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Gold eases as confidence over Greek bailout dissipates


By Jan Harvey

LONDON |
Wed Feb 22, 2012 8:24am EST

LONDON (Reuters) – Gold prices retreated from an progressing two-week high in Europe on Wednesday as determined concerns over Europe’s finances harm a euro and weighed on batch markets, while a supply dissapoint in vital writer South Africa carried bullion to a five-month high.

Spot bullion was down 0.2 percent during $1,754.93 an unit during 1306 GMT, carrying progressing overwhelmed a high of $1,759.84, while U.S. bullion futures for Feb smoothness were down $1.40 an unit during $1,757.20.

The euro struggled for traction contra a dollar, retreating from a prior day’s nearby two-week high as confidence over a long-awaited Greek bailout understanding fast gave approach to worries about mercantile expansion and doing risks.

FRX/

The 130-billion-euro ($172 billion) rescue for Greece concluded by euro section financial ministers on Tuesday came during a cost of forcing Athens to dedicate to unpopular cuts and private bondholders to take bigger losses.

“Every time we have another package (for Greece) concluded or some-more concessions wrung from investors, there is an ever some-more pale cheer. Cynicism is creeping in, and that is inspiring a bullion price,” pronounced Sharps Pixley Chief Executive Ross Norman. “It firmed a bit with a bailout, though not significantly so.”

European shares retreated from early highs and safe-haven German Bund futures rose after weaker-than-expected mercantile information and as investors disturbed about a tough charge Greece faces to exercise a bill cuts required. .EU GVD/EUR

A shelter in risk ardour also weighed on other line such as copper and oil. MET/L O/R

“Even presumption a new Greek programme deduction as planned, a Greek supervision predicament is distant from over,” pronounced HSBC in a note. “This understanding will assistance creditors to be repaid, as a supports will be channeled into an escrow comment to safeguard that lenders are prioritized, though it will not revitalise mercantile expansion any time soon.

“With a Greek economy now in a fifth year of retrogression and already carrying engaged in a fourth entertain by 7 percent year-on-year, even a revised debt sustainability research looks optimistic.”

RATE OUTLOOK SUPPORTS GOLD

In a longer term, bullion is approaching to continue benefiting from low U.S. seductiveness rates, executive bank shopping and clever direct from pivotal markets like China. Goldman Sachs reiterated a certain 12-month perspective on bullion on Wednesday.

“We design U.S. genuine seductiveness rates to sojourn reduce for longer given a U.S. economics team’s expectancy for U.S. mercantile expansion to sojourn delayed by 2012,” it said.

“Consequently, we design bullion prices to continue to arise by 2012, reaching $1,940 an unit in 12 months, and we continue to suggest a prolonged bullion position.”

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Asset earnings in 2012: link.reuters.com/muc46s

Commodity earnings in 2012: link.reuters.com/faz36s

Gold/silver ratio: r.reuters.com/xyx52s

Gold/platinum ratio: link.reuters.com/xez92s

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

Among other changed metals, china was down 0.6 percent during $34.08 an ounce. Spot bullion was adult 0.6 percent during $1,693.49 an ounce, while mark palladium was adult 0.4 percent during $710.22 an ounce.

Platinum prices rallied to their top given Sep 22 in progressing trade during $1,705.50 an ounce, carried by ongoing disturbance during one of a world’s biggest bullion mines, Impala Platinum’s Rustenberg facility.

A aroused labor brawl during a cave has already cost Implats during slightest 80,000 ounces in mislaid output. Implats pronounced on Tuesday it was carefree that many of a workforce during a Rustenburg operations would be swayed by kinship leaders to lapse to work.

“We consider a delayed lapse to prolongation during Impala’s Rustenburg operations over a subsequent month is likely, with sum mislaid outlay approaching to surpass 100,000 ounces of bullion and 45,000 ounces of palladium,” pronounced Credit Suisse in a note.

“The marketplace does not ‘need’ those ounces during present: industrial and valuables direct are both now subdued, and bullion consume is trade during a poignant bonus to ingot.”

Nonetheless, bullion narrowed a historically rare bonus to bullion to around $65 from $230 in January.

(Editing by Alison Birrane)

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Gold Climbs Along With Euro on Hopes for Greek Deal

Gold prices rose some-more than half a percent on Monday as flourishing confidence that European leaders will pointer off on a rescue understanding for Greece carried a euro, and after China’s executive bank serve loosened financial policy.

