PRECIOUS-Gold extends losses on gains in equities

Mon Apr 8, 2013 8:54pm EDT

SINGAPORE, April 9 (Reuters) - Gold fell for a second
straight day on Tuesday as investors shifted their money into
equities after U.S. stocks gained ahead of an earnings season
that is expected to show modest growth.
        
     FUNDAMENTALS
    * Gold eased $2.33 an ounce to $1,570.76 by 0029 GMT.
It plunged to a 10-month low last week after unprecedented
monetary stimulus from the Bank of Japan and hopes for another
European Central Bank rate cut failed to stem heavy selling of
bullion by funds.
    * U.S. gold for June delivery was at $1,570.80 an
ounce, down $1.70.   
    * Federal Reserve Chairman Ben Bernanke said on Monday the
central bank's periodic bank stress tests have made the U.S.
financial system more resilient. 
    * Institutional investor George Soros said gold has been
destroyed as a safe-haven asset, but expects continued central
bank buying to support prices, the South China Morning Post
reported. 
    * Bullion holdings at the world's major gold exchange-traded
funds fell to their lowest since August 2012.
 
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    MARKET NEWS
    * The yen fell to new multi-year lows on Tuesday, pressured
by the Bank of Japan's aggressive reflationary campaign, while
Asian equities looked for support from a solid start to the U.S.
quarterly earnings season.   
      
    DATA/EVENTS (GMT) 
    0130 China CPI 
    0130 China PPI 
    0600 Germany Trade data 
    0645 France Trade data 
    1130 U.S. NFIB business optimism index 
    1145 U.S. ICSC weekly chain store sales 
    2030 U.S. API weekly crude stocks <USOIAC=ECI
   
    PRICES
    
  Precious metals prices 0029 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1570.76   -2.33   -0.15     -6.20
  Spot Silver        27.21   -0.04   -0.15    -10.14
  Spot Platinum    1530.24   -1.76   -0.11     -0.31
  Spot Palladium    726.47   -3.53   -0.48      4.98
  COMEX GOLD JUN3  1570.80   -1.70   -0.11     -6.27         2198
  COMEX SILVER MAY3  27.16    0.02   +0.06    -10.17         1929
  Euro/Dollar       1.3058
  Dollar/Yen         99.40
 
  COMEX gold and silver contracts show the most active months
 
 

 (Reporting by Lewa Pardomuan; Editing by Himani Sarkar)
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