Gold pares losses in Asia

July 26, 2013


Gold mostly reversed earlier losses on Thursday as investors pulled bearish bets ahead of a COMEX option expiry and awaited US jobs data later in the day to help gauge the outlook for the Federal Reserve’s stimulus measures. Spot gold fell 0.07 percent to $1,319.76 an ounce by 0702 GMT, after falling as much as 0.4 percent earlier. COMEX gold was up slightly at $1,319.90.

Bullion has lost more than 20 percent of its value this year – its worst annual performance since 1997 – on fears of a Fed tapering and rapid outflows from exchange-traded gold funds. SPDR Gold Trust, the world’s largest gold-backed ETF, has seen outflows of over $17 billion so far this year.   Courtesy:Reuters

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