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PRECIOUS-Gold holds near 7-week low as fund outflows resume
April 1, 2014 / 12:46 AM / 4 years ago

PRECIOUS-Gold holds near 7-week low as fund outflows resume

SINGAPORE, April 1 (Reuters) - Gold was languishing near a
seven-week low on Tuesday, after posting its first monthly drop
of the year, as investors pulled money out of bullion backed
exchange-traded funds in favour of riskier assets. 
        
    FUNDAMENTALS
    * Spot gold eased 0.05 percent to $1,282.95 an ounce
by 0025 GMT, after dropping nearly 1 percent on Monday. The
metal hit a low of $1,282.04 in the previous session - its
lowest since Feb. 11.
    * Outflows from SPDR Gold Trust, the world's largest
gold-backed exchange-traded fund, resumed after a two-day pause.
Holdings of the fund fell 3.89 tonnes to 813.08 tonnes on Monday
- the biggest outflow in more than a month. 
    * Gold transferred between accounts held by bullion clearers
edged up to an average volume of 17.8 million ounces a day last
month, recovering from a 3-1/2 year low hit in January, the
London Bullion Market Association said. 
    * As regulators investigate the transparency of global
financial benchmarks, bullion banks are contemplating a move to
electronic platforms that would shed more light on the London
gold fix, a widely used reference price, sources said.
 
    * India will consider easing curbs on gold imports in
consultation with the central bank, Finance Minister P.
Chidambaram said.    
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * Asian shares were down slightly in early trade on Tuesday,
as investors chose discretion over valour ahead of a key
manufacturing survey from China even as Federal Reserve Chair
Janet Yellen's dovish comments eased concerns of an early start
to rate hikes. 
    
    DATA/EVENTS (GMT)
    0100 China Official manufacturing PMI 
    0145 China Final HSBC manufacturing PMI 
    0755 Germany Markit/BME manufacturing PMI 
    0800 Euro zone Markit manufacturing PMI 
    0900 Euro zone Unemployment rate 
    1400 U.S. Construction spending 
    1400 U.S. IBD economic optimism 
    1400 U.S. ISM manufacturing PMI

    PRICES AT 0025 GMT    
 Metal            Last      Change   Pct chg
                                              
 Spot gold         1282.95    -0.69      -0.05
 Spot silver          19.7    -0.01      -0.05
 Spot platinum     1411.49     2.29       0.16
 Spot palladium     771.75    -0.15      -0.02
 Comex gold         1282.9     -0.5      -0.04
 Comex silver       19.715   -0.037      -0.19
 Euro               1.3774                    
 DXY                80.094                    
                                              
 COMEX gold and silver contracts show the most
 active months
 
 (Reporting by A. Ananthalakshmi; Editing by Ed Davies)

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