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Gold prices inched up on Thursday

Gold prices inched up on Thursday, stuck in a narrow range as investors await manufacturing data from China and the euro zone to assess the health of their economies, while a slightly lower dollar lent some support.

FUNDAMENTALS

* Spot gold edged up 0.1 percent to $1,651.64 an ounce by 0043 GMT.
* U.S. gold was little changed at $1,651.80.
* U.S. home sales fell in February, but upward revisions to the prior month’s pace and the first yearly increase in prices in 15 months pointed to steady improvement in the housing market.

* Investors will focus on China HSBC flash purchasing managers index data at 0230 GMT, amid recent worries about Chinese economic growth. The euro zone PMI is due at 0858 GMT.

* In India, the world’s largest gold consumers, jewellersremained closed for the fifth day on Wednesday as a protest against an import duty hike on bullion.

* The euro zone debt crisis remains a lurking concern to financial markets. On Wednesday, Spanish yields rose to a one-month high on worries over Spain’s progress towards shoring up its finances.

MARKET NEWS
* U.S. stocks mostly fell on Wednesday, weighed by the energy services sector, but gains in technology shares buoyed the Nasdaq and helped keep the S&P 500 near four-year highs.

* The euro nursed losses in Asia early on Thursday, slipping from a near five-month high on the yen and two-week highs against the greenback after worries over Spain’s finances put fresh pressure on peripheral euro zone bonds. The dollar was a touch softer against a basket of currencies.

* U.S. Treasury prices rallied on Wednesday as heavy buying by the Federal Reserve and a lack of new Treasury supply contributed to demand for the newly cheapened U.S. debt.

    DATA/EVENTS	
 0230  China     HSBC PMI Flash           Mar                      
 0758  France    Markit Mfg Flash PMI     Mar 2012                 
 0828  Germany   Markit Mfg Flash PMI     Mar 2012                 
 0858  EZ        Markit Mfg flash PMI     Mar 2012                 
 1230  U.S.      Jobless claims           Weekly                   

    PRICES	
    Precious metals prices 0043 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1651.64    1.69   +0.10      5.62
  Spot Silver        32.25    0.13   +0.40     16.47
  Spot Platinum    1634.24    0.76   +0.05     17.32
  Spot Palladium    684.50    3.97   +0.58      4.90
  COMEX GOLD APR2  1651.80    1.50   +0.09      5.43         4860
  COMEX SILVER MAY2  32.28    0.05   +0.15     15.62          499
  Euro/Dollar       1.3226
  Dollar/Yen         83.42
  COMEX gold and silver contracts show the most active months

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Posted by on Mar 22 2012. Filed under Gold price. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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