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PRECIOUS-Gold, silver steady after commodity rout; eyes on euro

Published 05/08/2011, 09:09 PM
Updated 05/08/2011, 09:12 PM
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SINGAPORE, May 9 (Reuters) - Gold and silver prices held steady on Monday after plunging last week in a broad sell-off for commodities, as investors closely watch the euro zone's debt crisis and its implication for the single currency.

FUNDAMENTALS

* Spot gold was little changed at $1,493.75 an ounce by 0042 GMT, after posting a 4.5 percent fall last week, its worst since February 2009.

* COMEX gold futures edged up 0.2 percent to $1,493.80.

* Spot silver inched down 0.2 percent to $35.54, after losing a quarter of its value in the previous week. COMEX silver gained 1.4 percent to $35.78.

* More market turbulence is in store after commodities staged their worst weekly decline since 2008, with the 19-commodity Reuters-Jefferies CRB index down 9 percent on the week, even after unexpectedly strong job data from the United States. [ID:nOAT004799]

* Speculators scaled back net longs in COMEX silver and gold in the week to May 3. [ID:nN06302550]

* Top finance officials of the euro zone's biggest economies met to discuss Greece's debt crisis on Friday and Athens denied a media report that it was considering whether to leave the bloc. [ID:nLDE7451YY]

* For the top stories on metals and other news, click , or

MARKET NEWS

* The dollar index edged lower on Monday, after rising to its highest in two and a half weeks on Friday following a media report that Greece has talked about leaving the euro zone, which triggered heavy losses in the single currency.

* An unexpectedly strong report on U.S. payrolls helped equities bounce back on Friday from four days of losses, tempering worries that stocks could suffer the sharp declines seen this week in commodities.

* U.S. crude rebounded more than a $1 a barrel on Monday after plummeting over $16 last week as investors fled commodities on worries over slowing global growth.

DATA/EVENTS 1400 US Employment trend index for April

PRICES Precious metals prices 0042 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1493.75 -0.30 -0.02 5.23 Spot Silver 35.54 -0.06 -0.17 15.17 Spot Platinum 1784.00 2.25 +0.13 0.93 Spot Palladium 715.25 1.37 +0.19 -10.54 TOCOM Gold 3888.00 25.00 +0.65 4.26 56653 TOCOM Platinum 4686.00 -11.00 -0.23 -0.21 7039 TOCOM Silver 92.80 2.40 +2.65 14.57 3966 TOCOM Palladium 1862.00 7.00 +0.38 -11.21 666 COMEX GOLD JUN1 1493.80 2.20 +0.15 5.09 3930 COMEX SILVER JUL1 35.78 0.49 +1.40 15.64 4222 Euro/Dollar 1.4393 Dollar/Yen 80.69 TOCOM prices in yen per gram. Spot prices in $ per ounce. COMEX gold and silver contracts show the most active months (Reporting by Rujun Shen; Editing by Michael Urquhart)

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