Gold Extends Losses to Fourth Session; Fund Outflows Continue
April 22, 2014 2:08 PM EST
Gold extended losses into a fourth session on Tuesday, hovering near its lowest in 2-1/2 weeks as equities climbed and on outflows from bullion-backed funds.
Gold Slips Ahead of U.S. Jobs Data; on Track for Third Weekly Loss
Spot gold had fallen 0.1 percent to $1,288.11 an ounce by 0021 GMT. The metal declined to $1,281.40 the day before - its lowest since April 3.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 3 tonnes to 792.14 tonnes on Monday. [GOL/ETF]
Last week alone, outflows from the fund - closely watched due to the size of its holdings - totalled 9.3 tonnes, erasing all the gains made in the year.
Talks between Barrick Gold Corp and Newmont Mining Corp about a potential merger have hit a snag, but sources said the companies remain keen to reach a deal and discussions are likely to resume.
Goldcorp Inc said it is walking away from its hostile bid for Osisko Mining Corp, clearing the way for Yamana Gold Inc and Agnico Eagle Mines Ltd to take control of Osisko's flagship Canadian Malartic mine.
U.S. stocks rose on Monday, building on last week's rally as investors continued to digest corporate results, while the dollar reached a two-week high against the yen after Japan posted a record trade deficit.