MSN: PRECIOUS-Gold extends gains, defies tumbling euro
SINGAPORE, March 24 (Reuters) - Gold extended gains on Wednesday and defied a tumbling euro as uncertainties over a rescue package for debt-laden Greece boosted its safe-haven appeal, while rising stock markets offered additional support.
FUNDAMENTALS
* Spot gold was at $1,103.20 an ounce by 0029 GMT, up $1.55 from New York's notional close on Tuesday, when it rose on economic optimism after data showed previously-owned homes in the United States fell less than expected in February.
* U.S. gold futures for April delivery hardly moved at $1,103.60 an ounce.
* The euro hit a record low against the Swiss franc, with investors testing the Swiss central bank's tolerance of a stronger franc and with the euro undermined by debate over Greece. It also dropped to its lowest in three weeks against the dollar. [USD/]
* The world's largest gold-backed exchange-traded fund, SPDR Gold Trust , said its holdings stood at 1,120.079 tonnes as of March 23, up 4.568 tonnes from the previous business day. [GOL/SPDR]
MARKET NEWS
* Japan's Nikkei average rose 0.7 percent on Wednesday, with Mitsubishi Electric <6503.T> climbing after raising its annual earnings forecast to a net profit. [.T]
* Oil prices rose slightly to near $82 a barrel on Tuesday as improving U.S. housing data and a boost in stock prices offset a stronger dollar that has kept oil from rising further. [O/R]
* U.S. stocks rallied on Tuesday, led by the tech, industrial and materials sectors, driving the Dow and the S&P 500 to 18-month highs. [.N]
* Sugar fell to nine-month lows on Tuesday and most other commodities fell also, but oil and gold rose as higher equity prices and a stronger dollar divided market direction. [COM/WRAP]
DATA EVENTS
* The following data is expected on Wednesday
- France Markit/CADF Mfg Flash PMI March (0758 GMT)
- Germany Markit/BME Mfg Flash March (0828 GMT)
- Eurozone Market Mfg Flash March (0858 GMT) - Germany Ifo business climate March (0900 GMT)
- Eurozone Industrial new orders Jan (1000 GMT)
- U.S. Mortgage index weekly (1100 GMT)
- U.S. Durable goods Feb (1230 GMT)
- U.S. New home sales Feb (1400 GMT)
- U.S. EIA weekly oil stocks (1430 GMT)
- U.S. Building permits
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