August 27, 2010 / 12:57 AM / 7 years ago

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

 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) 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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