PRECIOUS-Gold rebounds after worst day in 18 months

Wed Aug 24, 2011 12:44am GMT

SINGAPORE, Aug 24 (Reuters) - Spot gold rebounded on Wednesday from its worst day in 18 months, while bullion's safe-haven appeal seemed to be waning for now with investors returning to riskier assets on hopes of more stimulus for the U.S. economy. FUNDAMENTALS * Spot gold gained 0.7 percent to $1,842.45 an ounce by 0011 GMT, rebounding from a 3.6-percent tumble in the previous session, its sharpest one-day drop since February 2010. * U.S. gold GCcv1 dropped 0.8 percent to $1,845.90. * The speculation that the U.S. Federal Reserve may signal more stimulus at Friday's Jackson Hole meeting boosted risk appetite, sending Wall Street up 3 percent and snapping a six-session winning streak in gold. * Some gold bulls said it is time to take money off the table after the safe-haven rally extended too far too fast in recent weeks. Ifo business climate Aug 2011 0800 Germany Ifo current conditions Aug 2011 0800 Germany Ifo expectations Aug 2011 1230 U.S. Durable Goods orders Jul 2011 India M3 Money Supply 40762 PRICES Precious metals prices 0011 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1842.45 12.80 +0.70 29.80 Spot Silver 42.19 0.37 +0.88 36.71 Spot Platinum 1869.24 12.44 +0.67 5.76 Spot Palladium 757.50 0.55 +0.07 -5.25 TOCOM Gold 4552.00 -142.00 -3.03 22.07 69016 TOCOM Platinum 4652.00 -92.00 -1.94 -0.94 4256 TOCOM Silver 103.70 -3.10 -2.90 28.02 365 TOCOM Palladium 1884.00 -2.00 -0.11 -10.16 100 COMEX GOLD DEC1 1845.90 -15.40 -0.83 29.86 6968 COMEX SILVER SEP1 42.26 -0.03 -0.07 36.59 846 Euro/Dollar 1.4432 Dollar/Yen 76.69 TOCOM prices in yen per gram. Spot prices in $ per ounce. COMEX gold and silver contracts show the most active months (Reporting by Rujun Shen; Editing by Himani Sarkar)* Holdings in the world's largest gold-backed exchange-traded fund, the SPDR Gold Trust , dropped nearly 2 percent on the day to 1,259.569 tonnes. While iShares Silver Trust reported a 1.4-percent jump in its holdings. * The sharp drop from a record above $1,911 could trigger buying interest in Asian investors, who have been avid buyers along the rapid rally which pushed gold prices up about $400 since the beginning of July. * Moody's Investors Service cut its rating on Japan's government debt by one notch to Aa3 on Wednesday, blaming large budget deficits and a buildup of debt since the 2009 global recession. * For the top stories on metals and other news, click , or MARKET NEWS * U.S. stocks shot 3 percent higher on Tuesday on speculation Federal Reserve Chairman Ben Bernanke this week would signal new help for the economy, giving investors hope a four-week rout was nearing an end. * The yen came under a bit of pressure on Wednesday after Moody's cut its rating for Japan's government debt, but commodity currencies held firm having gained after manufacturing data in China and Europe were less grim than feared.

 DATA/EVENTS	

0400  U.S.      Build permits R chg mm    Jul    

0800  Germany   Ifo business climate      Aug 2011

0800  Germany   Ifo current conditions    Aug 2011 

0800  Germany   Ifo expectations          Aug 2011 

1230  U.S.      Durable Goods orders      Jul 2011     

     India     M3 Money Supply           40762    

	

  PRICES	

 	

Precious metals prices 0011 GMT

Metal             Last    Change  Pct chg  YTD pct chg    Volume

Spot Gold        1842.45   12.80   +0.70     29.80

Spot Silver        42.19    0.37   +0.88     36.71

Spot Platinum    1869.24   12.44   +0.67      5.76

Spot Palladium    757.50    0.55   +0.07     -5.25

TOCOM Gold       4552.00 -142.00   -3.03     22.07        69016

TOCOM Platinum   4652.00  -92.00   -1.94     -0.94         4256

TOCOM Silver      103.70   -3.10   -2.90     28.02          365

TOCOM Palladium  1884.00   -2.00   -0.11    -10.16          100

COMEX GOLD DEC1  1845.90  -15.40   -0.83     29.86         6968

COMEX SILVER SEP1  42.26   -0.03   -0.07     36.59          846

Euro/Dollar       1.4432

Dollar/Yen         76.69

TOCOM prices in yen per gram. Spot prices in $ per ounce.

COMEX gold and silver contracts show the most active months

	

(Reporting by Rujun Shen; Editing by Himani Sarkar)