PRECIOUS-Gold slips for 3rd day on stronger equities SINGAPORE, Jan 27 (Reuters) - Gold fell for a third session in a row on Tuesday, hurt by a stronger dollar and equities, as well as profit-taking after recent sharp gains to a five-month high. FUNDAMENTALS * Spot gold eased 0.5 percent to $1,274.43 an ounce by 0044 GMT. The metal fell 1.6 percent in the previous two sessions, after hitting a five-month high of $1,306.20 on Thursday. * Bullion has gained 9 percent this month, after two annual declines, sparking some profit taking by traders. * Global stock indexes edged up on Monday on confidence in the European Central Banks money-printing program announced last week. * Bullion had gained initially on Monday as Greek leftist leader Alexis Tsipras was set to become prime minister of the first euro zone government openly opposed to bailout conditions imposed by the European Union and International Monetary Fund during the economic crisis. * Safe-haven bids helped gold on concerns that Greece could exit the euro zone but global equities strengthened, relieved that European markets had weathered Greeces election outcome without much disruption. * News on central bank gold purchases and inflows into the worlds top gold-backed exchange-traded fund failed to lend support to the metal on Tuesday. * Russia raised its gold reserves for a ninth straight month in December as the country continued to add to the fifth-biggest gold holdings in the world, data from the International Monetary Fund showed on Tuesday. Netherlands and Kazakhstan also added to reserves. * SPDR Gold Trust, the top gold ETF, said its holdings rose 0.24 percent to 743.44 tonnes on Monday. * Investors were now eyeing the Federal Reserves two-day policy meeting that kicks off on Tuesday for clues about the U.S. central banks monetary policy. * For the top stories on metals and other news, click or MARKET NEWS * The embattled euro held onto modest gains early on Tuesday, having bounced off an 11-year trough as investors decided to take profits on extremely bearish positions. DATA/EVENTS (GMT) 1330 U.S. Durable goods orders Dec 1400 U.S. S&P/Case-Shiller housing index Nov 1445 U.S. Markit services PMI flash Jan 1500 U.S. New home sales Dec 1500 U.S. Consumer confidence Jan 1500 U.S. Richmond Fed composite index Jan Federal Open Market Committee starts two-day policy meeting PRICES AT 0044 GMT Metal Last Change Pct chg Spot gold 1274.43 -6.43 -0.5 Spot silver 17.72 -0.15 -0.84 Spot platinum 1245.99 -1.51 -0.12 Spot palladium 774.5 -5.5 -0.71 Comex gold 1274.6 -4.8 -0.38 Comex silver 17.765 -0.218 -1.21 Euro 1.1237 DXY 94.985 COMEX gold and silver contracts show the most active months
Posted on: Tue, 27 Jan 2015 04:23:42 +0000
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