PRECIOUS-Gold ticks lower as equities gain, ETFs plunge
SINGAPORE, May 7 (Reuters) - Gold eased on Tuesday, losing its shine as an alternative investment as stock markets rallied and as holdings on bullion exchange-traded funds slipped to their lowest in more than three years. FUNDAMENTALS * Gold eased $1.25 an ounce to $1,467.64 by 0031 GMT. It hit a near three-week high of $1,487.80 on Friday on safe-haven buying spurred by a cut in interest rates by the European Central Bank and the Fed's decision to stick to its stimulus programme. * U.S. gold was little changed at $1,467.50 an ounce. * SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.31 percent to 1062.30 tonnes on Monday -- the lowest since August 2009. In terms of ounces, holdings fell to 34,153,901. * Indian gold futures extended gains on Monday, helped by a weaker rupee and firm overseas markets, driving away importers seeking to stock up for a big festival next week. * For the top stories on metals and other news, click , or MARKET NEWS * Asian shares inched higher on Tuesday after the Standard & Poor's 500 Index closed at a record high overnight on renewed hopes for a steady U.S. recovery, but weak global growth data kept investors wary of pushing prices sharply higher. * The euro struggled to gain any momentum in early Asian trade on Tuesday, while the Australian dollar nursed losses as bears bet on the prospect of a cut in interest rates later in the session. DATA/EVENTS (GMT) 0645 France Industrial output 0645 France Trade data 1000 Germany Industrial orders 1145 U.S. ICSC weekly chain store sales 1400 U.S. IBD/TIPP consumer confidence 1900 U.S. Consumer credit PRICES Precious metals prices 0031 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1467.64 -1.25 -0.09 -12.36 Spot Silver 23.96 -0.02 -0.08 -20.87 Spot Platinum 1494.99 -7.51 -0.50 -2.61 Spot Palladium 692.22 0.72 +0.10 0.03 COMEX GOLD JUN3 1467.50 -0.50 -0.03 -12.43 2561 COMEX SILVER JUL3 23.95 0.00 -0.02 -20.77 379 Euro/Dollar 1.3071 Dollar/Yen 99.29 COMEX gold and silver contracts show the most active months (Reporting by Lewa Pardomuan; Editing by Richard Pullin)
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.