Gold price steady after 2-day fall, economic optimism weighs
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Gold price steady after 2-day fall, economic optimism weighs

Last Updated: Thursday, January 16, 2014, 12:41
 
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Gold price steady after 2-day fall, economic optimism weighs
Singapore: 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 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 takeover proposal, but considered the 15 percent premium it offered as "very low".

MARKET NEWS

* Asian shares ticked higher after a set of robust U.S. data and upbeat earnings from Bank of America helped squash concerns of a slowdown in the world`s largest economy following disappointing jobs growth in December.





Reuters

First Published: Thursday, January 16, 2014, 11:20


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