Gold falls from one-week high on bargain hunting - NDTV

Singapore: Gold turned lower on Tuesday after rising to a one-week high on bargain hunting in the previous session, while more gold outflows from exchange-traded funds summed up investors' weakening confidence in the metal. Investors await Chinese manufacturing data for further indications of the growth outlook for the world's second-largest economy, which is also the second-largest consumer of gold after India. FUNDAMENTALS Gold fell $4.63 an ounce to $1,420.51 by 0021 GMT. The metal, which has slipped more than 15 percent this year, posted its biggest-ever daily loss in dollar terms last Monday, shocking investors who have used gold as protection against inflation and other market risks. U.S. gold futures for June delivery stood at $1,420.20 an ounce, down $1.00. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 1.63 percent to 1104.71 tonnes on Monday from 11 23.06 tonnes on Friday. The holdings were at their lowest since early 2010. Australia's Newcrest Mining NCM.AX, the world's no. 3 gold producer, said on Tuesday it is reviewing its businesses related to higher cost production at a time of increased costs for the industry and a reduced gold price. Copyright @ Thomson Reuters 2013 via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFM--Jkd8749h5y2rUNMsBuC15i0g&url=http://profit.ndtv.com/news/commodities/article-gold-falls-from-one-week-high-on-bargain-hunting-321263

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