SINGAPORE, Oct 29 (Reuters) – Gold edged up on Monday after robust U.S. economic data lifted prices in the previous session, but gains could be capped by a firmer U.S. dollar, as well as lingering concerns about Greece’s debt woes and whether Spain will ask for a bailout.
FUNDAMENTALS
* Gold had added $4.55 an ounce to $1,715.31 by 0018 GMT, still well below an 11-month high above $1,795 an ounce hit in early October.
* U.S. gold for December rose $4.30 to $1,716.20 an ounce.
* U.S. economic growth picked up in the third quarter as a late burst in consumer spending offset the first cutbacks in investment in more than a year by cautious businesses.
* Bullish bets on U.S. commodities by hedge funds and other big speculators have fallen to a near 2-1/2 month low, trade data showed on Friday, as oil and gold saw heavy selling for a second straight week.
* Spain has no immediate need of help from the European Central Bank’s new bond-buying programme and should try to refinance itself before requesting aid, ECB policymaker Ewald Nowotny said.
* German Finance Minister Wolfgang Schaeuble ruled out public investors accepting a debt restructuring, or “haircut”, on their Greek bonds but said in an interview that a debt repurchasing programme could be considered.
MARKET NEWS
* The yen got off to a steady start on Monday, having rallied late last week as markets cut bearish positions amid talk the Bank of Japan might not ease as much as expected at its looming policy meeting. The euro inched down and the dollar index was steady.
* Japan’s Nikkei added 0.3 percent to 8,961.53 after falling 1.4 percent on Friday.
DATA/EVENTS (GMT)
1230 U.S. Personal income Sep
1230 Chicago Fed Midwest Manufacturing index Sep
1430 Dallas Fed Texas Manufacturing index Oct
Source: Reuters
