TOKYO, Feb 25 (Reuters) - Gold prices steadied on Thursday
but remained below $1,100 per ounce as investors became cautious
about buying bullion after data showing a sharp fall in U.S. new
home sales dampened investor sentiment.
FUNDAMENTALS
* Spot gold <XAU=> was little changed at $1,098.00 per ounce,
compared to New York's notional close of $1,097.25 per ounce. On
Wednesday, it hit its weakest since Feb. 12 at $1,089.45 an
ounce.
* U.S. gold futures for April delivery <GCJ0> were at
$1,098.50 per ounce, little moved from $1,097.20 per ounce on the
COMEX division of the New York Mercantile Exchange.
* Gold dropped for a second straight day on Wednesday,
settling below $1,100.
* A drop in bullion prices spurred some buying in parts of
Asia on Wednesday but main consumer India was on the sidelines,
while a lack of activity in China after the Lunar New Year also
put pressure on premiums. []
* The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust <GLD>, said its holdings stood at 1,106.987 tonnes as
of Feb. 24, unchanged from the previous business day. []
MARKET NEWS
* Federal Reserve Chairman Ben Bernanke reassured lawmakers
interest rates will remain low, driving U.S. stocks higher on
Wednesday as investors welcomed the promise of more cheap money.
[]
* The dollar was softer on Thursday, extending the previous
session's losses as investors cut some of the huge dollar long
positions after U.S. Federal Reserve Chairman Ben Bernanke
dampened speculation that a tightening of monetary policy might
be nearing. []
DATA EVENTS
* The following data is expected on Thursday: <ECON>
- Germany unemployment for February. (0900 GMT)
- Euro zone business climate for February. (1000 GMT)
- Euro zone February consumer inflation expectations. (1000
GMT)
- Euro zone sentiment data for February. (1000 GMT)
- U.S. durable goods for January. (1330 GMT)
- Weekly U.S. jobless claims. (1330 GMT)
- US Federal Reserve Chairman Bernanke testifies. (1400 GMT)
- U.S. FHFA home price index for December. (1500 GMT)
- U.S> January building permit revisions. (N/A)
RELATED NEWS
>Gold drops below $1,100/oz as US data disappoints []
>China unlikely to buy IMF gold - China Daily []
>Analysis-India seen as possible IMF gold buyer []
>SAfrica grants Eskom 24.8% price rise for 2010/11[]
>Grim outlook from Bernanke damps rate hike talk[]
PRICES
Precious metals prices at 2342 GMT
Metal Last Change Pct chg 2 Day chg MA 30 RSI
Spot gold $1098.00 $0.75 +0.07% -5.17% $1101.77 46
Spot silver $15.96 $0.00 +0.00% -12.21% $16.50 49
Spot plat $1509.00 $4.00 +0.27% -5.27% $1542.70 41
COMEX gold $1096.60 -$32.80 -2.90% -4.76% $1104.21 44
TOCOM gold 3,187 -251 -7.30% -6.10% 3,294 44
TOCOM plat 4,356 -391 -8.24% -6.82% 4,303 43
Currencies
Euro/dlr $1.354 -$0.096 -6.59% -6.71%
Dlr/yen 90.23 -0.72 -0.79% -2.01%
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Reporting by Chikako Mogi; Editing by Chris Gallagher)
