Gold
was treading water on Wednesday, hovering near a four-month low hit in
the previous session, as investors await U.S. economic data for cues
amid increasing optimism about growth and weak bullion demand in Asia.Spot gold was flat at $1,244.50 an ounce by 0032 GMT. The metal hit a four-month low of $1,240.61 on Tuesday, before closing flat and snapping a five-day losing streak.
Asian physical demand, which usually tends to provide a floor to prices during sharp losses, has been weak as many expect gold to go lower. Asia is home to major gold consumers, China and India.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 1.8 tonnes to 787.08 tonnes on Tuesday.
Markets are eyeing U.S. private hiring data later on Wednesday and nonfarm payrolls on Friday to gauge economic strength. Gold is often seen as an investment-hedge at times of economic uncertainty.
Centerra Gold's development plans for its Kumtor gold mine in Kyrgyzstan could damage the nearby Davydov glacier, the Central Asian state's environment protection agency said, adding to uncertainty about the mine's future.
Among other precious metals, platinum steadied after a three-day fall as union workers in top producer South Africa consider a government proposal to resolve a 5-month platinum strike.
Source : Reuters
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