* Doubts over more central-bank actions trigger selling
* Losses in U.S. equities, commodities weigh
* Gold-platinum premium near all-time high at around $230
* Coming up: U.S. retail sales on Tuesday
(Adds details, updates market activity)
By Frank Tang
NEW YORK, Aug 13 Gold fell on Monday as
lingering uncertainty about whether central banks will take
further steps to boost their economies prompted investors to
take profits after the previous week's gain.
The metal, a traditional inflation hedge, fell after data
showed Japan's economy expanded just 0.3 percent in April-June,
half the pace expected, raising doubts about the strength of a
global economic recovery. Weaker U.S. equities and losses in
commodities led by grains also dragged bullion lower.
Gold prices have held in a trading range in the last three
months due to uncertainty that central banks will take further
monetary stimulus to reinvigorate economic growth.
Most Wall Street economists, however, still expect the U.S.
Federal Reserve to do more to stimulate growth this year, with
the majority looking for action as soon as September.
"Everybody seems to be waiting for this huge money printing
that they think is going to happen which hasn't happened yet. So
nobody really wants to bet against it, but at the same time they
don't want to go long," said Doug Roberts, chief investment
strategist at Channel Capital Research.
Spot gold was down 0.6 percent at $1,610.35 an ounce
by 3:40 p.m. EDT (1940 GMT), having earlier hit a high at
Last week, the metal rose 1 percent on hopes of more easing
in China based on disappointing manufacturing data in the
world's second-largest economy.
U.S. gold futures for December delivery settled down
$10.20 an ounce at $1,612.60.
Trading volume was 40 percent below its 30-day average,
preliminary Reuters data showed.
Bullion investors remained cautious. The latest U.S. CFTC
trade data showed that hedge funds and money managers cut their
net long position in U.S. gold futures and options in the week
to Aug. 7, reducing bullish bets on doubts over more imminent
monetary stimulus by the Federal Reserve and other central
The metal remains sharply below last September's record high
of around $1,920 an ounce, and it is only up 3 percent year to
The next major event for the gold market is likely to be the
annual meeting of economists and central bankers in Jackson
Hole, Wyoming, on Aug. 31.
Among other metals, silver fell 1 percent to $27.81
an ounce. Platinum was down 0.7 percent at $1,383.25 an
ounce, while palladium fell 0.8 percent to $573.22 an
Platinum's unusual discount to gold hovered at nearly $230
an ounce on Monday, near a record level reached in the previous
Platinum, which is much more rare than gold and mostly used
in autocatalysts for gasoline and diesel engines, has
traditionally traded well above gold prices. The metal has
suffered from lower demand from European carmakers, its main
3:40 PM EDT LAST/ NET PCT LOW HIGH CURRENT
SETTLE CHNG CHNG VOL
US Gold DEC 1612.60 -10.20 -0.6 1609.70 1628.20 89,124
US Silver SEP 27.767 -0.295 -1.1 27.685 28.150 25,267
US Plat OCT 1392.80 -7.10 -0.5 1385.90 1404.20 5,125
US Pall SEP 574.70 -7.50 -1.3 572.25 582.95 1,433
Gold 1610.35 -9.09 -0.6 1607.95 1625.21
Silver 27.810 -0.270 -1.0 27.770 28.200
Platinum 1383.25 -9.65 -0.7 1389.00 1403.00
Palladium 573.22 -4.48 -0.8 575.52 581.25
TOTAL MARKET VOLUME 30-D ATM VOLATILITY
CURRENT 30D AVG 250D AVG CURRENT CHG
US Gold 99,605 163,633 187,962 17.21 -0.04
US Silver 34,364 39,707 56,670 22.96 -0.11
US Platinum 5,325 6,828 8,964 23 0.00
US Palladium 1,670 2,757 4,354
(Additional reporting by jan Harvey in London, Rujun Shen in
Singapore; Editing by Marguerita Choy and Jim Marshall)