PRECIOUS-Gold extends losses; ETFs at 4-year low

Wed May 8, 2013 7:02am IST

SINGAPORE, May 8 (Reuters) - Gold fell further on Wednesday
as investors turned to equities for better returns, while
holdings on bullion exchange-traded funds plunged to their
weakest since early 2009, reflecting investors' diminishing
interest in the precious metal.
   Investors turn their attention to China's trade data for
April for the latest take on the region's powerhouse economy.
The country's gold imports are likely to swell further after
hitting a record in March. 
       
    FUNDAMENTALS
    * Spot gold fell $1.38 an ounce to $1,450.61 by 0115
GMT.   
    * U.S. gold was at $1,450.00, up $1.20.   
    * SPDR Gold Trust GLD, the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.42 percent to
1057.79 tonnes on Tuesday. In terms of ounces, holdings fell to
34,008,852 ounces -- their weakest since early 2009.
 
    * Hedge fund billionaire John Paulson is emerging as one of
the biggest losers in this year's gold rout, further tarnishing
his once legendary status in the $2 trillion hedge fund
industry. 
     * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * Asian shares rose on Wednesday on another record high for
U.S. stocks and unexpectedly strong German industrial orders, as
investors await the first batch of April data from China.
 
    * Major currencies got off to a sleepy start in Asia on
Wednesday following an uninspired session overnight, but the New
Zealand dollar stood out after the central bank complained it
was overvalued, prompting markets to briefly sell the kiwi.
 
       
    DATA/EVENTS (GMT)
    0200  China  Exports yy       Apr         CNEXP=ECI 
    0200  China  Imports yy       Apr         CNIMP=ECI 
    0200  China  Trade balance    Apr         CNTRD=ECI 
    1000  Germany Industrial output mm   Mar  DEIP=ECI 

    PRICES
    
  Precious metals prices 0115 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1450.61   -1.38   -0.10    -13.37
  Spot Silver        23.86   -0.03   -0.13    -21.20
  Spot Platinum    1483.49    5.99   +0.41     -3.36
  Spot Palladium    680.97    2.47   +0.36     -1.59
  COMEX GOLD JUN3  1450.00    1.20   +0.08    -13.47         4197
  COMEX SILVER JUL3  23.88    0.07   +0.31    -21.01         1358
  Euro/Dollar       1.3075
  Dollar/Yen         98.99
 
  COMEX gold and silver contracts show the most active months
 
 (Reporting by Lewa Pardomuan; Editing by Richard Pullin)
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