Gold prices cling to gains on softer dollar, equities

By: | Published: May 12, 2016 8:05 AM

Gold steadied near $1,280 an ounce on Thursday after rising the most since late April the session before, supported by a weaker dollar and equities.

Gold pricesSpot gold was unchanged at ,277.36 an ounce by 0041 GMT, after climbing off two-week lows overnight. Wednesday’s nearly 1-percent gain was bullion’s strongest since April 29. (AP)

Gold steadied near $1,280 an ounce on Thursday after rising the most since late April the session before, supported by a weaker dollar and equities.

FUNDAMENTALS

* Spot gold was unchanged at $1,277.36 an ounce by 0041 GMT, after climbing off two-week lows overnight. Wednesday’s nearly 1-percent gain was bullion’s strongest since April 29.

* U.S. gold for June delivery rose 0.3 percent to $1,279.20 an ounce.

* Gold has risen more than 20 percent this year, benefiting from expectations that the U.S. Federal Reserve is unlikely to raise interest rates anytime soon.

* Thailand’s only active gold mine has yet to receive a formal order from the ruling military government to shut down over claims it was responsible for contamination suffered by villagers and will continue to operate, the mine’s Australian owner said.

* Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, stood at 27.07 million ounces on Wednesday, the highest since December 2013.

* India’s gold imports could hit a record-high this year amid widespread smuggling to sidestep government levies on overseas shipments, said Australia and New Zealand Bank, Asia’s biggest shipper of physical gold.

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