PRECIOUS-Factors To Watch on July 7

Published 07/07/2011, 02:45 AM
Updated 07/07/2011, 02:52 AM
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LONDON, July 7 (Reuters) - Gold prices rose in Europe on Thursday, supported by interest in the metal as a haven from the euro zone debt crisis and the threat of rising inflation, ahead of a key interest rates announcement from the European Central Bank later in the day.

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PRICES

* Spot gold was bid at $1,533.79 an ounce at 0628 GMT compared with $1,527.50 late in New York on Wednesday.

* Silver was at $36.18 from $35.85.

* Platinum was at $1,730.50 from $1,721.60.

* Palladium was at $771.47 from $762.48.

DATA/EVENTS

* ECB Governing Council meeting, followed by interest rate announcement at 1145 GMT and news conference at 1230 GMT.

* Germany industrial output for May, 1000 GMT.

* U.S. ADP employment report for June, 1215 GMT.

* U.S. weekly jobless claims, 1230 GMT.

* ICSC U.S. chain store sales for June.

* Bank of England (BoE) Monetary Policy Committee (MPC) announces interest rate decision.

MARKET NEWS

* The dollar index was little changed on Thursday while the euro languished near one-week lows, facing limited recovery prospects as worries about Europe's sovereign debt problems outweighed a widely expected interest rate hike by the ECB.

* Brent crude climbed above $114, supported by a greater-than-projected drop in U.S. crude stocks and expectations that China's monetary tightening cycle may be nearing its end.

* China's bank stocks bounced on hopes of a near-term pause in policy tightening, keeping regional shares close to a one-month high, while the euro steadied before a widely expected rate hike from the ECB later.

* European shares were set to rise on Thursday, tracking Wall Street and Asian gains overnight, ahead of an expected ECB rate rise.

* German government bonds opened lower on Thursday with the European Central Bank set to raise interest rates but safe-haven paper remained supported by fears the euro zone debt crisis was intensifying.

FUNDAMENTALS

* Talks over pay between striking Indonesian workers at the world's biggest gold mine and Freeport McMoRan Copper & Gold's management have broken down, leaving mining still halted, a government official said on Thursday.

* The Hong Kong Mercantile Exchange (HKMEx) will soon roll out yuan-denominated gold and silver futures contracts to capitalize on growing investor demand for China's strengthening currency, its president Albert Helmig said on Wednesday.

TECHNICALS

* Gold support was at $1,514 an ounce and resistance at $1,538. The 14-day RSI was at 61.7.

* Silver support was at $35.26 an ounce and resistance at $36.46. The 14-day RSI was at 53.2.

* Platinum support was at $1,703 an ounce and resistance at $1,744. The 14-day RSI was at 50.8. For related news and prices, click on the codes in brackets: Spot gold/silver Platinum/palladium Gold lease rates Comex gold futures <0#GC:> Europe/Asia prices

CBOT 100 oz gold futures <0#ZG:> RELATED NEWS AND OTHER TOPICS Precious metals news All metals news Metals summary Index of summaries All commodities news Metals diary Ldn Bullion Mkt Assoc Foreign exchange rates SPEED GUIDES

For Reuters Metals Production Database click on URL below http://mpd.session.rservices.com (Reporting by Jan Harvey; editing by James Jukwey)

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