Gold steady after 2-day fall, economic optimism weighs

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Gold was little changed on Thursday after a two-day decline but a rally in stocks and increasing optimism over global economic growth weighed on the metal’s appeal as an alternative investment.
FUNDAMENTALS
Spot gold was flat at $1,241.31 an ounce by 0012 GMT. Other precious metals were slightly higher.
The International Monetary Fund expects global growth to pick up this year, though it said deflation is a “rising risk” as long as economic growth stays below levels that policy-makers believe are optimal.
U.S. producer prices recorded their largest gain in six months in December as the cost of gasoline rebounded strongly, but there were few signs of any sustained price pressures.
India has asked jewellers to provide information on purchases of gold bars or jewellery worth more than 500,000 rupees ($8,100) by the end of this month, a move seen keeping a check on big transactions amid rising smuggling.
South Africa’s Association of Mineworkers and Construction
Union said it would call a strike in the platinum industry if its members backed such action. AMCU members have voted in favour of a stoppage at Impala Platinum over wages, and the union will canvas its rank and file this week at Anglo American Platinum and Lonmin.
Osisko Mining Corp said it was reviewing Goldcorp
Inc’s unsolicited C$2.6 billion ($2.4 billion) takeover proposal, but considered the 15 percent premium it offered as “very low”.
PRICES AT 0012 GMT
Metal Last Change Pct chg
Spot gold 1241.31 -0.05 0
Spot silver 20.18 0.04 0.2
COMEX gold and silver contracts show the most active months
Source:in.reuters
Source:Bullion Bulletin

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