* Weak stocks, oil raise concerns about economy
* Investors take profits from recent market rises
* Coming up: U.S. PPI/core PPI for March at 1230 GMT
By Chikako Mogi
TOKYO, April 22 (Reuters) - Platinum group metals (PGM)
slipped from their highest levels in about two years on Thursday
as weakness in stocks prompted profit-taking on the metals, which
have been supported by expectations for an economic recovery.
Gold held steady as investors were wary of fallout from fraud
charges against Goldman Sachs Group Inc <GS.N>, a leading
commodities player, and concerns over Greece's debt problems.
Weakness in global stock markets and a drop in commodities
such as oil and copper have raised doubts about growth prospects
and prompted investors to take profits from markets' recent
gains, some analysts said.
"Investors are turning their focus from U.S. corporate
earnings to an overnight drop in copper and oil prices, as well
as weakness in stock markets," said Kazuhiko Saito, chief analyst
at Tokyo's Fujitomi Co Ltd.
"These developments raised concerns about the economic
recovery, and along with the lingering Greece problems, are
capping the market's upside," he said.
Assets which have been rising on expectations for a global
economic recovery may face pressure in the near term from
profit-taking, he said.
Spot gold <XAU=> was steady at $1,145.00 an ounce as of 0243
GMT, compared to late New York levels of $1,145.30.
U.S. gold futures for June delivery <GCM0> were down 0.2
percent at $1,146.20 per ounce compared to $1,148.80 an ounce on
the COMEX division of the NYMEX.
For a technical analysis of the spot gold price click
[]
Saito said he would be closely watching a speech by President
Barack Obama later on Thursday for comments on U.S. regulations.
White House spokesman Robert Gibbs said on Wednesday that
Obama will mention derivatives in his speech, though that would
not be the focus of his remarks. []
A German state bank said it had severed business ties with
Goldman Sachs, citing U.S. regulators' allegation that the
dominant Wall Street bank committed fraud, while France eyed an
investigation of its own. []
Investment flows have paused, with holdings at the world's
largest gold-backed exchange-traded fund, the SPDR Gold Trust
<GLD>, staying at a record 1,141.041 tonnes as of April 21,
unchanged since first hitting this level on April 9. []
Spot palladium <XPD=> eased 0.7 percent to $559.00 an ounce
after rising 2 percent to a two-year high of $568 an ounce the
day before, as strong Chinese import data boosted demand
expectations.
Spot platinum <XPT=> was down 0.2 percent at $1,728.00 an
ounce after rising to $1,737.50 an ounce on Wednesday, its
highest since August 2008.
Platinum group metals (PGM) have been supported by
expectations for economic recovery, helping boost demand for
these metals, mostly used by the auto industry and jewellery
sector, as well as by exchange-traded fund demand, particularly
from the United States.
On the London Metal Exchange, benchmark copper for
three-month delivery <CMCU3> was lower on Thursday after closing
down $30 at $7,760 a tonne the day before.
Oil prices <Clc1> fell closer to $83 a barrel on Thursday.
[]
Asian stocks were down on Thursday, with the Nikkei average
<> falling 1.8 percent, as some market players suspected a
weaker futures market had prompted trimming of long positions.
[]
U.S. stocks finished little changed on Wednesday as
disappointing outlooks from healthcare companies offset strong
earnings from Morgan Stanley <MS.N> and Apple Inc <AAPL.O>. []
The euro remained pressured on Thursday after weakening
broadly the previous day, falling for a fifth straight session
against the dollar as investors fretted about delays in putting
together a financial aid package for debt-stricken Greece. []
Precious metals prices at 0231 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1145.10 -0.20 -0.02 4.51
Spot Silver 18.00 -0.03 -0.17 6.95
Spot Platinum 1730.00 -1.00 -0.06 17.93
Spot Palladium 559.00 -4.00 -0.71 37.85
TOCOM Gold 3428 -15.00 -0.44 5.19 27161
TOCOM Platinum 5152 -17.00 -0.33 17.60 13603
TOCOM Silver 54 0.00 0.00 4.84 274
TOCOM Palladium 1662 5.00 0.30 42.66 1276
Euro/Dollar 1.3381
Dollar/Yen 92.8000
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Editing by Michael Watson)
