SINGAPORE, Jan 11 (Reuters) - Gold was steady on Tuesday
while anxiety about euro zone member Portugal's debt lingered
following comments from a member of the nation's central bank
board, maintaining bullion's appeal as a safety net in times
of economic turmoil.
FUNDAMENTALS
* Spot gold gained 20 cents at $1374.65 an ounce by
0108 GMT, after rising 0.4 percent on Monday.
* U.S. gold futures was little changed at $1,375.0.
* The euro steadied on Tuesday trading at $1.2929,
retreating from a four-month trough around $1.2860 on Monday.
* Bank of Portugal board member Teodora Cardoso said
Monday that the country would leave behind its debt crisis
more easily if it received international financing, according
to news agency Lusa. []
* Portugal is widely seen by investors as the country that
is next in line in the euro zone to need a bailout after
Greece and Ireland, but the government has repeatedly denied
that it will seek foreign financing.
* Gold was expected to rebound into a range of
$1,388-$1,392 per ounce, according to Reuters chartist Wang Tao.
* He noted the current rebound may push the price further
up, to either the 50 percent Fibonacci retracement level at
$1,388, or slightly higher, to $1,392, the 100 percent
Fibonacci projection level.
* The world's largest gold-backed exchange-traded fund,
SPDR Gold Trust , said its holdings rose to 1,272.682
tonnes by Jan. 10 from 1,271.164 tonnes on Jan. 7.
MARKET NEWS
* Stocks fell in the United States, Europe and most
emerging markets as the fears about European debt levels
overshadowed news of multibillion-dollar mergers and
acquisitions. Asian stocks were also poised to open lower,
with front-month Nikkei 225 futures traded in Chicago
falling 25 points to 10,480.
* The European Central Bank threw Portugal a temporary
lifeline by buying its bonds, traders said, as market and peer
pressure mounted for Lisbon to seek an international bailout
soon. []
* The U.S. Federal Reserve's $600 billion bond-buying
programme helped solidify a shaky economic recovery and looks
increasingly set to run its course, three top Fed officials
indicated. []
* NYMEX crude for February delivery <CLc1> rose 28 cents
to $89.53 by 0017 GMT, extending gains of more than 1 percent
the previous session.
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Precious metals prices 0108 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1374.65 0.20 +0.01 -3.16
Spot Silver 29.09 0.04 +0.14 -5.74
Spot Platinum 1741.75 3.76 +0.22 -1.46
Spot Palladium 751.97 2.00 +0.27 -5.94
TOCOM Gold 3682.00 0.00 +0.00 -1.26 40834
TOCOM Platinum 4717.00 32.00 +0.68 0.45 5959
TOCOM Silver 77.90 0.60 +0.78 -3.83 1084
TOCOM Palladium 2034.00 -2.00 -0.10 -3.00 518
Euro/Dollar 1.2921
Dollar/Yen 82.97
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Reporting by Nick trevethan)
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