SINGAPORE, Feb 2 (Reuters) - Gold edged down in slow trade
on Wednesday as equities gained and worries about the unrest in
Egypt ebbed, but lower prices could spur bargain hunting later
in the day.
FUNDAMENTALS
* Spot gold fell $1.50 to $1,338.95 an ounce by 0030
GMT, well below a lifetime high around $1,430 struck in
December. Trading slowed to a trickle in Asia ahead of the Lunar
New Year celebration.
* U.S. gold futures for April was steady at 1,340.5
an ounce, having settled around $5 higher on weaker U.S. dollar.
* President Hosni Mubarak said on Tuesday he would step down
in September, offering a mixture of concessions and defiance to
Egyptians who marched a million strong to demand that his
30-year-rule end immediately.
MARKET NEWS
* Japan's Nikkei average extended the previous day's gains
on Wednesday after global markets rallied on strong
manufacturing data and easing concerns about the Middle East,
but its rise may be limited with the yen at 1-month highs
against the dollar.
* The euro hit a 2-1/2-month high on Tuesday, driven above
$1.38 by solid global manufacturing data, though analysts said
risk appetite could fade if worries resurface about Europe's
ability to manage its debt crisis.
* Premiums for gold bars soared to their highest in more than
two years in Tokyo on Tuesday and could rise further as steady
shipments to other bullion trading centres in Asia led to a
tight supply.
DATA/EVENTS (GMT)
Brazil Industrial output yy Dec 2010 (1100)
U.S. EIA petroleum stocks weekly (1530)
China's markets are closed for Lunar New Year
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Precious metals prices 0030 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1338.95 -1.50 -0.11 -5.67
Spot Silver 28.45 -0.04 -0.14 -7.81
Spot Platinum 1824.50 -0.50 -0.03 3.22
Spot Palladium 821.00 1.53 +0.19 2.69
TOCOM Gold 3520.00 -14.00 -0.40 -5.60 25453
TOCOM Platinum 4826.00 34.00 +0.71 2.77 4504
TOCOM Silver 74.50 0.30 +0.40 -8.02 402
TOCOM Palladium 2159.00 -10.00 -0.46 2.96 147
Euro/Dollar 1.3829
Dollar/Yen 81.40
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Reporting by Lewa Pardomuan; Editing by Himani Sarkar)
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