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  • Gold pares losses as U.S. earning season looms, ahead of FOMC minutes



    by icn.com

    Gold traded slightly higher on Tuesday after a sharp reversal in U.S. stocks Monday chased investors toward riskier assets, where U.S. stocks gained ahead of earnings season that is expected to show modest growth for the first quarter of 2013.

    - Gold rose 0.19 percent or 3.01 points to trade at 1,575.78

    Among other precious metals:

    - Silver rose 0.55% to trade around 27.37

    - Platinum gained 0.46% to 1,543.49

    - Palladium came higher by 0.75% to 734.80

    The shiny metal fell victim to some of the profit taking during the Wall Street’s previous session after surging last Friday on disappointing U.S. jobs report. Investors shifted their money to equities at gold’s expense, seeking better returns with Aluminum maker Alcoa kicking-off earnings season positively for the first quarter of 2013.

    Dollar came also higher after the largest U.S. aluminum producer reported an increase in quarterly profit on Monday and easing concerns about corporate results in the first three months of 2013.

    Alcoa was the first S&P companies to report better-than-expected earnings per share excluding items of 11 cents a share on revenue of $5.83 billion just after the closing bell while analysts expected earnings of 8 cents on $5.88 billion revenue.

    The dollar index hovered around 82.60 after opening at 82.73; USDIX hit a high of 82.74 and a low of 82.46.

    Meanwhile, the release of the FOMC meeting minutes on Wednesday is expected to be the next main economic event for the market this week. Federal Open Market Committee (FOMC) is due to post its minutes for the March 19-20 meeting on Wednesday.


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