May 29, 2013 / 1:02 AM / 7 years ago

PRECIOUS-Gold gains on physical demand, but ETF outflows persist

SINGAPORE, May 29 (Reuters) - Gold edged higher on
Wednesday, supported by strong physical demand after prices fell
1 percent the previous day, but gains are likely to be limited
by persistent outflows from exchange-traded funds.
    * Spot gold rose 0.2 percent to $1,382.89 an ounce by
0029 GMT, after falling to $1,373.14 on Tuesday. 
    * U.S. gold rose 0.3 percent to $1,382.50.
    * Wall Street rallied on Tuesday after data showed that U.S.
consumer confidence in May was the highest in more than 5 years,
while home prices accelerated in March by the most in nearly
seven years. 
    * Bank of America Merrill Lynch lowered its gold and silver
price forecasts for 2013, citing weak fundamentals and lack of
investment buying. The bank now expects gold prices to average
$1,478 an ounce in 2013, 12 percent below its prior forecast of
    * South Africa may take unspecified "interventions" in the
gold and platinum sectors as part of a state plan to maintain
the viability of the industries, mines minister Susan Shabangu
said on Tuesday. 
    * The U.S. Mint is resuming sales of its small American
Eagle gold bullion coins, a further sign that a coin-buying
frenzy has started to fade after investors took advantage of
bargain prices following gold's historic two-day sell-off in
    The U.S. Mint, one of the world's largest gold and silver
coin producers, had halted sales of its small gold bullion coins
last month as surging demand depleted its inventory.
    * Holdings in SPDR Gold Trust, the world's largest
gold-backed exchange-traded fund, fell to 1012.25 tonnes on
Tuesday, their lowest since February 2009. 
    * For the top stories on metals and other news, click
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    * Japan's Nikkei share average rose on Wednesday with
technical signs in its favour after last week's tumultuous trade
pulled the index down 10 percent from a 5-1/2-year high. 
    * The dollar, which rebounded against the euro and yen on
Tuesday, rose 0.2 percent on Wednesday. 
    0755 Germany Unemployment rate 
    0800 Euro zone M3 money supply 
    0800 Italy Business confidence 
    1145 U.S. ICSC weekly chain store sales 
    1200 Germany Inflation 
    1255 U.S. Redbook weekly retail sales 
    2030 U.S. API weekly crude stocks 
  Precious metals prices 0029 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1382.89    2.64   +0.19    -17.42
  Spot Silver        22.35    0.12   +0.54    -26.19
  Spot Platinum    1462.50    5.00   +0.34     -4.72
  Spot Palladium    753.25   -1.75   -0.23      8.85
  COMEX GOLD JUN3  1382.50    3.60   +0.26    -17.50         3421
  COMEX SILVER JUL3  0.22    0.00   +0.55    -99.26          584
  Euro/Dollar       1.2845
  Dollar/Yen        102.35
 (Reporting by A. Ananthalakshmi; Editing by Richard Pullin)
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