GO
Loading...

PRECIOUS-Gold holds near 6-month low; ends 2013 down 28 pct

Wednesday, 1 Jan 2014 | 8:08 PM ET

SINGAPORE, Jan 2 (Reuters) - Gold steadied on Thursday but held near a six-month low touched in the previous session after prospects for a global economic recovery prompted investors to abandon the safe-haven metal. After a 12-year bull run, gold tumbled 28 percent in 2013, with the U.S. Federal Reserve's plan to step away from ultra-loose monetary policy undermining the investor rationale for holding bullion.

FUNDAMENTALS

* Spot gold was little changed at $1,205.30 an ounce by 0052 GMT after falling to $1,184.50 an ounce on Tuesday, its weakest since June 28.

* U.S. gold added 0.20 percent to $1,204.70 an ounce.

* Growth in China's factories slowed slightly in December as export orders and output weakened, official data showed on Wednesday, adding to views that while the world's second-largest economy remains resilient, it lost some steam in late 2013.

* Italian carmaker Fiat SpA FIA.MI struck a $4.35 billion deal to gain full control of Chrysler Group LLC, ending more than a year of tense talks that have obstructed Chief Executive Sergio Marchionne's efforts to combine the two automakers' resources.

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

MARKET NEWS

* Asian markets got the new year off to a sluggish start as Chinese economic data disappointed ahead of a raft of reports on global manufacturing due out through the session.

* Brent crude fell on Tuesday, ending 2013 almost unchanged following a year in which traders balanced a spate of supply disruptions from Middle East and Africa against surging output from the United States.

DATA/EVENTS (GMT)

0145 China HSBC Mfg PMI Final Dec CNPMIC=ECI 0843 Italy Markit/ADACI Mfg PMI Dec ITRPMI=ECI 0853 Germany Markit/BME Mfg PMI Dec DEPMIM=ECI 0858 EZ Markit Mfg PMI Dec EUPMI=ECI 1500 U.S. ISM Manufacturing PMI Dec USPMI=ECI 1500 U.S. Construction spending mm Dec USTCNSECI

PRICES

Precious metals prices 0052 GMT

Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1205.30 0.01 +0.00 -28.02 Spot Silver 19.45 0.12 +0.62 -35.77 Spot Platinum 1367.50 -3.00 -0.22 -10.91 Spot Palladium 714.00 3.00 +0.42 3.18 COMEX GOLD FEB4 1204.70 2.40 +0.20 -28.11 1196 COMEX SILVER MAR4 19.48 0.11 +0.54 -35.74 564 Euro/Dollar 1.3759 Dollar/Yen 105.29

COMEX gold and silver contracts show the most active months

(Reporting by Lewa Pardomuan; Editing by Subhranshu Sahu)