SINGAPORE, March 1 (Reuters) - Spot gold held steady just
below $1,410 on Tuesday, as investors continued to watch the
unfolding unrest in Libya and other nations in the region as
well as oil prices.
FUNDAMENTALS
* Spot gold edged down $1 at $1,409.85 an ounce by
0035 GMT.
* The most active U.S. gold futures contract was
little changed at $1,410.70.
* Oil prices held steady, after falling on Monday in
volatile trading as expectations that increased oil production
from Saudi Arabia can offset supply disruptions in the region.
* A sustained period of higher oil prices would
significantly affect developing economies but is unlikely to
derail their strong recovery since the global financial crisis,
a senior World bank economist said on Monday.
* The latest U.S. data showed a mixed picture. While the
manufacturing sector roared forward this month, consumer
spending barely edged up in January.
* A global economic pickup could hit gold prices later this
year and in 2012 cause a drop of nearly 20 percent as
speculators exit the market, according to a forecast by
Australia, the world's second-largest gold producing nation.
* In the United States, consumer spending barely edged up in
January as households took advantage of tax cuts to rebuild
their savings, suggesting spending would offer only a modest
lift to the recovery in the first quarter.
* Holdings in the SPDR Gold Trust slipped to 1,210.961
tonnes by Feb. 28, its lowest since mid-May last year.
MARKET NEWS
* Bullish comments from Warren Buffett helped U.S. stocks
end another good month on a high note on Monday, but uncertainty
about oil prices could keep investors from pushing the market
much higher.
* The dollar struggled to regain its footing in Asia on
Tuesday after a steep decline, while the euro held firm as
investors bet the Federal Reserve will stick to its easing
course even as the ECB talks of tightening.
DATA/EVENTS (GMT)
0100 China NBS PMI Feb 2011
0230 China HSBC PMI Feb 2011
0500 India HSBC Markit Mfg PMI Feb 2011
0500 Russia Manufacturing PMI Feb 2011
0853 Germany Markit/BME Mfg PMI Feb 2011
0858 EZ Markit Mfg PMI Feb 2011
0900 Germany Unemployment rate sa Feb 2011
1000 EZ Inflation, flash yy Feb 2011
1245 U.S. ICSC chain stores yy Weekly
1400 Canada BoC rate decision 40546
1500 U.S. ISM Manufacturing PMI Feb
1500 U.S. Construction spending Jan
U.S. Total Vehicle Sales Feb
RELATED NEWS
> US consumer spending in slow start, factories roar
> U.S. economy has room to run: NY Fed's Dudley
> Strong Canada growth adds pressure for rate rise
> US shutdown unlikely, but budget battle remains
> Stocks gain as Libya worries ease; dollar off
> World pressure on Libya up, battles for key towns
> Euro zone inflation revised down in Jan, seen up
> Brent up on Libya despite Saudi assurances
> Ireland parties talk coalition, seek bailout chang
> German export prices soar, firms still confident
> UK house prices show first annual fall since '09
> Embattled Portugal appeals for strong EU action
PRICES
Precious metals prices 0035 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1409.85 -1.00 -0.07 -0.68
Spot Silver 33.87 0.07 +0.21 9.75
Spot Platinum 1803.99 -1.00 -0.06 2.06
Spot Palladium 794.97 0.50 +0.06 -0.57
TOCOM Gold 3727.00 4.00 +0.11 -0.05 16481
TOCOM Platinum 4824.00 -23.00 -0.47 2.73 5181
TOCOM Silver 88.80 1.50 +1.72 9.63 790
TOCOM Palladium 2105.00 0.00 +0.00 0.38 94
COMEX GOLD APR1 1410.70 0.80 +0.06 -0.75 1347
COMEX SILVER MAR1 33.88 0.07 +0.21 9.49 44
Euro/Dollar 1.3826
Dollar/Yen 81.90
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 Ed Lane)
Reuters
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