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Gold dips on firmer equities

Monday, August 11 08:50:33

Gold slipped further from a three-week high on Monday as investors eyed firmer equity markets and outflows from the world's top bullion fund, but held above $1,300 an ounce on concern over the Middle East and Ukraine.

Spot gold fell 0.2 percent to $1,307.09 an ounce by 0652 GMT, after hitting a three-week high of $1,322.60 on Friday. U.S. gold slipped about $3 to $1,308.50. Despite the risk-aversion sentiment, speculators cut their bullish bets on gold futures and options in the week to Aug. 5, according to Friday data from the Commodity Futures Trading Commission.

Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 1.79 tonnes to 795.86 tonnes on Friday. Physical buying in top consumers China and India has also been sluggish, while strong economic data in the United States has stoked fears of a tightening in monetary policy. (Reuters)

For more visit: www.businessworld.ie