Gold stuck near 5-year low as selling pressure continues

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Gold stuck near 5-year low as selling pressure continues

Reuters - 7/23/2015 8:19:53 AM

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Gold hovered close to its weakest level since March 2010 early on Thursday, with no convincing recovery in sight after an early-week rout only spurred sellers to cut their exposure.

Holdings in the world's biggest gold-backed exchange-traded fund, SPDR Gold Shares, fell further on Wednesday to the lowest level since 2008.

Spot gold was little changed at $1,094.33 an ounce by 0033 GMT, after sliding more than 1 percent to $1,086.89 on Wednesday.

Gold's rout deepened after tumbling as much as 4 percent on Monday in a sell-off exacerbated by big trading volumes on the Shanghai Gold Exchange after investors dumped more than $500 million of bullion in New York in four seconds during early Asian trading hours.

U.S. gold for August delivery was up 0.2 percent at $1,093.10 an ounce, after a 10-session decline.

Holdings of SPDR Gold Trust dropped to 22,097,657.77 ounces on Wednesday, the lowest since August 2008, as outflows continued from last week.

U.S. home resales rose in June to their highest level in nearly 8-1/2 years, a sign of pent-up demand that should buoy the housing market recovery and likely keep the Federal Reserve on track to raise interest rates later this year, denting gold's safe=haven draw.

Palladium investors are keeping record bets on a further slump in the market as broad-based weakness plagues the precious metals complex, but some analysts say the metal's slide to 3 1/2-year lows is overwrought and a supply deficit will help the metal reclaim lost territory.

Gold miner Newmont Mining reported higher second-quarter adjusted earnings, in line with analyst expectations, as lower oil prices and favorable exchange rates offset weaker metal prices.

In Greece, Prime Minister Alexis Tsipras sought to contain a rebellion in his left-wing Syriza party ahead of a vote on a second package of reforms required to start talks on a rescue deal.

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