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PRECIOUS-Gold trades near 4-month low as higher equities curb demand
June 3, 2014 / 12:37 AM / 4 years ago

PRECIOUS-Gold trades near 4-month low as higher equities curb demand

SINGAPORE, June 3 (Reuters) - Gold steadied after a five-day
losing streak on Tuesday but was still trading near its lowest
level in four months as stronger equities dented the metal's
investment-hedge appeal.
    
    FUNDAMENTALS
    * Spot gold was flat near $1,244.46 an ounce by 0018
GMT. The five-day decline before Tuesday is the metal's longest
losing streak in nearly seven months.
    * A global gauge of equities edged up to a more than
six-year high on Monday after strong Chinese and U.S. factory
data, while soft numbers out of Europe heightened expectations
for action from the European Central Bank, pressuring the euro.
    * Gold is often seen as an alternative investment to riskier
assets such as stocks. 
    * Investors were eyeing physical demand in top consumer
China, which returns from a holiday, to gauge bullion sales
during the Dragon Boat festival.
    * In news from gold producers, Centerra Gold Inc 
said it will begin to shut down operations at its Kumtor gold
mine in Kyrgyzstan unless its new mine plan is approved by the
government and permits are issued by June 13. 
    * Ecuador will invest gold held as monetary reserves in
financial instruments in an operation with Goldman Sachs 
meant to boost the available cash without affecting the value of
reserves, the central bank said. 
    * Platinum and palladium were edged higher on
Tuesday as wage strikes in major producer South Africa dragged
on for a fifth month.
    * A South African labour court threw out an urgent
application on Monday by the AMCU union to stop platinum firms
communicating directly with miners, as both sides deliberated
over government proposals to end the strike. 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * The dollar hovered at its highest in over three months
against a basket of major currencies early on Tuesday, having
risen on the back of upbeat U.S. data and with the euro still in
the doldrums. 
    
    DATA/EVENTS (GMT)
    0100 China Official non-manufacturing PMI May 
    0145 China HSBC manufacturing PMI final May 
    0900 Euro zone Inflation May 
    0900 Euro zone Unemployment rate April 
    1345 U.S. ISM-New York index May 
    1400 U.S. Factory orders April 
    1400 U.S. IBD economic optimism index June

    PRICES AT 0018 GMT
 Metal            Last     Change  Pct chg
                                          
 Spot gold        1244.46    0.46     0.04
 Spot silver        18.79    0.08     0.43
 Spot platinum     1433.8    4.35      0.3
 Spot palladium    829.53    0.78     0.09
 Comex gold        1244.9     0.9     0.07
 Comex silver       18.78   0.041     0.22
 Euro              1.3596                 
 DXY               80.637                 
                                          
 COMEX gold and silver contracts show the
 most active months
 
 (Reporting by A. Ananthalakshmi; Editing by Michael Perry)

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