SINGAPORE, Feb 20 (Reuters) - Gold hovered just above $1,600
an ounce on Wednesday, unable to pull significantly higher from
a six-month low hit last week as upbeat German data sapped
interest in the safe-haven metal and the advance in equities
An ultra-bearish technical formation on gold charts
suggested a pullback could be on the way, when on Tuesday spot
gold was on the brink of forming a 'death cross,' when its
50-day moving average broke below its 200-day moving average.
* Spot gold was little changed at $1,605.60 an ounce
by 0031 GMT. It dropped to $1,598.04 late last week, the lowest
since August, 2012.
* U.S. gold traded steady at $1,605.50.
* Optimism that the worst of the euro zone debt crisis is
over has helped German investor and analyst sentiment soar to
its highest level in nearly three years this month.
* The S&P 500 index marched to its highest level in
more than five years. It has climbed for the past seven weeks in
its longest weekly winning streak since January 2011 and is up
about 7 percent so far this year. That compares with a 4 percent
decline in spot gold.
* The Federal Reserve's latest monetary stimulus program is
still appropriate through the end of this year given an anaemic
labour market despite the U.S. economy's brightening prospects,
said Atlanta Federal Reserve Bank President Dennis Lockhart,
seen as a bellwether centrist at the central bank.
* Investors will be focusing on the wording in the minutes
of the Fed's latest policy meeting due to be released on
Wednesday to gauge the central bank's attitude towards its
monetary policy, which has helped gold rally in recent years.
* Anglo American Platinum expects operations at its
South African mines to resume on Wednesday after workers staged
a one-day walk-out following union violence at one of its mines,
a spokeswoman said.
* Spot platinum edged up 0.2 percent to $1,690.99 an
* Holdings of SPDR Gold Trust, the world's top
gold-backed exchange-traded fund, dropped more than 3 tonnes
from the previous session to 1,319.964 tonnes on Feb. 19, the
lowest level in nearly five months.
* For the top stories on metals and other news, click , or
* The yen held its ground against the dollar on Wednesday as
doubts surfaced on whether the Bank of Japan will put into
action bold plans to jumpstart the economy, while sterling
languished at a seven-month low.
0700 Germany Producer prices
0745 France Business climate index
0900 Italy Industrial orders
1245 U.S. ICSC weekly chain store sales
1330 U.S. Building permits
1330 U.S. Housing starts
1330 U.S. Producer prices
1500 U.S. Consumer confidence
1900 U.S. Federal Open Market Committee issues minutes from
its Jan. 29-30 meeting
Precious metals prices 0031 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1605.60 1.39 +0.09 -4.12
Spot Silver 29.45 0.03 +0.10 -2.74
Spot Platinum 1690.99 3.24 +0.19 10.16
Spot Palladium 763.50 2.28 +0.30 10.33
COMEX GOLD APR3 1605.50 1.30 +0.08 -4.20 2610
COMEX SILVER MAR3 29.45 0.02 +0.08 -2.60 1164
COMEX gold and silver contracts show the most active months
(Reporting by Rujun Shen; Editing by Muralikumar Anantharaman)
Keywords: MARKETS PRECIOUS/
(Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit http://topnews.session.rservices.com * BridgeStation : view story .134 * Reuters Plus : from your WebDSS screen For more information on Top News, visit http://topnews.reuters.com)) Reuters Terminal users can see related news and prices by double clicking on the codes in brackets: - All precious metals headlines - Precious metals market reports - Daily fixing headlines - Indian gold reports - European gold prices - London interbank gold forward rates - London silver forwards - Gold lease rates - London Bullion Market Association - New York Comex gold and silver - New York platinum and palladium - Asian gold prices - Australian precious metals prices - Shanghai Gold Exchange prices - Hong Kong gold exchange prices - Indian bullion prices - Japanese producer prices For Related News and other topics, double click on one of these codes: SPEED GUIDES )
Copyright Thomson Reuters 2013. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.