PRECIOUS-Gold inches up after tumble on China bank steps

                                
 TOKYO, Jan 13 (Reuters) - Gold inched higher on Wednesday
after losing 2 percent the previous day in a broad sell-off in
commodities as China's surprise monetary tightening drained
investors' appetite for riskier assets.
                                
 FUNDAMENTALS
                                
 * Spot gold <XAU=> rose 0.1 percent to $1,129.50 an ounce as
of 2358 GMT, compared to New York's notional close of $1,127.95.
                                
 * It fell more than 2 percent on Tuesday, marking the biggest
one-day percentage loss since Dec 17. Technical selling dragged
prices lower after spot bullion fell below its 50-day moving
average at $1,130, analysts said. [GOL/]
                                
 * China tightened monetary conditions on Tuesday as the
world's third-largest economy roars ahead, surprising investors
with an increase in banks' required reserves. The move rocked
global financial markets. [ID:nTOE60B095]
                                
 * On Monday, gold rose as high as $1,161.50, a five-week
high.
                                
 * U.S. gold futures for February delivery <GCG0> were at
$1,129.80 an ounce, up 0.04 percent. The contract settled Tuesday
down $22, or 1.9 percent, at $1,129.40 on the COMEX division of
the New York Mercantile Exchange.
                                
 * The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust <GLD>, said its holdings fell 3.657 tonnes or 0.3
percent to 1,115.884 tonnes on Tuesday, the lowest level since
mid-November. [GOL/SPDR]
                                
 * U.S. platinum and palladium exchange-traded funds launched
last Friday were met with buying interest, with about 170,000
ounces of metals added in the first two trading sessions.
[ID:nN12121481]
                                
 MARKET NEWS
                                
 * U.S. stocks slid on Tuesday as investors pummeled
financials on concerns about a potential government levy on
banks, while Alcoa Inc's disappointing results tempered optimism
about the economic recovery. [.N]
                                
 * The yen held gains on Wednesday while commodity currencies
like the Australian and the New Zealand dollars were subdued as
investors unwound short-yen positions following China's step
toward tighter policy. [USD/]
                                
 * U.S. corn and soybean futures plunged on Tuesday after a
government report estimated record production for the 2009 crops,
traders said. Corn led the way down, falling 7.1 percent and
hitting its daily trading limit of 30 cents per bushel after the
U.S. Agriculture Department pegged 2009 production above
analysts' expectations. [ID:nN12126707]
                                
 DATA EVENTS
                                
 * The following data is expected on Wednesday: <ECON>
                                
 - Australia Jan consumer sentiment (2330 GMT)
                                
 - Australia Nov lending finance (0030 GMT)
                                
 - Japan Dec bankruptcy data for Dec (0430 GMT)
                                
 - French final inflation for Dec (0745 GMT)
                                
 - German GDP for 2009 (0800 GMT)
                                
 - UK industrial production for Nov (0930 GMT)
                                
 - Chicago Fed President Evans speaks (1800 GMT)
                                
 - U.S. Federal budget for Dec (1900 GMT)
                                
 - U.S. Beige Book (1900 GMT)
                                
 RELATED NEWS
 >Corn leads broad sector plunge but sugar rallies     [COM/WRAP]
 >Yamana Gold Q4 continuing ops production up     [ID:nSGE60B0KV]
 >Pakistan province aims to end Barrick venture   [ID:nSGE60B07R]
 >Greystar eyes large Colombia gold mine project  [ID:nN12191486]
 >Eldorado to resume ops at White Mountain mine   [ID:nN12185155]
 >Eskom to sell stake in new SAfrica power plant  [ID:nLDE60B0MM]
 >India's Dec gold ETF volumes up 55 pct on yr    [ID:nSGE60A0DP]
 >Vietnam orders an end to loans for gold trading [ID:nSGE60B0CH]
                                
 PRICES
                                
 Precious metals prices at 2359 GMT
 Metal         Last      Change  Pct chg  Day ago pct  MA 30  RSI
 Spot gold    $1129.60    $1.65  +0.15%    -2.44%   $1126.97  70
 Spot silver    $18.26    $0.02  +0.11%    +0.44%     $17.69  74
 Spot plat    $1571.50    $3.00  +0.19%    -1.35%   $1469.72  84
 TOCOM gold      3,375      -63  -1.83%    -0.56%      3,297  60
 TOCOM plat      4,576     -171  -3.60%    -2.12%      4,308  65
 Currencies                                      
 Euro/dlr       $1.447  -$0.004  -0.28%    +0.24%
 Dlr/yen         91.08    -1.00  -1.09%    -1.43%
 TOCOM prices in yen per gram. Spot prices in $ per ounce.
 (Reporting by Risa Maeda)