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Gold holds near four-month high on U.S. growth uncertainty

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Reuters SINGAPORE

SINGAPORE (Reuters) - Bullion held steady around $1,340 an ounce on Wednesday, close to a four-month high hit a day earlier and after four sessions of gains, as recent economic data raised questions about the strength of the U.S. economy.

FUNDAMENTALS

* Spot gold added 0.05 percent to $1,340.75 an ounce after rising to $1,343.40 an ounce Tuesday, the strongest since late October.

* U.S. gold was at $1,340.90 an ounce, down 0.13 percent.

* SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.26 percent to 803.70 tonnes on Tuesday from 801.61 tonnes on Monday.

* Hong Kong's net gold exports to China fell 5.4 percent to 89.745 tonnes in January from 94.847 tonnes in December, reflecting a slowdown in demand from record levels in 2013.

 

* U.S. home price gains slowed in December, according to a closely watched housing survey on Tuesday that underscored a loss of momentum in the housing recovery, while consumer confidence drifted lower this month.

MARKET NEWS

* Asian market got off to a cautious start on Wednesday following a flat finish on Wall Street and as concerns over opaque policy moves in China kept investors on edge.

* Oil fell on Tuesday, pressured by further signs of a Chinese economic slowdown and data that showed a build in U.S. crude stockpiles for the second straight week.

(Reporting by Lewa Pardomuan; Editing by Ed Davies)

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First Published: Feb 26 2014 | 6:15 AM IST

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