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Gold Pares Losses, Holdings At Biggest ETF Edge Up

Friday, May 10, 2013 - 1:39 AM
Gold edged higher on Friday as the euro steadied against the dollar, but was on track for its first weekly fall in three weeks after brightening job prospects in the United States hurt its appeal as an alternative investment.

A slight increase in SPDR Gold Trust's exchange-traded holdings -- the first since mid-March -- offered a glimmer of hope for the metal, which has fallen 12 so far this year as investors switch funds into a rallying equity market.

Spot gold dipped to USD 1,452.84 an ounce before rebounding to USD 1,460.31, up USD 2.61. U.S. gold futures for June delivery hit a session low of USD 1,451.60 an ounce and stood at USD 1,459.60 by 0435 GMT, still down USD 9.00.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.26 percent to 1,054.18 tonnes on Thursday from 1051.47 tonnes on Wednesday, but are still near 4-year lows.

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