Spot gold [ XAU= 1733.60  +10.41 (+0.60%) ] was adult 0.4 percent during $1,730.80 an unit progressing Monday, while U.S. bullion [ GCCV1 1735.30  +9.40 (+0.54%) ] futures for Feb smoothness were adult $6.70 an unit during $1,732.60.

Gold prices are adult 10.8 percent so distant this year, benefiting from a miscarry in a euro and expectations that U.S. financial process will sojourn loose, slicing a event cost of holding non-yielding bullion.

But analysts contend a interest of other investments could keep bullion prices rangebound this year.

“The risks (in Europe) could waste modestly in a nearby term.

Certainly, in China, there is a flourishing acceptance that a supervision will step in to support growth, and things demeanour like they’re stronger than approaching in a United States,” pronounced Deutsche Bank researcher Daniel Brebner “Globally, it looks like risk resources are being amassed by investors, and in that kind of environment, bullion should perform flattering well,” he added.

“But we would disagree it could underperform some of a other metals, a bottom metals and a white changed metals.” The euro rose 0.4 percent on Monday after China eased financial policy to kindle expansion and expectations mounted that euro section policymakers were set to approve Greece’s long-awaited second bailout, averting a disorderly default.

Euro section financial ministers are approaching to approve a second understanding for Greece when they accommodate during 1600 GMT, a pierce they wish will pull a line underneath months of misunderstanding that has jarred a banking bloc.

“The market’s courtesy is to sojourn fixated on developments in a euro section as financial ministers accumulate in Brussels to finalise a sum of a second bailout for Greece,” pronounced VTB Capital in a note.

“We see resigned movement now as a certain preference on Greece is flattering most labelled in.” Other resources seen as aloft risk rallied along with a euro, with European equities reaching their tip in scarcely 7 months and oil prices adult some-more than $1 a barrel.

Safe-haven German supervision holds slipped.

Money Managers Cut Gold Length

Money managers in bullion futures and options reduced their net prolonged position by about 6 percent in a week of Feb.

14, their initial decrease in weeks, latest information from a U.S. Commodity Futures Trading Commission showed on Friday.

“The decrease in net suppositional length affirms a perspective that a assertive moves during a finish of Jan were mostly as a outcome of overexcitement after a Fed’s dovish proclamation (that rates will stay low),” pronounced Standard Bank in a note.

“Consequently, we sojourn discreet of gold’s near-term prospects, and would not be astounded to see serve debility emerge this week.” Holdings of gold-backed exchange-traded supports tracked by Reuters duration rose by 115,730 ounces final week, a sixth uninterrupted week of gains, to 70.3 million ounces.

In China, that is now severe India for a pretension of world’s tip bullion consumer, a Shanghai Gold Exchange pronounced it will cut trade fees for several of a changed metals contracts to revoke transaction costs, as it sought to keep a fees opposition after a opposition bourse cut margins final week.

Among other changed metals, china [ XAG= 33.51  +0.29 (+0.87%) ] was adult 0.5 percent during $33.40 an ounce, while mark platinum [ XPT= 1646.99  +16.89 (+1.04%) ] was adult 0.7 percent during $1,642 an unit and mark palladium [ XPD= 693.47  -1.53 (-0.22%) ] was down 0.9 percent during $688.70 an ounce.

Platinum prices have climbed scarcely 18 percent this year, benefiting from supply concerns in vital writer South Africa.

The South African miners’ kinship pronounced on Saturday Impala Platinum, a world’s second-largest gold producer, has concluded to re-instate all 17,200 workers who were discharged following an bootleg strike.

The platinum/palladium ratio, or series of palladium ounces indispensable to buy an unit of platinum, hold nearby a 2012 high of 2.4 on Monday as gold continued to outperform.



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Gold Price Steady, U.S. Inflation Remains Tepid

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Silver primarily tumbled to $32.56, though climbed behind into certain domain during $33.58 per ounce.  Other changed metals recouped their waste as well, with bullion jumping from $1,599.00 to $1,625 per unit and palladium from $674.00 to $697.00 per ounce.  As for cyclically-sensitive commodities, copper futures modernized from $3.73 to $3.81 per bruise and wanton oil from $101.18 to $102.60 per barrel.

