PRECIOUS-Gold steady; Bernanke speech, U.S. GDP eyed

Fri Aug 27, 2010 12:53am GMT
 

 SHANGHAI, Aug 27 (Reuters) - Gold was steady on Friday,
after better-than-expected U.S. unemployment data helped ease
fears of a double dip, as investors expect a key speech from
Federal Reserve Chairman Bernanke and revision of the U.S.
second-quarter economic growth.
 FUNDAMENTALS
 * Spot gold XAU= inched down 29 cents to $1,234.65 an
ounce by 0033 GMT, after having hit a near 2-month high of
$1,244.00 on Thursday, heading for a weekly rise of 0.8
percent.
 * U.S. gold futures for December delivery GCZ0 were
little changed at $1,237.3 an ounce.
 * The sharper-than-expected fall in the U.S. jobless claims
sent relief to markets, after a spat of disappointing data
deepened fears of a double dip in the world's largest economy.
[ID:nN26186848]
 * Investors are awaiting a key speech from Federal Reserve
Chairman Ben Bernanke on Friday, along with an estimate of
second-quarter growth, which is expected to be revised lower to
an annual pace of 1.4 percent from 2.4 percent.[ID:nN26570206]
 * The world's largest gold-backed exchange-traded fund,
SPDR Gold Trust (GLD.P: Quote) said its holdings remained unchanged at
1,297.948 tonnes on August 26.
 MARKET NEWS
 * The dollar edged lower against the yen on Friday, inching
back towards a 15-year low hit earlier this week, as investors
braced for a speech from Federal Chairman Ben Bernanke speech
later in the day. [USD/]
 * The Dow closed below 10,000 on Thursday a day ahead of an
expected downward revision in U.S. second-quarter economic
growth and a major speech by Federal Reserve Chairman Ben
Bernanke.[.N]
 DATA/EVENTS
 1130  India M3 Money Supply             INM3MS=ECI
 1230  U.S.  Corporate profits    Q2-Adv USCPRF=ECI
 1230  U.S.  Real GDP qq SAAR    Q2-Prel USGDP=ECI
 1355  U.S.  U.Mich conds/expec Aug-F   USMSNP=ECI
 1430  U.S.  ECRI index          Weekly USECRW=ECI
 RELATED NEWS > US jobless claims fall, but still elevated  
 [ID:nN26186848] > Dow ends below 10,000 on economic worries   
 [ID:nN26224376] > Joint yen intervention unlikely-euro zone
sourc[ID:nLDE67P16B] > Germany shines amid mixed euro zone data
  [ID:nLDE67P1IO] > Oil gains for 2nd day as jobs data eases
concer[ID:nSGE67P07F] > Euro zone private sector lending picks
up in Ju[ID:nLDE67P0TT] > Canada finmin says struggling US
major worry  [ID:nLDE67P1QH] > UK CBI retail sales surge boosts
Q3 growth hope[ID:nLDE67P1J2] > Italy consumer morale lowest
since March '09  [ID:nLDE67P0NO] > Swiss economy grew much
faster in 1st qtr     [ID:nLDE67P0KD] > China banks face harsh
reality after strong H1 [ID:nTOE67P03Q] > Brazil primary
surplus goal recedes on spending[ID:nN26189174]
 Precious metals prices at 0033 GMT
 Metal             Last    Change  Pct chg  YTD pct chg
 Spot Gold        1234.65   -0.29   -0.02     12.68
 Spot Silver        18.89   -0.01   -0.05     12.24
 Spot Platinum    1526.00    1.00   +0.07      4.02
 Spot Palladium    498.00    0.37   +0.07     22.81
 Euro/Dollar       1.2700
 Dollar/Yen         84.37
 (Reporting by Rujun Shen and Jacqueline Wong; Editing by
Clarence Fernandez)



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