November 24, 2011 / 12:33 AM / 9 years ago

PRECIOUS-Gold extends losses on equities, firm dollar

SINGAPORE, Nov 24 (Reuters) - Gold fell further on
Thursday as declines in equities blamed on the euro zone crisis
prompted investors to sell bullion to cover losses, while a
firmer U.S. dollar also put pressure on prices. 	
       	
    FUNDAMENTALS	
    * Spot gold fell 0.27 percent to $1,688.19 an ounce
by 0020 GMT, having slipped on Wednesday on falling equities,
weak Chinese factory data and a contracting euro zone economy.
Bullion struck a record of around $1,920 an ounce in September. 	
    * U.S. gold December futures dropped $4.8 an ounce
to $1,691.1 an ounce.	
    * The Nikkei average fell more than 1 percent to its lowest
level since April 2009 on Thursday, as mounting European debt
concerns push overseas equities markets lower. 	
    * A "disastrous" German bond sale on Wednesday sparked fears
that Europe's debt crisis was starting to threaten even Berlin,
with the leaders of the euro zone's two biggest economies still
at odds over a longer-term structural solution. 	
    * For the top stories on metals and other news, click
, or 	
    	
    MARKET NEWS	
    * The euro wallowed at seven-week lows against the dollar in
Asia on Thursday, having suffered a steep fall after a
"disastrous" German bond sale fuelled fears the region's debt
crisis was beginning to threaten even Europe's biggest economy.
  	
    * U.S. crude futures eased below $96 a barrel on Thursday as
worries over global economic growth and a stronger dollar
outweighed a sharp drawdown in U.S. crude stockpiles.
 	
  	
    DATA/EVENTS	
    0700 Germany GDP detailed yy        Jul 2011   	
    0900 Germany Ifo business climate   Nov 2011   	
    0900 Germany Ifo current conditions Nov 2011   	
    0900 Germany Ifo expectations       Nov 2011   	
    2330 Japan CPI, core nationwide yy  Oct 2011    	
     	
    PRICES	
       	
  Precious metals prices 0020 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1688.19   -4.60   -0.27     18.93
  Spot Silver        31.66   -0.01   -0.03      2.59
  Spot Platinum    1537.49   -4.01   -0.26    -13.01
  Spot Palladium    579.38   -1.11   -0.19    -27.53
  TOCOM Gold       4189.00   22.00   +0.53     12.34        28558
  TOCOM Platinum   3837.00  -27.00   -0.70    -18.29         4094
  TOCOM Silver       77.50    1.10   +1.44     -4.32          190
  TOCOM Palladium  1459.00   -1.00   -0.07    -30.42          107
  COMEX GOLD DEC1  1689.60   -6.30   -0.37     18.87         1370
  COMEX SILVER DEC1  31.65   -0.23   -0.73      2.29          277
  Euro/Dollar       1.3357
  Dollar/Yen         77.17
 
  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 Miral Fahmy)
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