Gold lost more ground
on Wednesday as a rebound in stock markets reduced some of the precious
metal's safe haven appeal with additional pressure from a strengthening
greenback.
Asian shares crept off
four-year lows as China's efforts to stabilise its currency brought a
moment of calm to equity markets, even as oil marked a sorry new
milestone under $30 a barrel.
A late rebound in
energy and biotech shares helped push the S&P 500 to a second
straight day of gains on Tuesday and the pan-European FTSEurofirst 300
index climbed 1.1 percent after four sessions of declines.
Spot gold slid 0.2 percent to $1,084.20 an ounce by 0347 GMT and U.S. gold futures gave up 0.2 percent to $1,083.20.
The metal's rally in
early January to a nine-week top has run out of steam as expectations of
further U.S. interest rate increase lowers demand for the
non-interest-paying asset, while boosting the dollar.
The Fed raised rates in December and attention has shifted to how many hikes will follow in 2016.
The dollar steadied as
the rush to safe haven currencies such as the yen and the euro halted
temporarily after Chinese authorities intervened heavily to stem the
yuan's fall.
Holdings of the
world's largest gold-backed exchange-traded fund, New York-listed SPDR
Gold Shares, rose 2.1 tonnes on Monday, data from the fund showed.
China has launched
interbank gold trading at the beginning of this year, part of a broader
drive to open up the country's bullion market and increase financial
investments in the world's largest consumer of the precious metal.
Among other precious
metals, palladium was little changed at $471.30 an ounce after sliding
to a 5-1/2 year low of $449.55 an ounce on Tuesday.
Silver added 0.2 percent to $13.82 an ounce, while platinum gained 0.6 percent to $837.53 an ounce.
Source : Reuters
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