PRECIOUS-Gold eases after modest gains subside; ETFs weigh
SINGAPORE, April 30 (Reuters) - Gold slipped back into negative territory on Tuesday after bargain hunting tapered off, while daily outflows from exchange-traded funds highlighted investors' lack of confidence in the precious metal. FUNDAMENTALS * Gold eased $3.08 an ounce to $1,472.71 by 0019 GMT. It had gained slightly on Monday on expectations the Federal Reserve will keep its bond buying at $85 billion a month for now following weaker-than-expected U.S. growth. * U.S. gold was at $1,472.50 an ounce, up $5.10. * Both cash gold and futures sank to around $1,321 on April 16, their lowest in more than two years, after a drop below $1,500 led to a sell-off that prompted investors to slash holdings of exchange-traded funds * SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.22 percent to 1,080.64 tonnes on Monday from 1,083.05 tonnes on Friday. * Newmont Mining Corp, the largest U.S.-based gold miner, reported a sharper-than-expected drop in first-quarter profit on Monday, as gold and copper shipments fell more than 10 percent and realized prices for the metals slid. * For the top stories on metals and other news, click , or MARKET NEWS * The dollar wallowed at 1-1/2 week lows against a basket of currencies in early Asian trade on Tuesday as declining bond yields and slowing inflation put pressure on the Federal Reserve for more action. * The Nikkei stock average dipped in early trade on Tuesday, although it is heading for its best April performance in 20 years after the Bank of Japan stunned financial markets earlier this month with sweeping stimulus measures. * The S&P 500 index ended at an all-time high on Monday as growth-oriented stocks, including energy and technology, lead the way to the index's sixth rise in the past seven sessions. DATA/EVENTS (GMT) 0600 Germany GfK consumer sentiment 0600 Germany Retail sales 0645 France Consumer spending 0755 Germany Unemployment 0800 Italy Unemployment 0900 Euro zone Inflation 0900 Euro zone Unemployment 1145 U.S. ICSC chain store sales 1300 U.S. Case-Shiller home price index 1345 U.S. Chicago PMI 1400 U.S. Consumer confidence 1500 U.S. ISM Semiannual economic forecast N/A Federal Reserve's FOMC starts two-day policy meeting PRICES Precious metals prices 0019 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1472.71 -3.08 -0.21 -12.05 Spot Silver 24.42 -0.09 -0.37 -19.35 Spot Platinum 1504.74 -1.26 -0.08 -1.97 Spot Palladium 699.60 3.10 +0.45 1.10 COMEX GOLD JUN3 1472.50 5.10 +0.35 -12.13 2160 COMEX SILVER MAY3 24.40 0.27 +1.13 -19.30 143 Euro/Dollar 1.3094 Dollar/Yen 97.86 (Reporting by Lewa Pardomuan; Editing by Ed Davies)
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