Gold Dips But Global Growth Worries Keep Prices Near 4-Week High
Gold eased for a second session on Wednesday as the dollar rebounded modestly from sharp losses but the safe-haven metal still held close to four-week highs on lingering worries over the global economy.
FUNDAMENTALS
* Spot gold slipped 0.3 per cent to $1,229.10 an ounce by 0037 GMT. The metal hit a four-week peak of $1,237.90 on Tuesday, before paring gains to close 0.4 per cent lower.
* Gold has been well-bid since last week on increasing concerns over the health of the global economy. Global equities tumbled, while the economic uncertainty and its potential impact on US monetary policy sent the dollar lower, boosting gold's appeal as a hedge.
* On Tuesday, however, the dollar recovered slightly as the euro and sterling nursed losses.
* Economic data from Europe continued to be weak, a factor that could keep gold prices supported.
* The German government sharply lowered its growth forecasts for this year and next, euro zone industrial production tumbled in August, and a closely watched German economic sentiment index registered its first negative reading since November 2012, at the height of the euro zone crisis.
* More Chinese and US economic data later in the day could provide cues for gold prices.
* Meanwhile, litigation alleging that Deutsche Bank AG, Bank of Nova Scotia and HSBC Plc illegally fixed the price of silver has been centralized in Manhattan federal court.
* India's September gold imports jumped sharply to $3.75 billion ahead of the wedding and festival season, data from the trade ministry showed.
Copyright: Thomson Reuters 2014
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