Metal markets: gold holds steady on worries about Europe's debt problems

Tuesday in Singapore, bullion prices remained steady on persistent worries about Europe's debt problems; however some investors were reluctant to take positions ahead of a meeting of the US Federal Reserve, which could squeeze the dollar.

Spot gold, which hit a bid high of $1,110.25 an ounce, was at $1,108.85 by 2:48 GMT, that is up 75 cents from New York's notional close on Monday, when it firmed despite a stronger dollar and as sovereign credit worries ignited
safe-haven buying.


Worries about a possible monetary tightening in China, which could dampen its appetite for industrial metals and cool sentiment in global commodities markets, could also cap gains as bullion struggled to revisit a 6-1/2-week high near $1,150 hit in early March.

The credit ratings of the world's four largest triple-A sovereign debt issuers as well as Spain are safe, but risks to their blue-chip status have grown, Moody's Investors Service said in a report on Monday.

US gold futures for April delivery rose by $4.4 an ounce to $1,109.8 after ending slightly higher on Monday.

The SPDR Gold Trust reported its holdings stood at 1,115.511 tonnes by March 15, unchanged from the previous business day.

Around 2:48 GMT the precious metals was quoted as much as:

Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1108.85 0.75 +0.07 1.20
Spot Silver 17.16 0.11 +0.65 1.96
Spot Platinum 1619.50 -1.00 -0.06 10.40
Spot Palladium 459.75 -1.25 -0.27 13.38
TOCOM Gold 3229.00 0.00 +0.00 -0.92 20624
TOCOM Platinum 4681.00 27.00 +0.58 6.85 9686
TOCOM Silver 50.30 0.20 +0.40 -2.71 338
TOCOM Palladium 1325.00 -4.00 -0.30 13.73 135

TOCOM prices in yen per gram, except TOCOM silver which is priced in yen per 10 grams. Spot prices are in $ per ounce.