Gold hits 4-month low, longest losing streak in 7 mths

Jun 02 2014, 17:32 IST
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Gold falls for fifth session, hits fresh 4-month low Gold falls for fifth session, hits fresh 4-month low
SummaryGold falls for fifth session, hits fresh 4-month low

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"Notably, volumes on the SGE 999 gold contract tumbled to near one-month lows at the end of last week, with little sign of Chinese bargain hunting at current levels."

Key physical markets in Hong Kong and China were shut on Monday for a public holiday.

In No.2 consumer India, premiums almost halved last week on hopes the new government would ease restrictions on imports of the precious metal.

Other data also showed that hedge funds and money managers cut their bullish bets in U.S. gold futures and options in the latest week to their lowest level in nearly four months, another sign of waning investor interest in the metal amid higher equities.

Among other precious metals, silver was up 0.4 percent at $18.76 an ounce, recovering from Friday's 11-month low at $18.60. Spot platinum was down 0.7 percent at $1,434.74 an ounce, while spot palladium was down 0.2 percent at $831 an ounce.

Platinum group metals continued to take support from a long-running miners' strike in major producer South Africa. The strike, which began on Jan. 23, has hit 40 percent of global platinum production.

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