Gold prices on track for biggest annual loss since 1981

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Gold added $1.80 an ounce to $1,197.80 an ounce by 0028 GMT. (AP) Gold added $1.80 an ounce to $1,197.80 an ounce by 0028 GMT. (AP)
SummaryGold added $1.80 an ounce to $1,197.80 an ounce by 0028 GMT.

Gold staged a modest rebound on Tuesday after falling more than 1 percent in the previous session, but the precious metal was on track for its biggest annual loss since 1981 as investors shifted their money to equities.

FUNDAMENTALS

Gold added $1.80 an ounce to $1,197.80 an ounce by 0028 GMT.

US gold fell 0.54 percent to $1,197.30 an ounce.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.37 percent to 798.22 tonnes on Monday from 801.22 tonnes on Friday. In terms of ounces, holdings fell to 25,663,578.79 from 25,760,019.68, their lowest since 2009.

China's net gold imports from Hong Kong fell 42 percent to below 100 tonnes in November, reflecting a drop in demand from jewellers and retail investors after strong purchases in recent months.

Hedge funds and money managers raised their net long position in copper futures and options for a second straight week and cut their bullish bets in gold and silver in the week to Dec. 24, data from the Commodity Futures Trading Commission showed on Monday.

Indian gold futures dropped on Monday tracking global prices, which fell on expectations that an improvement in the US economy would lower demand for the yellow metal.

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