Compiled 02/25/11 6:00 AM (CT) Statistics: London Gold Fix $1385.50 +$8.50 LME Copper Stocks 411,750 tons -50 Shanghai Deliverable stocks were 158,101 tons -2,961 GOLD MARKET FUNDAMENTALS: (6:00 AM CST) April gold traded lower overnight but stayed within yesterday's wide range, as some of the flight-to-quality support appeared to be easing. Saudi Arabia's statement that it is willing and able to plug any gaps left by disruptions in Libya's crude oil output has pressured crude oil and at the precious metals. The turmoil in Libya and unrest around the Middle East and North Africa continues, and it should to provide underlying support to the precious metals. Gaddafi appears to be holding on in Tripoli for the time being, but he is losing ground elsewhere. The US President has stated that all options are on the table, which presumably includes a military option. And protests today in Egypt, Yemen and Iraq today also could keep some of the risk-off attitudes going. But if today's GDP and Consumer Confidence numbers come in better than expected, gold might see some additional profit taking during the session. Comex gold stocks came in at 11.080 million ounces, down 64,203. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Equity markets in Asia and Europe were generally stronger during overnight trading, and early indications are for the US stock market to open with moderate gains. The Dollar was moderately stronger against most of the major currencies during overnight trading, although it posted a loss against the Canadian and Australian Dollars. The UN Security Council will receive a draft proposal today for sanctions against Libya. Ireland will have a parliamentary election today, with the ruling coalition expected to suffer heavy losses. Japanese CPI during January was down 0.2% year-on-year, a higher rate than expected. A private survey of UK Consumer Confidence during February came in at -28, in line with forecasts. French Consumer Spending during January was down 0.5%, a smaller decline than expected. UK GDP during the fourth quarter was up 1.5% year-on-year, lower than expectations. Major US economic numbers to be released this morning include 4th Gross Domestic Product at 7:30 AM, and a private survey of US Consumer Confidence at 9:00 AM. In addition, Fed Vice Chairwoman Yellen will give a speech during today's session.
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