PRECIOUS-Gold holds gains; heads for worst month since 2008

Fri Sep 30, 2011 12:52am GMT
 

SINGAPORE, Sept 30 (Reuters) - Gold ticked up on Friday,
having gained in the previous session on German approval of a
stronger bailout fund to counter the euro zone debt crisis, but
the metal was heading for its worst monthly decline in three
years.	
    	
    FUNDAMENTALS	
    * Spot gold added $7.79 an ounce to $1,621.84 an
ounce by 0043 GMT. Despite the gain, prices were headed for of
11 percent, their worst since October 2008 when they tumbled 17
percent following the collapse of Lehman Brothers.	
    * Gold rallied to a lifetime high around $1,920 an ounce in
early September.	
    * U.S. gold GCcv1 rose $7.2 an ounce to $1,624.50 an
ounce.	
    * German Chancellor Angela Merkel won a vote on enhancing
the euro zone's bailout fund without needing to rely on the
opposition, a senior member of Merkel's CDU party said on
Thursday. 	
    * For the top stories on metals and other news, click
 , or 	
    	
    MARKET NEWS	
    * The euro clung to modest gains in Asia on Friday,
following a brief boost after Germany approved an expansion of
the euro zone bailout fund, but investors remain worried due to
the many hurdles ahead of a workable resolution to the European
crisis. 	
    * The Nikkei share average was flat on Friday, wavering in
and out of positive territory in the first minutes of trading as
investors took profits after a late surge in the previous
session, and was on track to gain for the week. 	
    * U.S. crude futures extended gains on Friday, as the German
vote to beef up the euro zone rescue fund and upbeat U.S.
economic data eased market worries over a slowing global
economy. 	
        	
    DATA/EVENTS	
    0230 China HSBC PMI                 Sep 2011   	
    0500 Japan Construction orders yy   Aug 2011   	
    0600 Germany Retail sales yy real   Aug 2011   	
    0900 EZ Inflation, flash yy         Sep 2011   	
    1230 U.S. Personal Income           Aug 2011       	
    1345 U.S. Chicago PMI               Sep 2011       	
    1355 U.S. Reuters/U.Mich Sentiment  Sept           	
    1930 U.S. CFTC Commitments of traders           	
	
  Precious metals prices at 0043 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1621.84    7.79   +0.48     14.26
  Spot Silver        30.84    0.26   +0.85     -0.06
  Spot Platinum    1529.49   12.24   +0.81    -13.47
  Spot Palladium    620.49    4.49   +0.73    -22.39
  TOCOM Gold       4005.00    2.00   +0.05      7.40        31699
  TOCOM Platinum   3805.00  -11.00   -0.29    -18.97         5421
  TOCOM Silver       75.50    0.00   +0.00     -6.79          376
  TOCOM Palladium  1556.00    9.00   +0.58    -25.80          109
  COMEX GOLD DEC1  1624.20    6.90   +0.43     14.27         2815
  COMEX SILVER DEC1  30.91    0.39   +1.27     -0.10          712
  Euro/Dollar       1.3586
  Dollar/Yen         76.63
 
  TOCOM prices in yen per gram. Spot prices in $ per ounce.
  COMEX gold and silver contracts show the most active months
	
 (Reporting by Lewa Pardomuan; Editing by Michael Urquhart)

Market Update

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