Gold fell on Tuesday, on track to snap a three-day winning streak, amid selling prompted by lower crude oil and US equity markets and a spate of positive US economic data that eroded hopes of more US monetary easing. Spot gold narrowed its losses by 1:18 pm EDT/17:18 GMT to $1,652.21 an ounce from $1,660.40 late Monday, having slid by nearly 3 percent so far this month.
The COMEX April gold contract was down $20.1, or 1.2 percent at $1,647.1 per ounce. The yellow metal, which has been following riskier assets such as stocks, also fell after a disappointing US housing starts report. Gold losses were further sparked by declines in the world's largest gold exchange-traded funds. Holdings of gold in the world's major ETPs saw their largest one-day outflow in two months on Tuesday, falling by over 56,000 ounces to 70.843 million ounces. In other precious metals, silver fell by 3.8 percent to $31.96 an ounce, while US May silver futures were down 1.12 cents at $31.805. Platinum fell 1.5 percent to $1,649.24 an ounce, while palladium was down 2.1 percent to $687.05 an ounce.
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