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PRECIOUS-Gold firm near lifetime high, stocks watched

Published 08/09/2011, 08:20 PM
Updated 08/09/2011, 08:24 PM
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SINGAPORE, Aug 10 (Reuters) - Gold ticked higher on Wednesday, hovering near a lifetime high around $1,778 in the previous session, but further gains could be capped by a rebound in equities after the U.S. Federal Reserve's pledge to keep rates near zero.

FUNDAMENTALS

* Gold added 1.05 percent to $1,761.65 an ounce by 2358 GMT, having hit a record at $1,778.29 on Tuesday, in its biggest three-day rally since the financial crisis in late 2008 after global equities succumbed to investor fears over the threat to economic growth from the U.S. and euro debt crises.

* U.S. December gold futures rose $24.4 to $1,767.4 an ounce, within sight of Tuesday's record of about $1,782 an ounce.

* The Fed on Tuesday took the unprecedented step of promising to keep interest rates near zero for at least two more years and said it would consider further steps to help growth, triggering a rebound in stocks.

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

MARKET NEWS

* Japan's benchmark Nikkei average rose 2.23 percent to 9,143.59 on Wednesday, while the broader Topix gained 1.93 percent to 785.24.

* The dollar fell broadly, plunging more than 5 percent against the Swiss franc at one point on Tuesday, as the Fed's pledge to keep rates near zero for another two years further diminished its allure to global investors.

DATA/EVENTS (GMT)

0200 China Exports yy Jul 2011

0200 China Imports yy Jul 2011

0200 China Trade balance Jul 2011

0645 France Industrial output mm Jun 2011

1800 U.S. Federal budget, $ Jul

:: India M3 Money Supply 40748

Precious metals prices 2358 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1761.65 18.25 +1.05 24.11 Spot Silver 38.38 0.75 +1.99 24.37 Spot Platinum 1749.50 0.90 +0.05 -1.02 Spot Palladium 743.97 10.02 +1.37 -6.95 TOCOM Gold 4379.00 31.00 +0.71 17.43 51261 TOCOM Platinum 4372.00 83.00 +1.94 -6.90 4401 TOCOM Silver 93.30 -3.10 -3.22 15.19 357 TOCOM Palladium 1839.00 70.00 +3.96 -12.30 104 COMEX GOLD DEC1 1631.20 15.00 +0.93 14.76 136930 COMEX SILVER SEP1 40.11 0.31 +0.78 29.63 44407 Euro/Dollar 1.4352 Dollar/Yen 77.12 TOCOM prices in yen per gram. Spot prices in $ per ounce. COMEX gold and silver contracts show the most active months

(Reporting by Lewa Pardomuan; Editing by Clarence Fernandez)

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