Gold shares delivered a distant some-more considerable opening than a bullion price, however, on Thursday.  The Market Vectors Gold Miners ETF (GDX) incited a 1.6% decrease during $52.69 into a 2.6% benefit during $54.95 per share by a finish of a day.  Notable bullion producers posting gains enclosed Goldcorp (GG), Kinross Gold (KGC), and Yamana Gold (AUY).  GG finished aloft by 4.8% during $47.42, KGC by 7.8% during $11.10, and AUY by 2.7% during $16.64 per share.

The broader equity markets surged aloft alongside a bullion sector, as a Dow Jones Industrial Average topsy-turvy a progressing waste to finish with a benefit of 1.0% during 12,904.08.  In doing so, a benchmark U.S. equity index reached a top shutting spin given May 19, 2008.  Risk hatred continued to recede as well, with a CBOE Volatility Index dropping 9.1% to 19.22.

The markets and bullion cost rebounded after German journal Die Welt reported that a European Central Bank (ECB) skeleton to rivet in a Greek debt barter in sequence to some-more effectively assuage a nation’s financial condition.  The euro banking extended a gains opposite a U.S. dollar following a report, rising from an intra-day low of 1.2976 to 1.2135.

Under a terms of a due swap, a ECB would sell a Greek holds it currently owns for newly released ones with a longer maturity, so as to give Greece serve time to try to redress a mercantile challenges.   Euro section officials are awaiting a devise to revoke a odds of a deflationary debt spiral, that in spin would lift a prospects for aloft item prices.

The bullion cost also perceived support on Thursday from a World Gold Council (WGC), that published a 2011 Gold Demand Trends report.  The WGC announced that tellurian direct for bullion surpassed $200 billion final year for a initial time ever.  “The categorical motorist for this boost was a investment section where annual direct was 1,640.7t adult 5% on a prior record set in 2010 and with a value of US$82.9 billion,” a news noted.  “The earlier markets for investment direct in 2011 were India, China and Europe.”

Marcus Grubb, Managing Director, Investment during a WGC commented that “What we can see from these 2011 total is that there were dual categorical factors pushing a results: Asian expansion and confidence on a one palm and western enterprise to strengthen resources opposite doubt on a other…What is certain is that a long-term fundamentals for bullion sojourn strong, with a different and flourishing direct base, joined with compelled supply side activity.”

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Rpt-PRECIOUS-Gold falls as euro sags after Moody’s cuts


Tue Feb 14, 2012 10:37am EST

(Refiles to repair typo in headline)

* Gold recoups day’s losses

* All eyes still on Greece forward of euro section meeting

* Platinum:palladium ratio during top given December

By Amanda Cooper and Jan Harvey

LONDON, Feb 14 (Reuters) – Gold eased on Tuesday,
under vigour from a decrease in a euro opposite a dollar
after Moody’s warned it might cut a triple-A credit ratings of
France, Britain and Austria given of a hazard acted by the
euro section debt crisis.

Spot bullion was during $1,721.90 an unit during 1510 GMT
against $1,722.49 late in New York on Monday, carrying overwhelmed an
intraday low of $1,711.70 progressing in a day. U.S. bullion futures
for Feb smoothness were down $1.4 during $1,723.50.

The euro retreated into disastrous domain after carrying hit
session highs opposite a dollar when German mercantile sentiment
data from ZEW suggested Europe’s largest economy was holding up
despite a debt crisis.

The bullion cost rose by some-more than 10 percent in January,
boosted by a Federal Reserve signalling it believed a U.S.
economy was diseased adequate to aver withdrawal seductiveness rates at
zero for scarcely 3 some-more years, though given then, a bullion
market has struggled to make many ceiling progress.

“Gold had a good run-up though it’s banged a control against
resistance around $1,760.00,” Saxo Bank comparison manager Ole
Hansen said.

“Both times, we’ve seen corrections and, total with the
fact that it doesn’t seem to be relocating aloft on a Moody’s
downgrades or a domain requirement being reduced, it seems
like it needs to try to trade a bit and have a strength and
support in a marketplace confirmed,” he said, adding that any
steeper declines should be stemmed around $1,660 or $1,670.

Gold stays some-more supportive to moves in a euro/dollar
exchange rate in a brief tenure than to rising risk aversion,
which in a past has been a certain motorist of prices. It
remains exposed to uninformed waste in a singular currency, which
quickly came off a post-data highs.

Gold’s association with a singular European banking is
around a many certain so distant this month, only bashful of 50
percent and adult from a three-month low of 33 percent final week.

