PRECIOUS-Gold eases on fall in ETF holdings, stimulus fears

Mon Jul 8, 2013 8:49pm EDT

SINGAPORE, July 9 (Reuters) - Gold slipped a touch on
Tuesday, pressured by a sharp fall in holdings in bullion-backed
exchange traded funds and persistent fears over the end of easy
central bank money.
    
    FUNDAMENTALS
    * Spot gold was down $1 at $1,234.89 an ounce by 0025
GMT, after gaining 1 percent on Monday as the dollar eased from
three-year highs. 
    * Comex gold was down slightly at $1,234.50.
    * Bullion has fallen about 10 percent since Federal Reserve
Chairman Ben Bernanke last month said the economy was recovering
strongly enough for the U.S. central bank's $85 billion monthly
bond-buying stimulus to be reduced as soon as later this year.
    * Global stock indexes climbed on Monday as the upcoming
U.S. earnings season added to investor optimism after last
week's robust U.S. jobs data. 
    * Hedge fund manager John Paulson's gold fund has lost 65
percent of its worth so far this year after the portfolio
declined 23 percent last month, two people familiar with the
fund said on Monday. 
    * SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings fell 1.56 percent to
946.96 tonnes on Monday - their lowest since February 2009.
 
    * Hedge funds and money managers raised their bullish bets
in gold and silver futures and options in the week to July 2, a
report by the Commodity Futures Trading Commission showed on
Monday. 
    * Russian precious metals and gems repository Gokhran hopes
to start buying gold again on the domestic market in 2014 after
a two-year break, a source told Reuters. 
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    MARKET NEWS
    * The dollar paused in its rally as investors bought
beaten-down currencies such as the Australian dollar on Tuesday,
though its broad uptrend is seen intact as the market tries to
position for when the Fed will start to slow its stimulus.
 
    * Japan's benchmark Nikkei average opened up 1.32
percent on Tuesday. 
    
    DATA/EVENTS (GMT) 
    0130 China CPI 
    0130 China PPI 
    1130 U.S. NFIB business optimism index 
    1145 U.S. ICSC weekly chain store sales 
    1400 U.S. Employment trends 
  Precious metals prices 0025 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1234.89   -1.00   -0.08    -26.25
  Spot Silver        19.01   -0.03   -0.16    -37.22
  Spot Platinum    1353.49   -4.51   -0.33    -11.82
  Spot Palladium    691.25   -3.75   -0.54     -0.11
  COMEX GOLD AUG3  1234.50   -0.40   -0.03    -26.33         1821
  COMEX SILVER SEP3  19.01   -0.03   -0.17    -37.29          624
  Euro/Dollar       1.2853
  Dollar/Yen        101.04
 
  COMEX gold and silver contracts show the most active months
 
 (Reporting by A. Ananthalakshmi; Editing by Ed Davies)
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