FUNDAMENTALS
* Spot gold was little changed at $1,516.29 an ounce by 0042 GMT, after falling for three sessions straight.
* COMEX gold futures GCcv1 edged up $1.30 to $1,516.60.
* COMEX silver futures SIcv1 fell 1.2 percent to a one-month low of $38.91. Spot silver fell by 1 percent to
$38.92.
* The CME Group set successive hikes on COMEX silver futures margin, pushing margin up 84 percent in just eight days. [ID:nN04107715]
* As COMEX silver tumbled under the weight of surging margins, the iShares Silver Trust , the world's largest silver-backed exchange-traded fund, experienced a near 5 percent fall in its holdings. [ID:nL3E7G44R5]
* Mexico massively ramped up its gold reserves in the first quarter of this year, buying over $4 billion of bullion as emerging economies move away from the ailing U.S. dollar, which has dipped to 2-1/2-year lows. [ID:nLDE7431OZ]
* For the top stories on metals and other news, click
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MARKET NEWS
* Weak economic figures heightened stock investors' anxiety over the extended rally, knocking U.S. shares lower for a third day on Wednesday.
* The euro hovered near a 17-month high versus a droopy dollar early in Asia on Thursday as markets braced for more hawkish rhetoric from the European Central Bank after its policy meeting later in the day.
DATA/EVENTS
1100 Britain BoE rate decision May 2011
1145 EZ ECB rate Decision May 2011
1230 U.S. Unemployment claims Weekly
PRICES Precious metals prices 0042 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1516.29 0.64 +0.04 6.82
Spot Silver 38.92 -0.42 -1.07 26.12
Spot Platinum 1823.00 5.75 +0.32 3.14
Spot Palladium 744.15 0.65 +0.09 -6.92
TOCOM Gold 4072.00 -15.00 -0.37 9.20 22271
TOCOM Platinum 4904.00 41.00 +0.84 4.43 3055
TOCOM Silver 118.70 1.30 +1.11 46.54 1953
TOCOM Palladium 2030.00 -17.00 -0.83 -3.20 197
COMEX GOLD JUN1 1516.60 1.30 +0.09 6.70 2377
COMEX SILVER JUL1 38.91 -0.48 -1.21 25.76 2687
Euro/Dollar 1.4821
Dollar/Yen 80.58
TOCOM prices in yen per gram. Spot prices in $ per ounce.
COMEX gold and silver contracts show the most active months
Energy, mining stocks lead TSX lower amid falling prices for oil, metals
The Toronto stock market closed lower Wednesday as volatility in the commodities sector spread across most TSX components. The S&P/TSX composite index closed well off early lows, coming back from a 193-point deficit to fall 81.05 points to 13,611.32 with traders also discouraged by unexpectedly weak American economic data. The TSX Venture Exchange slipped 33.22 points to 2,125.68. Read More...
Silver futures fall drag down gold
Silver futures fell for a third day on Wednesday and gold eased as precious metals came under pressure to correct after a strong rally in the last few weeks. COMEX silver futures have lost 14 percent over the past four sessions, wiping out the gains of the previous three weeks that took the price to a 31-year top just below $50 on April 25. Read More...
The Last Great Opportunity in Silver and Platinum?
A rise in performance bond levels will usually cause a transient reduction in the price of any commodity, and silver is no exception. Most long buyers are undercapitalized and buy more than they can afford, no matter how huge their assets might be. Usually, they keep the minimum amount of the performance bond in their accounts. Read More...
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