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STRIVE FOR SOLID FUTURES

Monday, May 12, 2014

Gold steady on Ukraine but fund outflows threaten gains

Posted by PT KONTAK PERKASA FUTURES BALIKPAPAN On 7:26 PM No comments


Gold held on to overnight gains on Tuesday as simmering tensions in Ukraine stoked its safe-haven appeal, but the metal was at risk of falling back on weak physical demand and bullion-fund outflows.
Spot gold was little changed at $1,295.40 an ounce by 0013 GMT, after gaining 0.5 percent on Monday. The metal traded in a wide range in the previous session, climbing at one point to $1,303.80 before giving back some gains.
Pro-Moscow rebel leaders in eastern Ukraine called for their region to become part of Russia, a day after staging a referendum on self-rule, although Moscow stopped short of endorsing their bid for annexation.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 2.39 tonnes to 780.46 tonnes on Monday - the first outflow since May 2.
Source : Bloomberg

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