Gold Hovers Near 2.5 Month Lows on Equities

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Jhon Kumar
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Gold Hovers Near 2.5 Month Lows on Equities

Post by Jhon Kumar » Wed Apr 23, 2014 2:43 am

Gold was steady but near its lowest in more than two months on Wednesday, with stronger equities denting the metal's safe-haven appeal and outflows from bullion funds showing weak investor appetite. The metal was also weighed down by US data that showed home prices rose in February and existing home sales were a bit stronger than expected. A solid economic recovery would hurt gold's appeal as an alternative investment.

In top buyer China, demand has been quiet as a weaker yuan made it more expensive to buy dollar-denominated gold. On Tuesday, China's yuan traded at its weakest against the dollar in 14 months, as traders say what began as a short-term attack on rampant speculation in the market continues to find deeper market traction. India's gold imports in April and May could be less than half of arrivals in March, as restrictions on the movement of cash during general elections dent the buying power of consumers, jewellery industry officials said.

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