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Home / Metal News / PRECIOUS-Gold Slips after 1 Pct Gain; ETFs at 4-Year Low

PRECIOUS-Gold Slips after 1 Pct Gain; ETFs at 4-Year Low

iconMay 9, 2013 10:06
Source:SMM
Gold edged down on Thursday, after rising more than 1 percent in the previous session.
SINGAPORE, May 9 - Gold edged down on Thursday, after rising more than 1 percent in the previous session, as speculators booked profits and investors cut their holdings on bullion exchange-traded funds to their lowest since early 2009.
       
FUNDAMENTALS
* Spot gold fell $2.78 an ounce to $1,469.41 by 0045 GMT, with gains in equities also weighing on prices. Gold hit an intraday high around $1,476 on Wednesday on physical buying and a drop in the dollar against the euro. 
    
* U.S. gold was at $1,468.90 an ounce, down $4.80.  
    
* SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.60 percent to 1,051.47 tonnes on Wednesday from 1057.79 tonnes on Tuesday.
 
* The U.S. Mint will limit dealers' purchases of its "America the Beautiful" five-ounce silver bullion coins when they go on sale next week, reflecting soaring physical demand after a sharp selloff in precious metals. 
    
MARKET NEWS
* Encouraging global data and Wall Street's extended record run underpinned Asian shares on Thursday, with Japanese stocks leading the way to within striking distance of fresh five-year highs. 
   
* The euro held near a one-week high against the dollar and two-month peaks on its Australian counterpart in early Asian trade on Thursday, having risen broadly after upbeat German factory activity data bolstered sentiment. 
        
    DATA/EVENTS (GMT)
    0130 China CPI yy Apr CNCPI=ECI 
    0130 China PPI yy Apr CNPPI=ECI 
    1100 Britain BOE bank rate May GBBOEI=ECI 
    1230 U.S. Jobless claims Weekly ECONUS 
    2350 Japan Bank lending yy Apr JPBNK=ECI
   
    PRICES    
  Precious metals prices 0045 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1469.41   -2.78   -0.19    -12.25
  Spot Silver        23.83   -0.06   -0.25    -21.30
  Spot Platinum    1496.24   -3.76   -0.25     -2.53
  Spot Palladium    690.47   -1.53   -0.22     -0.22
  COMEX GOLD JUN3  1468.90   -4.80   -0.33    -12.35         2924
  COMEX SILVER JUL3  23.82   -0.11   -0.45    -21.20          430
  Euro/Dollar       1.3161
  Dollar/Yen         98.84
 
  COMEX gold and silver contracts show the most active months
 
US gold
precious metal prices

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