Gold ticks up, Fed keeps up pressure with stimulus view

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FUNDAMENTALS
* Gold added $2.47 an ounce to $1,277.86 by 0035 GMT.
* It has dropped more than 20 percent this year, losing its safe-haven appeal on speculation the U.S. central bank could start reining in its $85 billion in monthly asset purchases later in 2013, and halt it altogether by mid-2014.
* U.S. gold futures were little changed at $1,277.10 an ounce.
* Bernanke said on Wednesday the U.S. central bank still expects to start scaling back its massive bond purchase programme later this year, but he left open the option of changing that plan if the economic outlook shifted.
* Bernanke will testify before the Senate Banking Committee later on Thursday, but is likely to stick to the theme laid out before the House Financial Services Committee.
MARKET NEWS
* The dollar held on to modest overnight gains early in Asia on Thursday after a choppy session that saw investors first sell then buy back the currency in reaction to Bernanke’s comments.
PRICES
Precious metals prices 0035 GMT

Metal

Last

Change

Pct chg

YTD pct chg

Volume

Spot Gold

1277.86

2.47

0.19

-23.69

Spot Silver

19.37

0.12

0.62

-36.03

Spot Platinum

1406.74

1.74

0.12

-8.36

Spot Palladium

732.72

-0.28

-0.04

5.88

COMEX GOLD AUG3

1277.1

-0.4

-0.03

-23.79

2692

COMEX SILVER SE P3

0.19

0

-0.31

-99.36

1925

Euro/Dollar

1.312

Dollar/Yen

99.55

 COMEX gold and silver contracts show the most active months

Source: Reuters
Source:Bullion Bulletin

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