PRECIOUS-Gold extends losses; ETFs at 4-year low
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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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
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