Gold extends losses as dollar, stocks rise

By: | Published: September 28, 2016 8:33 AM

Gold eased early on Wednesday, extending losses from the previous session when it dropped nearly 1 percent, as Asian stocks rose and the dollar index firmed.

gold silver equity marketsGold eased early on Wednesday, extending losses from the previous session when it dropped nearly 1 percent, as Asian stocks rose and the dollar index firmed. (Reuters)

Gold eased early on Wednesday, extending losses from the previous session when it dropped nearly 1 percent, as Asian stocks rose and the dollar index firmed.

FUNDAMENTALS

* Spot gold fell 0.1 percent to $1,325.81 an ounce by 0109 GMT.

* U.S. gold futures eased 0.1 percent to $1,329.30 an ounce.

* The dollar index, which measures the greenback against a basket of six major currencies, was up 0.14 percent.

* Asian stocks edged up early on Wednesday following an overnight rise for U.S. stocks.

* A perceived win by Democrat Hillary Clinton in Monday’s first presidential debate gave broader support to equities.

* Holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.22 percent to 949.14 tonnes on Tuesday.

* U.S. single-family home prices rose slightly less than expected on an annual basis in July, and the year-over-year gain was smaller than in the prior month, a survey showed.

* U.S. consumer confidence improved, while the service sector survey also came in better than expected.

* The World Trade Organization cut its forecast for global trade growth this year by more than a third on Tuesday, reflecting a slowdown in China and falling levels of imports into the United States.

* Top consumer China’s net gold imports via main conduit Hong Kong slid about 45 percent in August to the lowest in six months, dragged down by a decline in retail demand for physical gold, data showed on Tuesday.

* Australian miner OceanaGold Corp said it had not received an order from a Philippine mining agency to suspend its operations in the country and that activity at its gold-copper mine was continuing. The Philippines, on Tuesday, ordered the suspension of 20 more mines for environmental violations. Among those ordered suspended was OceanaGold, the top gold producer in the Southeast Asian nation.

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