PRECIOUS-Gold eases after rally, but US stimulus hopes check losses

Sunday, 17 Nov 2013 | 7:48 PM ET

SINGAPORE, Nov 18 (Reuters) - Gold snapped a three-day winning streak on Monday but prices continued to hold near the $1,300 level amid hopes the U.S. Federal Reserve would stick to its easy monetary policy, burnishing the metal's appeal as a hedge against inflation.


* Spot gold eased 0.2 percent to $1,287.55 an ounce by 0027 GMT. Prices rose nearly 2 percent in the past three sessions, underpinned by expectations that the nominee to lead the U.S. Fed, Janet Yellen, would continue the bank's $85 billion monthly bond purchases in that role.

* Hedge funds and other speculators pulled money out of gold for a third straight week to reduce bullish bets they had staked on U.S. commodities. The size of the reductions was the largest in such a period since March, data issued on Friday showed.

* Canadian gold miners Goldcorp and Barrick Gold are looking to sell their jointly owned Marigold mine in Nevada, according to sources familiar with the situation.

* South African platinum producer Northam Platinum said talks on Friday had failed to break a deadlock over wages with the National Union of Mineworkers, leaving no immediate end in sight to a strike which started almost two weeks ago.

* For the top stories on metals and other news, click , or


* Asian share markets were consolidating recent gains on Monday, with investors encouraged both by the prospect of extended stimulus in the United States and real economic reform in China.

DATA/EVENTS (GMT) 0130 China Housing prices 0900 Euro zone Current account 1000 Euro zone Trade data 1400 U.S. Net capital flows 1500 U.S. NAHB housing index


Metal Last Change Pct chg YTD pct chg Spot gold 1287.55 -2.11 -0.16 -23.11 Spot silver 20.74 -0.02 -0.1 -31.51 Spot platinum 1433.99 -3.5 -0.24 -6.58 Spot palladium 726.43 -3.87 -0.53 4.98 Comex gold Dec3 1287.2 -0.2 -0.02 -23.19 Comex silver Dec3 20.76 0.03 0.16 -31.51 Euro 1.3481 DXY 80.878

COMEX gold and silver contracts show the most active months

(Reporting by A. Ananthalakshmi; Editing by Himani Sarkar)