PRECIOUS-Gold retains gains as Spain worries amount
13/06/2012 at 01:58
SINGAPORE, June 13 Reuters - Gold traded little changed on
Wednesday, retaining gains from the previous session as
investors stayed nervous over Spain's finance after the
country's borrowing costs rose to euro-era highs
FUNDAMENTALS
* Spot gold
XAU= was little changed at $1,609.09 an ounce
by 0044 GMT, after rising 0.8 percent in the previous session
* U.S. gold futures contract for August delivery
edged down 0.2 percent to $1,610.50
* Spanish 10-year bond yields hit their highest in the
history of the euro zone on Tuesday, edging closer to the 7
percent danger level and fuelling worries over whether Madrid
will be able to keep tapping bond markets after a banking
bailout
* This followed euro zone finance ministers' agreement over
the weekend to lend up to 100 billion euros to Spain's ailing
banks, as investors remained skittish over Madrid's finance
* Fitch Ratings downgraded 18 Spanish banks less than a week
after the agency cut the country's sovereign debt rating.
* Italian bond yields also rose before an auction on
Thursday. Austria's finance minister said Italy may need a
financial rescue because of its high borrowing costs, drawing a
sharp denial from the Italian prime minister
* For the top stories on metals and other news, click
, or
MARKET NEWS
* U.S. stocks took their cues from Europe's troubled debt
markets on Tuesday, staging a comeback rally to end up more than
1 percent as Spanish bond yields came off euro-era record highs.
* The euro traded nearly flat against the dollar on
Wednesday, giving up gains from the previous session
DATA/EVENTS
0900 EZ Industrial production yy Apr
EUIPY=ECI
1130 India M3 Money Supply
INM3MS=ECI
1230 U.S
PPI inflation yy, NSA May
USPPIA=ECI
1230 U.S
Producer prices mm May
USPPI=ECI
1230 U.S
Producer prices, core mm May
USPPIX=ECI
1230 U.S
Producer prices, core yy May
USPPIY=ECI
1230 U.S
Retail sales mm May
USRSL=ECI
1400 U.S
Business inventories mm Apr
USBINV=ECI
2100 N.Zealand Cen Bank Interest Rate
NZINTR=ECI
PRICES
Precious metals prices 0044 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1609.09 -0.41 -0.03 2.90
Spot Silver 28.86 -0.08 -0.28 4.23
Spot Platinum 1450.74 3.61 +0.25 4.15
Spot Palladium 618.63 -1.77 -0.29 -5.19
COMEX GOLD AUG2 1610.50 -3.30 -0.20 2.79 2027
COMEX SILVER JUL2 28.83 -0.12 -0.41 3.28 450
Euro/Dollar 1.2497
Dollar/Yen 79.60
COMEX gold and silver contracts show the most active months
Reporting by Rujun Shen; Editing by Himani Sarkar
rujun.shen@thomsonreuters.com+65-6870-3726Reuters
Messaging: rujun.shen.thomsonreuters.com@reuters.net
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