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Sunday, May 20, 2012

Spot gold prices up monday may 21 2012

Spot gold prices up monday may 21 2012 : Gold inched up on Monday to extend last week's rise rise, tracking a steady euro after world leaders pledged to combat financial turmoil, although worries about Greece and the euro zone debt crisis remain.

FUNDAMENTALS

* Spot gold edged up 0.3 percent to $1,595.99 an ounce by 0035 GMT, after prices gained 0.8 percent last week.

* U.S. gold inched up 0.3 percent to $1,596.

* World leaders backed keeping Greece in the single currency bloc at a summit of the G8 leading industrialised nations, and vowed to take all steps necessary to combat financial turmoil while revitalising a global economy increasingly threatened by the euro zone debt crisis.

* The Greek leftist leader Alexis Tsipras said he would seek talks with European leaders on new terms to keep Greece in the euro zone if he was elected.

* Hedge funds and other money managers liquidated more than $2 billion in U.S. gold in the week ended May 15, as they cut the net long positions to 78,619 contracts -- the lowest since December, 2008, showed data from the U.S. Commodity Futures Trading Commission.

* Holdings of gold-backed exchange-traded funds rebounded from a 3-1/2-month low hit last Thursday to 69.884 million ounces on May 18. The holdings struck an all-time high of 70.89 million ounces in March.

MARKET NEWS

* U.S. stocks fell on Friday after a sloppy debut by Facebook Inc spoiled hopes that a spectacular open for the most-anticipated stock sale in years would brighten the mood in what has been a gloomy month for equity markets.

* The euro inched up on Monday, after pulling back from a four-month low in the previous session, though concerns about Greece and Spain are likely to keep the single currency under pressure.

DATA/EVENTS
0915 Japan US Atlanta Fed President Lockhart speaks
1230 US Chicago Fed national activity index April

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