SINGAPORE, April 25 (Reuters) – Gold inched lower on
Thursday, hovering below a 1-week high hit earlier this week, as
firm equities sapped interest in the precious metal, which has
seen steady outflows on exchange-traded funds.
Gold shrugged off news the Russian Federation raised its
gold reserve for a fifth straight month in March and Turkey
added to its holdings for a fourth month.
FUNDAMENTALS
* Spot gold fell $2.14 an ounce to $1,428.66 by 0045
GMT. Gold sank a combined $225 on April 12 and 15 in a sell-off
that surprised ardent gold investors and bulls.
* U.S. gold was at $1,428.10 an ounce, up $4.40.
* SPDR Gold Trust, the world’s largest gold-backed
exchange-traded fund, said its holdings fell 0.38 percent to
1092.98 tonnes on Wednesday from 1097.19 tonnes on Tuesday. The
current holdings are at multi-year lows.
* Billionaire investor John Paulson told investors on
Wednesday he is staying the course on gold even though there may
be more short-term volatility in the price of the metal.
* Barrick Gold Corp, making a painful adjustment to
a sustained slump in bullion prices, reported progress in
controlling costs on Wednesday and said it planned further cuts
in capital spending, sending its shares higher.
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MARKET NEWS
* Asian shares edged higher on Thursday, supported by views
that the recent run of weak global economic data will encourage
major central banks to keep or deepen their monetary stimulus to
bolster growth.
* U.S. crude futures extended gains for a sixth day on
Thursday after rising 2.5 percent a day earlier, supported by a
big drop in U.S. gasoline inventories and speculation that a
glut of crude at the Cushing, Oklahoma hub could soon ease.
DATA/EVENTS (GMT)
0830 UK Q1 GDP
1230 U.S. Weekly jobless claims
1500 U.S. Kansas City Fed manufacturing
PRICES
Precious metals prices 0045 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1428.66 -2.14 -0.15 -14.68
Spot Silver 23.11 0.02 +0.09 -23.68
Spot Platinum 1425.24 -0.76 -0.05 -7.15
Spot Palladium 666.47 0.97 +0.15 -3.69
COMEX GOLD JUN3 1428.10 4.40 +0.31 -14.78 2433
COMEX SILVER MAY3 23.07 0.23 +1.02 -23.70 1292
Euro/Dollar 1.3021
Dollar/Yen 99.50
(Reporting by Lewa Pardomuan; Editing by Richard Pullin)
