SINGAPORE (Reuters) - Gold struggled to get past overnight losses, trading near its lowest in three weeks on Tuesday, as a slump in oil prices and strength in global equities and the dollar hurt the metal's appeal.
FUNDAMENTALS
* Spot gold was little changed at $1,174.85 an ounce by 0043 GMT. It tumbled nearly 2 percent on Monday, when it also dropped to a three-week low of $1,170.17.
* The dollar held firm early on Tuesday, having risen to its highest level in nearly nine years against a basket of major currencies, driven in part by persistent weakness in the euro and a fresh fall in the yen.
* A higher greenback makes dollar-denominated gold more expensive for holders of other currencies, while also dulling bullion's appeal as a hedge.
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* Equity markets worldwide pushed higher on Monday after rising expectations for more European stimulus supported shares in the region, while year-end buying helped push the S&P 500 and the Dow industrials to a record close.
* Lower oil prices also decreased gold's appeal as a hedge against oil-led inflation. Oil prices resumed their downward march on Monday, after Saudi Arabia's powerful oil minister said OPEC would not cut production at any price.
* Technical selling once prices broke through $1,192 also intensified the sell-off in bullion, traders said.
* Weak U.S. economic data failed to boost gold. U.S. home resales tumbled to a six-month low in November, according to data released on Monday.
* On the regulatory front, Britain said it would widen the scope of laws which make the manipulation of market benchmarks a criminal offence to include seven more rates covering the currency, gold, oil and silver markets by April 1.
* Russia raised its gold reserves for an eighth month in a row in November, while Ukraine reduced bullion holdings for a second straight month, according to International Monetary Fund data released on Tuesday.
MARKET NEWS
* Asian markets should be well underpinned on Tuesday after Wall Street closed at historic highs, while oil prices suffered a vicious setback after Saudi Arabia quashed all thought of cutting supply.
DATA/EVENTS (GMT)
0745 France GDP Quarterly
0930 Britain GDP Quarterly
1330 U.S. Durable Goods Orders Nov
1330 U.S. GDP Final Q3
1330 U.S. PCE Prices Final Q3
1455 U.S. U Mich Sentiment Final
1500 U.S. New Home Sales Nov
(Reporting by A. Ananthalakshmi; Editing by Joseph Radford)