In further to a warning on some of Europe’s top-rated
nations, Moody’s downgraded 6 other European countries
including Italy, Spain and Portugal, citing a risks of the
euro debt crisis.

While a Moody’s news rattled a markets, concentration remained
on Greece, that has concurred it still has many to do to
persuade a European Union and International Monetary Fund to
save it from a pell-mell default.

Euro section financial ministers have asked a Greek government
for sum of how it will fill a 325 million euro ($429.5
million) opening in a devise for an additional 3.3 billion euros in
savings this year forward of a assembly in Brussels on Wednesday.

Greece’s purgation measures are proof painful. As
parliament debated a package on Sunday night, demonstration police
fought using battles with protesters outside.

“In a brief term, bullion looks warrant to swings in investor
risk view per a euro and a euro section sovereign
debt situation, in that a concentration is centered mostly on
Greece,” pronounced HSBC in a note.

INDIAN DEMAND SOFTENS

On a earthy side of a market, bullion direct in major
consumer India was soothing on Tuesday as traders gamble prices would
continue to fall, after quickly ticking higher.

“Overnight direct was good as prices have come down … but
now shopping is stable,” pronounced one Mumbai dealer.

In series dual bullion marketplace China, a world’s first
yuan-denominated bullion exchange-traded account done a diseased entrance on
the Hong Kong batch exchange, though analysts pronounced direct would
probably collect adult as investors spin some-more informed with it.

Earlier, an central from a Shanghai Gold Exchange pronounced it
planned to launch over-the-counter bullion trade and was in talks
with a China Foreign Exchange Trade System to control these
trades around a interbank market.

Among other altered metals, china was down 0.3
percent during $33.58 an ounce. Spot gold was down 1.0
percent during $1,626.99 an ounce, while mark palladium was
down 1.8 percent during $682.50 an ounce.

Platinum prices eased behind from a three-month high they
hit late final week on a behind of supply outages in major
producer South Africa, after Impala Platinum pronounced it had started
rehiring employees after sacking 17,200 in a work dispute.

The platinum:palladium ratio – a series of palladium
ounces indispensable to buy an unit of gold – hold nearby its
highest given early Dec on Tuesday during 2.37, as palladium
prices also retreated.

“From a elemental viewpoint … not many has changed,
and we say a welfare for palladium over gold this
year,” UBS pronounced in a note.

“But … risk view stays a pivotal motorist for prices in
the brief term, and a gait during that net prolonged positions have
increased in a final several weeks puts palladium some-more during risk,
should view turn.”

(With stating by Amanda Cooper; Editing by Alison Birrane)

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Gold Prices Rise after Greece OKs Austerity Plan

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The euro soared to an eight-week high of some-more than $1.33. The dollar fell opposite a basket of vital currencies.

In Asia, vital batch indexes were all higher. In Europe, equities rose too: The FTSE 100 gained 0.82 percent, a DAX rose 0.56 percent and a CAC 40 climbed 0.64 percent.

In a U.S., futures on a Dow Jones Industrial Average, a Nasdaq 100 and a SP 500 indicated a aloft commencement to a week’s trading.

Industrial line rose, with both wanton oil and copper aloft in London trading.

Assuming a European Union approves a purgation on Wednesday, bullion could mangle out of a operation in that it has been cramped for weeks.

“Gold has regularly tested a $1750 symbol with small success and a $1710 support has been likewise resilient,” Edel Tully, an researcher with UBS pronounced in a note. “The marketplace clearly lacks a self-assurance to mangle out of this operation during this stage, yet this is distinct deliberation a miss of finality in Europe. The loyal exam of ardour would come once this sold Eurozone eventuality risk is out of a way.”

Despite a initial certain response traders remained cautious.

We are still looking for some-more measures out of Europe before we see a tolerable risk rally. Yes, maybe it’s good that we have a second bailout package and we are certain that during slightest we are not going to see Greece defaulting,” Ong Yi Ling, an researcher during Phillip Futures, told Reuters. “I am looking for a insurgency for bullion during about $1,760. That will be a initial insurgency and a second one is during about a $1,800 level. For bullion to mangle a $1,800 level, we need some-more measures, we would say.”

Gold for Apr smoothness combined $6.20 to $1,731.50, while mark bullion rose $2.12 to $1.729.95.

Silver for Mar smoothness increasing 18 cents to $33.79, while mark china was adult 5 cents to $33.82.

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