Gold spot

8 hour (New York Gold Spot) $US Dollar price per ounce.

 

PRECIOUS-Gold Spot edges down as investors fret over Europe

editorial note: seen the actual business foreclosure situation, it is recommend to anyone who wants to play it safe to put at least 15 % of savings in gold coin

Thu Dec 8, 2011 found at Reuters

* ECB expected to cut rates, bond buying plan eyed
    * EU summit unlikely to yield concrete plan, may disappoint
    * Coming up: ECB rate decision; 1245 GMT

 (Updates prices)	
    By Rujun Shen	
    SINGAPORE, Dec 8 (Reuters) - Gold inched lower on
Thursday, along with equities, as concerns set in about whether
European leaders would be able to come up with a concrete plan
to contain the region's crippling debt crisis at a crucial
summit on Friday.	
    Hopes for a definitive plan to tackle the two-year-old euro
zone debt crisis were feeble a day before the key EU summit, and
expectations were dented further by pessimistic comments from a
senior German official and new figures exposing deepening stress
among Europe's banks. 	
    "A final solution out of Europe is highly unlikely," Jeremy
Friesen, Commodity Strategist at Societe Generale in Hong Kong,
said, but added that a total breakdown was also unlikely as
central banks and finance ministries have shown the will to
cooperate to fight the crisis which is threatening to split up
the euro zone and sink the global economy into recession.	
    "I don't expect Merkel or any hawkish decision-makers to
squander this opportunity to really make reforms, now that they
have come so far. I don't see them capitulating at this point."	
    A disappointing result from the summit could dampen the
sentiment on the financial markets, and send gold prices lower
along with riskier assets.	
    Spot gold inched down 0.1 percent to $1,739.09 an
ounce by 0721 GMT, after two consecutive sessions of gains.	
    U.S. gold was little changed at $1,743.50.	
    Investors were also eyeing a European Central Bank policy
meeting later in the day for any hint that the ECB will
intensify its bond buying support for the bloc's struggling
periphery. The ECB is expected to cut interest rates and provide
a fresh aid package for stressed banks in the
region. 	
    	
    Buying on Asia's bullion market was lacklustre, as most
market participants are waiting for the events in the euro zone
to play out and point to a clear direction.	
    "We saw some buying when prices dipped below $1,720 in the
past couple of days, but no one cares to buy now as prices are
above $1,730," said a Hong Kong-based dealer.	
    With just over three weeks left on this year's calendar,
many funds have closed books early to book profits, leaving the
market with thin volumes and amplified volatility.	
    Holdings of the SPDR Gold Trust, the world's biggest
gold-backed exchange-traded fund, dipped 2.117 tonnes to
1,295.811 tonnes by Dec. 7, after remaining unchanged for three
consecutive sessions. 	
    Spot palladium rose to $686 an ounce in the previous
session, its highest since late September. Prices eased to
$674.50, up 0.2 percent from the previous close.	
    In other markets, Asian shares fell on concerns about the
European debt situation and the euro edged down ahead of the ECB
meeting that is expected to deliver a 25 basis points rate cut.
 	
   	
      Precious metals prices 0721 GMT Dec 8, 2011 (see above the page for today's gold spot )
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1739.09   -2.25   -0.13     22.52
  Spot Silver        32.56    0.08   +0.25      5.51
  Spot Platinum    1514.49   -5.51   -0.36    -14.31
  Spot Palladium    674.50    1.45   +0.22    -15.63
  TOCOM Gold       4346.00   18.00   +0.42     16.55        39536
  TOCOM Platinum   3799.00  -44.00   -1.14    -19.10         9971
  TOCOM Silver       80.20   -0.50   -0.62     -0.99          300
  TOCOM Palladium  1702.00    9.00   +0.53    -18.84          485
  COMEX GOLD FEB2  1743.50   -1.30   -0.07     22.66         9286
  COMEX SILVER MAR2  32.65    0.02   +0.07      5.53          935
  Euro/Dollar       1.3415
  Dollar/Yen         77.61
  TOCOM prices in yen per gram. Spot prices in $ per ounce.
  COMEX gold and silver contracts show the most active months
 	
 	
	
 (Editing by Miral Fahmy)