SINGAPORE, Nov 17 (Reuters) - Gold prices edged lower on
Wednesday, after dropping 2 percent in the previous session,
as deepening fears over Ireland's fiscal health sparked a
strong rally in the dollar, weighing on the bullion.
FUNDAMENTALS
* Spot gold edged down 0.3 percent to $1,335.75 an
ounce by 0020 GMT, after falling to its two-week low of
$1,329.45 in the previous session.
* U.S. gold futures lost 0.2 percent to $1,335.7.
* Across-the-board, margin-call type liquidation was seen
after the CME Group, which operates the COMEX futures exchange,
raised margin requirements for all precious metals on Tuesday.
[]
* Euro zone finance ministers agreed on Tuesday to lay the
groundwork for a bailout of Ireland with the IMF, but said
Dublin must decide itself whether to request the aid.
[]
* The dollar rose to a seven-week high against the euro, as
investors see no immediate solution for Ireland's debt crisis
in
sight.
* Platinum and palladium are set to build on this year's
stellar gains in 2011 as a tightening of the metals' underlying
fundamentals keeps sentiment upbeat, metals refiner Johnson
Matthey said.[]
* Spot palladium fell to a two-week low of $630.75,
before recovering slightly to $631.75. The metal has gained 56
percent so far this year, leading the precious metals complex.
* Spot platinum inched down 0.4 percent to
$1,631.50,
gaining 11 percent so far this year, lagging behind other
precious metals.
* Holdings in the SPDR Gold Trust and iShares Silver
Trust were both unchanged.
MARKET NEWS
* U.S. stocks fell nearly 2 percent on Tuesday as the
prospect of more European bailouts and worries China will rein
in inflation prompted investors to abandon risky assets.
DATA/EVENTS
1200 U.S. Mortgage index Weekly
1330 U.S. Real earnings Oct
1330 U.S. Build permits: change mm Oct
1330 U.S. House starts mm: change Oct
1330 U.S. Housing starts number mm Oct
1330 U.S. CPI ex-food/energy mm SA Oct
1330 U.S. CPI inflation mm, SA Oct
1330 U.S. CPI x-food/energy yy NSA Oct
1330 U.S. CPI yy, NSA Oct
1630 U.S. Cleveland CPI Oct
RELATED NEWS
> EU, IMF to lay groundwork for Irish rescue
> Wall Street dragged lower by global worries
> US wholesale prices fall, output flat
> Fed's Dudley-QE2 exit could take years
> Wal-Mart sees fortunes turning on holiday sales
> German investor morale soars on jobs optimism
> Canada factory sales fall as outlook worsens
> Oil tumbles 3 pct on economic concerns, dollar
> UK inflation more than expected, BoE to explain
> China plans price controls to curb food inflation
> Australia cenbank says rate hike forward looking
> Bank of Korea lifts rates, more raise seen in Q1
PRICES
Precious metals prices at 0020 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1335.75 -4.05 -0.30 21.91
Spot Silver 25.30 -0.17 -0.67 50.33
Spot Platinum 1631.50 -7.00 -0.43 11.21
Spot Palladium 631.75 -7.72 -1.21 55.80
TOCOM Gold 3594.00 -45.00 -1.24 10.28
30180
TOCOM Platinum 4418.00 -71.00 -1.58 0.84
6726
TOCOM Silver 67.80 -0.80 -1.17 31.14
992
TOCOM Palladium 1706.00 -87.00 -4.85 46.44
536
Euro/Dollar 1.3470
Dollar/Yen 83.42
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Reporting by Rujun Shen; Editing by Himani Sarkar)
Reuters Terminal users can see related news and prices by
double clicking on the codes in brackets:
- All precious metals headlines
- Precious metals market reports
- Daily fixing headlines
- Technical analysis
- Indian gold reports
- European gold prices <0#PREC>
- London interbank gold forward rates <0#GOFO=>
- London silver forwards
- Gold lease rates <0#LGLR=>
- London Bullion Market Association
- New York Comex gold <0#GC:> and silver <0#SI:>
- New York platinum <0#PL:> and palladium <0#PA:>
- Asian gold prices <0#PREC>
- Australian precious metals prices <0#AUPREC=>
- Shanghai Gold Exchange prices
- Hong Kong gold exchange prices
- Hong Kong bullion prices
- Indian bullion prices <0#PREC-IN>
- Japanese producer prices
For Related News and other topics, double click on one of these
codes:
SPEED GUIDES
