Gold pauses after rally on technicals and oil
Source:Reuters Time:2012-02-23 09:52 Clicks:

(Reuters) - Gold prices were little changed on Thursday, hovering below a three-month high hit in the previous session when bullion rallied 1 percent on technical buying, while high oil prices also lent support.
FUNDAMENTALS
* Spot gold inched down $1.60 to $1,774.19 an ounce by 0013 GMT, off a three-month high of $1,781.40. It pierced through a key resistance level at $1,765 on Wednesday.
* U.S. gold gained 0.3 percent to $1,776, retracing from a three-month high of $1,783.4 hit on Wednesday.
* Gold diverged from the recent pattern of moving in tandem with riskier assets, rallying 1 percent on Wednesday while the global stock market eased on growth concerns after weak data from the euro zone and China.
* High oil prices helped buoy the sentiment in gold. Brent rose to a nine-month high on Wednesday on heightened tensions between the West and Iran, after U.N. inspectors sent to visit the country's nuclear installations declared their mission a failure.
* Spot platinum was little changed at $1,719.49 an ounce, just below a five-month high of $1,725.25 hit in the previous session during which prices surged on chart breakthrough and supply concerns.
* Impala Platinum (IMPJ.J), the world's second-largest platinum producer, has warned customers that its April platinum deliveries would be down about 50 percent due to labour problems at its Rustenburg mine.
* Easing inflation and a revival in stock markets could dent gold imports by India, the world's biggest consumer, pushing shipments down by about 35 percent in value terms in 2012/13, a government panel said on Wednesday.
MARKET NEWS
* Banks led U.S. stocks lower on Wednesday as the S&P 500 stalled near a 10-month-high after signs of weak European business activity rekindled concerns about a recession overseas.
* The yen nursed losses in Asia on Thursday, having plumbed a 7-month low against the greenback, while sterling also struggled after minutes of the Bank of England February policy meeting were more dovish than expected.
Editor: Marisssa Wei
E-mail: marissawei1331@hotmail.com
RELATED
Mall China Information Center (Mall China), established in 2002, is the first non-profit organization in Mainland China with the objectives to serve international retail real estate industry.
MK IIIumination Design(Shanghai) Co.,Ltd
- website:www.mk-illumination.com www.mk-shoppingcenter.com
Concept i
- interior design/decor/leisure/master planning
Tianjin Joy City in Hot Leasing
- A high-end shopping center in leasing phase. Target tenants:Restaurants, Entertainment and Childish
China Shopping Center Report in Hot Sale
- Tel: 010-58613660 010-58613656 Website: www.mallchina.org






