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Gold steady on Wednesday after posting its biggest monthly gain since August

Gold was steady on Wednesday, after posting its biggest monthly gain since August with an 11-percent rise in the first month of 2012, as concerns over global economic growth lingered, while investors eyed manufacturing surveys for further trading cues.

FUNDAMENTALS

* Spot gold edged down 0.1 percent to $1,735.19 an ounce by 0035 GMT, off a nearly two-month high of $1,747.39 hit in the previous session.

* U.S. gold inched down 0.1 percent to $1,736.40.

* U.S. home prices fell more steeply than expected in November, and consumers turned less optimistic in January, highlighting the hurdles still facing the bumpy economic recovery.

* Global manufacturing surveys due later in the day include China, euro zone and the Institute for Supply Management index from the United States. The euro zone flash inflation for January and U.S. January employment data from ADP are also due.

* The reports were likely to show many economies are seeing a sluggish start in 2012 amid slowing demand, putting central banks around the world under pressure to keep an accommodative policy to support growth.

* China’s official purchasing managers’ index at 0100 GMT is expected to show that the country’s vast manufacturing sector may have shrunk in January.

* Greece’s grief will continue to weigh on market sentiment, as no concrete progress was made in the debt restructuring negotiations between the Greek government and its private bond holders. – Reuters

Precious metals prices 0035 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1735.19   -2.00   -0.12     10.96
  Spot Silver        33.18    0.05   +0.15     19.83
  Spot Platinum    1585.24    0.24   +0.02     13.80
  Spot Palladium    681.47    0.67   +0.10      4.44
  COMEX GOLD FEB2  1736.40   -1.40   -0.08     10.82           8
  COMEX SILVER MAR2  33.20   -0.07   -0.20     18.91         1962
  Euro/Dollar       1.3078
  Dollar/Yen         76.23
  COMEX gold and silver contracts show the most active months

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Posted by on Feb 1 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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