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Gold edges up after 1 pct drop, dollar weighs

SINGAPORE (Reuters) - Gold stabilised on Wednesday after falling more than 1 percent in the previous session, but the precious metal is still under pressure from a firm U.S. dollar and daily falls in exchange-traded funds holdings.


* Spot gold rose $4.20 an ounce to $1,416.44 by 0026 GMT on bargain hunting. Prices sank to around $1,321 on April 16, its lowest in more than 2 years, in a brutal sell-off that surprised ardent gold investors and bulls.

* U.S. gold for June delivery was at $1,416.50 an ounce, up $7.70.

* Premiums for gold bars soared to multi-year highs in Asia on Tuesday after a spate of physical buying led to supply constraints, with dealers in top consumer India expecting a surge in imports this month.

* SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.68 percent to 1097.19 tonnes on Tuesday from 1104.71 tonnes on Monday. The current holdings are at multi-year lows.

* The U.S. Mint said it has suspended sales of its one-tenth ounce American Eagle gold bullion coins as surging demand after bullion's plunge to two-year lows depleted the government's inventory.


* The euro languished at two-week lows in early Asian trade on Wednesday, having suffered a setback after disappointing economic news out of Germany fuelled talk of an interest rate cut by the European Central Bank.

* Japan's Nikkei share average climbed to its highest level in nearly five years on Wednesday after U.S. stocks rose on robust company earnings and the yen resumed its push towards 100 to the dollar.

(Reporting by Lewa Pardomuan; Editing by Richard Pullin)

Published Date: Apr 24, 2013 07:00 AM | Updated Date: Apr 24, 2013 07:00 AM

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