PRECIOUS-Gold steady after sell-off despite dollar rise

SYDNEY, May 5 (BestGrowthStock) – Gold was steady in the face of a
rising dollar on Wednesday after dropping sharply overnight in
step with a broad sell-off in commodities and stocks fuelled by
concerns of a prolonged eurozone debt crisis.


Spot gold (XAU=: ) was quoted at $1,171.50 versus Tuesday’s
notional close of $1,170.65. Bullion hit a session low on
Tuesday of $1,166.66 an ounce, versus its day peak of $1,191.90
an ounce — the highest since Dec. 4.

* U.S. gold futures for June delivery (GCM0: ) on the COMEX
division of the NYMEX were quoted at $1,172.20 versus
Tuesday’s settlement price of 1,169.20.

* The IMF sold 18.5 tonnes of gold in March vs 5.6 tonnes
in February. [ID:nN04133498]

* Silver prices (XAG=: ) dropped a further 5 cents to $17.83
an ounce. Platinum (XPT=: ) fell $9 to $1,668.50 an ounce, while
palladium (XPD=: ) was 50 cents higher at $514.00.

* Silver, platinum and palladium all posted their biggest
one-day losses since February.


* Investors dumped U.S. stocks (Read more about the stock market today. ) on Tuesday in Wall Street’s
worst session in three months on the fear that even with a
bailout for Greece, Europe’s debt crisis could spread to other
weak euro zone countries. The Dow Jones industrial average
(.DJI: ) lost 225.06 points, or 2.02 percent, to 10,926.77. The
Standard & Poor’s 500 Index (.SPX: ) fell 28.66 points, or 2.38
percent, to 1,173.60. [.N]

* The dollar continued to firm on Wednesday after hitting a
fresh one-year high against the euro on Tuesday amid fears that
aid for Greece may not prevent debt crises in other euro zone
countries, prompting investors to seek shelter in the U.S.
currency. [USD/]

* Light crude oil for June delivery (CLc1: ) fell 0.93
percent to $81.97 per barrel in early Asian trade on Wednesday,
adding to a nearly 5 percent drop in late trading on Tuesday as
rising oil inventories and the stronger dollar pushed oil to
its steepest loss in three months. [O/R]


* The U.S. Energy Information Administration issues weekly
petroleum stocks and output data. (1430 GMT)

* Euro zone April composite PMI index (0900 GMT)

* Euro zone March retail sales (0900 GMT)

* Calllenger April U.S. job cuts report (1130 GMT)

* U.S. ADP April employment report (1215 GMT)

* U.S. April ISM non-manufacturing index (1400 GMT)


* Kinross Gold profit jumps, buys Red Back stake

* Australian tax plan shakes up mining industry

* Colombia Mineros 2010 gold output seen 110,000/oz

* Greeks strike against austerity, test govt mettle

* Invesco bets on oil, says gold outshines copper

PREVIEW-Lower output to hit SAfrica gold miners profits
Precious metals prices at 0027 GMT
Metal Last Change Pct chg YTD pct chg
Spot Gold 1171.50 0.85 +0.07 6.92
Spot Silver 17.63 -0.21 -1.18 4.75
Spot Platinum 1667.00 -1.50 -0.09 13.63
Spot Palladium 512.50 -3.00 -0.58 26.39
TOCOM Gold 3581.00 26.00 +0.73 9.88
TOCOM Platinum 5260.00 22.00 +0.42 19.95
TOCOM Silver 57.00 0.60 +1.06 10.25
TOCOM Palladium 1664.00 -1.00 -0.06 42.83
Euro/Dollar 1.2988 Dollar/Yen 94.67 TOCOM prices
in yen per gram, except TOCOM silver which is priced in yen
per 10 grams. Spot prices in $ per ounce.

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(Reporting by James Regan; Editing by Ed Lane)

PRECIOUS-Gold steady after sell-off despite dollar rise