|
|
Gold inches up on China inflation, Greek hopes
http://www.reuters.com/article/2012/02/09/us-markets-precious-idUSTRE80T1QZ20120209
By Rujun Shen SINGAPORE | Thu Feb 9, 2012 2:22am EST
(Reuters) - Gold edged up on Thursday, supported by a surprisingly high China inflation number and as the euro touched two-month highs on hopes Greece was moving closer to a bailout deal.
Greek political leaders have agreed on all points of a bailout package except one -- pension cuts -- and officials said discussions with international lenders would continue so a deal could be concluded before a meeting of euro zone finance ministers on Thursday.
Spot gold edged up 0.2 percent to $1,737.55 an ounce by 0622 GMT, recovering from an intra-day low of $1,725.49. U.S. gold gained half a percent to $1,740.30.
"Once the higher CPI (consumer price index) came out, inflation worries prompted traditional buyers to come in quickly," said a U.S.-based trader.
China's annual inflation rate accelerated to 4.5 percent in January, well ahead of market expectations and breaking a five-month trend of easing price pressures as consumers ramped up spending during the Chinese Lunar New Year holiday season.
The inflation data may temper hopes of aggressive easing by China's central bank in the near term, but many economists expect inflation to ease February onwards, leaving China's policy of targeted monetary and fiscal easing intact.
Gold is seen as a good inflation hedge and benefits when accommodative monetary policies raise inflation outlook.
Technical analysis suggested that spot could fall to $1,698 an ounce during the day, said Reuters market analyst Wang Tao.
Though Greece is widely expected to reach a deal with its international lenders on the bailout deal, its trouble is likely to go on, supporting safe-haven interest in gold in the longer term, analysts and traders have said.
Later in the day investors will focus on what the European Central Bank is willing to do to help Greece when it holds its monthly policy meeting, with interest rates expected to stay on hold ahead of a major funding operation later this month.
"Gold is likely to remain in a sideways mode for a while between $1,700 and $1,800, unless we see any big surprise that could indicate a clear direction," said Hou Xinqiang, an analyst at Jinrui Futures in the southern city of Shenzhen.
The gold-silver ratio dipped to around 51, its lowest level in more than three months.
Spot silver edged up 0.2 percent to $34.02.
 该贴已经同步到 lilyma06的微博 |
|
狗仔卡
发表于 2012-2-9 17:31
提升卡
变色卡
抢沙发
千斤顶
显身卡
发表于 2012-2-10 10:32
