Gold recoups losses, but firm equities weigh

Precious metal

Currencies have been volatile after a Group of Seven statement earlier this week on exchange rates, designed to calm talk of a currency war, instead triggered fresh concerns.

U.S. gold for April delivery was little changed at $1,644.50 an ounce.

The physical market was subdued in Singapore after seeing buying interest from Indonesia and Thailand earlier this week, keeping premiums steady at $1.20 to the spot London prices.

"I think gold has to break $1,639 or even lower before we can see bargain hunters coming in," said a dealer in Singapore. "Nowadays the current ranges are no surprise to hunters."

SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.07 percent to 1325.99 tonnes on Wednesday from 1326.89 tonnes on Tuesday.

Please read our terms of use before posting comments
TERMS OF USE: The views expressed in comments published on are those of the comment writer's alone. They do not represent the views or opinions of The Indian Express Group or its staff. Comments are automatically posted live; however, reserves the right to take it down at any time. We also reserve the right not to publish comments that are abusive, obscene, inflammatory, derogatory or defamatory.