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PRECIOUS-Factors to watch on June 8

Published 06/08/2011, 02:46 AM
Updated 06/08/2011, 02:48 AM
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LONDON, June 8 (Reuters) - Gold ticked down on Wednesday as the dollar edged up from one-month lows, while investors looked for hints on the U.S. Federal Reserve's next policy move after its chairman acknowledged the economy had slowed.

For latest market report, click on [GOL/].

PRICES * Spot gold was bid at $1,540.75 an ounce at 0638 GMT compared with $1,542.85 late in New York on Tuesday.

* Silver was at $36.82 from $37.11.

* Platinum was at $1,819.4 from $1,828.55.

* Palladium was at $801.72 from $804.38.

DATA/EVENTS

* Euro zone Q1 GDP revised data, 0900 GMT

* Germany industrial production for April, 1000 GMT

* Weekly U.S. mortgage market index, 1100 GMT

* U.S. beige book, 1800 GMT

MARKET NEWS

* Asian stocks fell and the dollar sagged after uninspiring comments from Fed Chairman Ben Bernanke added to worries about the slowing global economy. [MKTS/GLOB]

* The dollar slipped to a one-month low under 80 yen as the yen was bought back broadly amid heightened risk-aversion reflecting general falls in Asian share prices. [USD/]

* Brent oil fell to around $116 a barrel ahead of an OPEC meeting at which members are expected to agree to raise global supplies to rein in high prices, which have weighed on growth and stoked inflation. [O/R]

* European stock futures pointed to a lower open for equities for a sixth straight session on Wednesday, weighed by bearish comments from U.S. Federal Reserve Chairman Ben Bernanke on the economy. [.EU]

FUNDAMENTALS

* Holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust , rose 0.29 percent from Monday to Tuesday, while the largest gold-backed ETF New York's SPDR Gold Trust remained unchanged. [ID:nSGE757002]

* Peru's new leftist president-elect, Ollanta Humala, tried to soothe fears of companies in its vast mining sector on Tuesday, saying he would negotiate taxing their windfall profits instead of imposing a new levy unilaterally. [ID:nN07179172]

* Cluff Gold PLC said it has amicably settled a labour dispute at its Kalsaka mine in Burkina Faso. [ID:nWLA2101]

TECHNICALS

* Gold support was at $1,533 an ounce and resistance at $1,553. The 14-day RSI was at 61.1.

* Silver support was at $36.6 an ounce and resistance at $37.85. The 14-day RSI was at 47.5.

* Platinum support was at $1,813 a tonne and resistance at $1,851. The 14-day RSI was at 57.4.

For related news and prices, click on the codes in brackets: LME price overview LME aluminium <0#MAL:> LME copper <0#MCU:> Asia physicals COMEX copper futures <0#HG:> Europe physicals Scrap metal prices LME plastics RELATED NEWS AND OTHER TOPICS Base/minor metals news [MET] All metals news [MTL] Metals summary [GLANCE/MTL] Scrap metals news [SCRAP/EUR] Index of summaries [GLANCE/] All commodities news [C] Metals diary [MTL/DIARY] Weather news [WEA] Foreign exchange rates SPEED GUIDES For Reuters Metals Production Database click on URL below http://mpd.session.rservices.com

(Editing by Jane Baird)

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