q4 growth puts Germany on firm footing
> Target, Kohl's say consumer spending gains fragile
> France jobless total falls 0.7 pct in January
> UK retail sales growth weakens, prices soar-CBI
> Russia raises $1.37 bln in ruble Eurobond
PRICES
Precious metals prices 0052 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1403.15 1.68 +0.12 -1.15
Spot Silver 32.41 0.32 +1.00 5.02
Spot Platinum 1780.74 3.25 +0.18 0.75
Spot Palladium 774.50 3.50 +0.45 -3.13
TOCOM Gold 3706.00 -21.00 -0.56 -0.62 28073
TOCOM Platinum 4753.00 -4.00 -0.08 1.21 10434
TOCOM Silver 84.30 -2.60 -2.99 4.07 1002
TOCOM Palladium 2050.00 -5.00 -0.24 -2.24 657
COMEX GOLD APR1 1403.60 -12.20 -0.86 -1.25 2864
COMEX SILVER MAR1 32.42 -0.75 -2.25 4.78 3123
Euro/Dollar 1.3807
Dollar/Yen 81.91
TOCOM prices in yen per gram. Spot prices in $ per ounce.
COMEX gold and silver contracts show the most active months
(Reporting By Rujun Shen Editing by Clarence Fernandez)
Reuters
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