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Aug 13, 2012, 09.55 AM IST
Gold hovered near USD 1,620 an ounce on Monday, after gaining for a sixth straight day in the previous session as downbeat China economic data triggered expectations of more stimulus measures from the world's second-largest economy.
FUNDAMENTALS * Spot gold was little changed at USD 1,620.11 an ounce by 0039 GMT, after posting a weekly rise of nearly 1%. * U.S. gold futures contract for December delivery traded nearly flat at USD 1,622.70. * Data on Friday showed China's exports in July rose just 1% from a year earlier and new loans were at a 10-month low, suggesting that pro-growth policies have been insufficient and more urgent action may be needed to stabilise the economy. * Adding to the gloomy global growth picture, Japan's economic expansion slowed more than expected in the second quarter, as a rebound in consumer spending starts to lose momentum and Europe's debt crisis weighs on global demand. * Hedge funds and money managers cut their net long position in US gold futures and options in the week to August 7, as speculators reduced their bullish bets on doubts over more imminent monetary stimulus by the Federal Reserve and other central banks. * Platinum-gold discount stood at USD 225.2 an ounce, near a record-high above USD 226 hit last Friday. Spot platinum inched up 0.2% to USD 1,395.49, after falling 0.3% in the previous week, its sixth straight week of decline. * Two security guards were hacked to death at a South African mine operated by the world's number three platinum producer Lonmin on Sunday in new violence between rival unions, company officials said. MARKET NEWS * The Standard & Poor's 500 finished slightly higher on Friday to run its streak to six straight sessions, but activity was light and gains were slight as the market enters a seasonally slow period. * The currency markets got off to a nondescript start on Monday, with commodity currencies under mild pressure first thing as investors continued to worry about the health of the global economy following last week's disappointing Chinese data. DATA/EVENTS 0600 Germany Wholesale price index July 0645 France Current account June PRICES Precious metals prices 0039 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1620.11 0.67 +0.04 3.60 Spot Silver 28.11 0.03 +0.11 1.52 Spot Platinum 1395.49 2.59 +0.19 0.18 Spot Palladium 579.75 2.05 +0.35 -11.15 COMEX GOLD DEC2 1622.70 -0.10 -0.01 3.57 1214 COMEX SILVER SEP2 28.07 0.01 +0.03 0.56 1366 Euro/Dollar 1.2268 Dollar/Yen 78.23 COMEX gold and silver contracts show the most active months
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