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PRECIOUS-Gold steady on weak dollar, Bernanke remarks

Published 06/07/2011, 08:53 PM
Updated 06/07/2011, 09:00 PM
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SINGAPORE, June 8 (Reuters) - Gold prices were steady on Wednesday, supported by a weaker dollar after U.S. Federal Reserve Chairman Ben Bernanke acknowledged slowing economic growth momentum but gave no hint on further stimulus.

FUNDAMENTALS

* Spot gold was little changed at $1,544.26 an ounce by 0030 GMT. U.S. gold was also steady at $1,545.40.

* Gold breached $1,550 for the second day in a row on Tuesday, supported by Bernanke's remarks on sluggish growth, but failed to stay above that key level due to lack of indication if the central bank was considering any more stimulus package.

* The dollar, which wallowed at one-month lows against a basket of currencies, also lent support to bullion.

* Spot silver edged down 0.2 percent to $37.04, snapping a three-day winning streak.

* U.S. silver was nearly flat at $37.04.

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

MARKET NEWS

* U.S. stocks extended a losing streak for a fifth day on Tuesday on mounting concerns about the economy after bearish comments from Bernanke.

* The dollar wallowed at one-month lows against a basket of major currencies early in Asia on Wednesday, struggling to get up after comments from the head of the U.S. central bank bolstered expectations that U.S. interest rates will stay low for longer.

DATA/EVENTS 0900 EZ GDP revised, Q1 1000 Germany Industrial output mm Apr 2011

1100 U.S. Mortgage Index

PRICES Precious metals prices 0030 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1544.26 1.41 +0.09 8.79 Spot Silver 37.04 -0.07 -0.19 20.03 Spot Platinum 1829.74 1.19 +0.07 3.52 Spot Palladium 805.47 1.09 +0.14 0.75 TOCOM Gold 3991.00 -9.00 -0.23 7.03 20482 TOCOM Platinum 4767.00 39.00 +0.82 1.51 3068 TOCOM Silver 95.50 0.40 +0.42 17.90 374 TOCOM Palladium 2085.00 42.00 +2.06 -0.57 266 COMEX GOLD AUG1 1545.40 1.40 +0.09 8.72 1966 COMEX SILVER JUL1 37.04 -0.01 -0.02 19.72 1799 Euro/Dollar 1.4675 Dollar/Yen 80.19 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 Himani Sarkar)

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