Gold in tight range awaiting U.S. stimulus clues

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Gold was trading in a narrow range on Tuesday as investors refrained from taking positions ahead of a crucial U.S. jobs report later this week that could help markets gauge the timing of a stimulus tapering by the Federal Reserve.
FUNDAMENTALS
Ø Spot gold was steady trading up 0.03 percent at
Ø $1,314.74 an ounce by 0022 GMT, after also trading flat in the previous session.
Ø The Fed should scale back its $85 billion monthly asset purchases only when the U.S. economy shows clearer signs of improvement and even then it should act slowly, one senior central banker said on Monday, while two others stressed there is no need to rush.
Ø The October nonfarm payrolls data will be released on
Ø Friday. The Fed has said an improvement in the labour market is necessary before it can scale back bond purchases.
Ø China’s gold consumption is expected to climb to more than
Ø 1,000 tons this year, though the trend is not sustainable and could drop below this level from 2014, the country’s biggest gold producer said.
Ø Switzerland said it had opened an investigation into Argor-Heraeus, one of the world’s largest gold refiners, for suspected money laundering and complicity in war crimes.
Ø An indigenous community opposed to Goldcorp’s copper and gold El Morro mine in northern Chile is poised to present at least one new legal action against the project this month.
Precious metals prices 0022 GMT

Metal

Last

Change

Pct chg

YTD pct chg

Volume

Spot Gold

1314.74

0.38

0.03

-21.49

Spot Silver

21.65

0.01

0.05

-28.5

Spot Platinum

1452.99

3.25

0.22

-5.34

Spot Palladium

745.22

-1.28

-0.17

7.69

COMEX GOLD DEC3

1314.9

0.2

0.02

-21.54

836

COMEX SILVER DE C3

21.68

-0.02

-0.09

-28.46

169

Euro/Dollar

1.3518

Dollar/Yen

98.57

 

COMEX gold and silver contracts show the most active months
Source: reuters
Source:Bullion Bulletin

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