PRECIOUS-Gold edges up after 1 pct drop, dollar weighs
SINGAPORE, April 24 (Reuters) - Gold stabilised on Wednesday after falling more than 1 percent in the previous session, but the precious metal is still under pressure from a firm U.S. dollar and daily falls in exchange-traded funds holdings. FUNDAMENTALS * Spot gold rose $4.20 an ounce to $1,416.44 by 0026 GMT on bargain hunting. Prices sank to around $1,321 on April 16, its lowest in more than 2 years, in a brutal sell-off that surprised ardent gold investors and bulls. * U.S. gold for June delivery was at $1,416.50 an ounce, up $7.70. * Premiums for gold bars soared to multi-year highs in Asia on Tuesday after a spate of physical buying led to supply constraints, with dealers in top consumer India expecting a surge in imports this month. * SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.68 percent to 1097.19 tonnes on Tuesday from 1104.71 tonnes on Monday. The current holdings are at multi-year lows. * The U.S. Mint said it has suspended sales of its one-tenth ounce American Eagle gold bullion coins as surging demand after bullion's plunge to two-year lows depleted the government's inventory. * For the top stories on metals and other news, click , or MARKET NEWS * The euro languished at two-week lows in early Asian trade on Wednesday, having suffered a setback after disappointing economic news out of Germany fuelled talk of an interest rate cut by the European Central Bank. * Japan's Nikkei share average climbed to its highest level in nearly five years on Wednesday after U.S. stocks rose on robust company earnings and the yen resumed its push towards 100 to the dollar. DATA/EVENTS (GMT) 0800 Germany Ifo business climate 0800 Italy Retail sales 1100 U.S. Mortgage market index 1230 U.S. Durable goods orders PRICES Precious metals prices 0026 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1416.44 4.20 +0.30 -15.41 Spot Silver 22.93 0.03 +0.13 -24.27 Spot Platinum 1417.49 4.12 +0.29 -7.66 Spot Palladium 674.25 2.75 +0.41 -2.57 COMEX GOLD JUN3 1416.50 7.70 +0.55 -15.47 2898 COMEX SILVER MAY3 22.92 0.10 +0.43 -24.20 702 Euro/Dollar 1.3002 Dollar/Yen 99.65 (Reporting by Lewa Pardomuan; Editing by Richard Pullin)
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