Gold steady, PGM near multi-month high on demand hopes

TOKYO (BestGrowthStock) – Platinum group metals (PGM) hovered near their highest levels in about two years on Thursday on expectations economic recovery will boost demand for the precious metals, used mostly by the auto industry.

FUNDAMENTALS

* Spot palladium was nearly flat at $561.75 an ounce after rising 2 percent to a two-year high of $568 an ounce the day before, as strong Chinese import data boosted demand expectations.

* Spot platinum was down 0.2 percent at $1,728.00 an ounce after rising to $1,737.50 an ounce on Wednesday, its highest since August 2008.

* Spot gold was steady at $1,145.00 an ounce compared to late New York levels of $1,145.30.

* U.S. gold futures for June delivery were down 0.2 percent at $1,146.40 per ounce compared to $1,148.80 an ounce on the COMEX division of the NYMEX.

* The world’s largest gold-backed exchange-traded fund, the SPDR Gold Trust, said its holdings stood at 1,141.041 tonnes as of April 21, unchanged from the previous day and matching a record high first hit on April 9.

MARKET NEWS

* Freeport-McMoRan Copper & Gold Inc (FCX.N: ), forced to curtail production due to the global economic downturn, is reviving idled operations and investing more aggressively in future growth due to improved demand in the developed world, its chief executive said on Wednesday.

* Gold producer AngloGold Ashanti (ANGJ.J: ) and rival Gold Fields (GFIJ.J: ) said on Wednesday the firms have talked about a possible combination of their South African operations, but only at an informal level.

* The euro remained pressured on Thursday after weakening broadly the previous day, falling for a fifth straight session against the dollar as investors fretted about delays in putting together a financial aid package for debt-stricken Greece.

* U.S. stocks (Read more about the stock market today. ) finished little changed on Wednesday as disappointing outlooks from healthcare companies offset strong earnings from Morgan Stanley (MS.N: ) (Read more about the money market today. ) and Apple Inc (Read more about Apple stock future.) (AAPL.O: ). (.N: )

Stock Report

(Reporting by Chikako Mogi; Editing by Michael Watson)

Gold steady, PGM near multi-month high on demand hopes