AFP: PRECIOUS-Gold steady with eye on stocks, ETF hits record
Gold prices held steady on Tuesday with players watching stocks to gauge investors' risk appetite, while underlying sentiment was firm as holdings at the world's largest gold-backed exchange-traded hit a fresh record.
FUNDAMENTALS
* Gold was trading at $921.65 per ounce, little changed from New York's notional close of $922.55 on Monday. It was seen likely to be weighed down if equities markets gain on optimism over the economy, prompting investors to take profits.
* The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust , said holdings hit a record 1,069.05 tonnes as of March 16, up 12.23 tonnes or 1.2 percent from the previous day. [GOL/SPDR]
MARKET NEWS
* Nikkei opened up 0.82 percent. [.T]
* U.S. stocks fell on Monday to end a four-day winning streak as American Express Co said the number of people struggling to make credit card payments grew, undermining optimism that banks could return to profit in the downturn. [.N]
* The euro hit a five-week high against the dollar on Monday as gains in European stocks signalled investors' willingness to take on more risk. [USD/]
DATA EVENTS
* The following data is expected on Tuesday:
- The Federal Reserve's policy-setting Federal Open Market Committee begins two-day meeting on interest rate policy (N/A).
- The Labour Department releases the February producer price index (1230 GMT).
- The Commerce Department releases housing starts and permits for February (1230 GMT).
- Redbook releases its retail sales index of department and chain store sales for March (1255 GMT).
RELATED NEWS > Gold drops on economic optimism, equities gains [GOL/] > March NY Fed manufacturing worsens to new low [ID:nN16468118] > Barclays says in strong start; AmEx defaults rise [TOPWRAP]
