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Thursday, September 27, 2012

spot gold prices for september 28 2012

spot gold prices for september 28 2012 ;  Gold hovered near a one-week high hit in the previous session on Friday, as Spain's crisis budget eased worries about Madrid's control over its finances, strengthening the euro and underpinning gold, while a rally in oil also helped.

       FUNDAMENTALS
    * Spot gold was little changed at $1,776.21 an ounce by 0035 GMT, on course for an 11-percent quarterly rise -- its biggest quarterly gain since June, 2010.

    * U.S. gold was also nearly flat at $1,779.

    * Spain announced a crisis budget for 2013 based mostly on spending cuts on Thursday, in what many see as an effort to pre-empt the likely conditions of an international bailout.

    * A spike in oil prices also supported sentiment on gold, after tensions between Iran and the West fuelled potential supply disruptions. 

    * China severely underestimated this year's global economic slowdown and further cuts to Chinese interest rates or bank reserve requirements hinge on any new deterioration in the external environment, a central bank adviser said on Thursday.

    * The world's top platinum producer, Anglo American Platinum , began disciplinary action against illegal strikers on Thursday and rival Impala Platinum offered workers a pay rise as the South African mining industry struggles to end weeks of labour unrest.

    * Spot platinum inched up 0.2 percent to $1,647 an ounce, heading for a 7.6-percent monthly rise, its second straight month of gains.

       MARKET NEWS
    * The S&P 500 snapped a five-day string of declines in a broad-based rally on Thursday, as Spain's plans for economic reform eased some worries about one of the euro zone's most troubled countries.

    * The euro held firm on Friday, while commodity currencies started Asian trade sharply higher.
      
    DATA/EVENTS
 0230 China     HSBC Manufacturing PMI Final                
 0500 Japan     Construction orders                         
 0600 Germany   Retail sales                                
 0900 Euro zone Inflation                                   
 1230 U.S.      Quarterly grain stocks report
 1230 U.S.      Personal income/spending for August
 1345 U.S.      Chicago PMI for September
 1355 U.S.      Thomson Reuters/Univ of Michigan final
 consumer sentiment index for September
 1930 U.S.      CFTC commitment of traders data           


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