SINGAPORE: Gold held steady on Thursday after gaining more than 1 percent in the previous session, lacking impetus to rise further as investors cut their holdings on bullion exchange-traded funds to their lowest since early 2009.
Bullion prices have been rangebound this month, torn between a pick up in physical demand after prices plunged to a more than 2-year low in mid April and a lack of interest from investors who are shifting their money into equities as Wall Street gains.
Gold was 41 cents higher at $1,472.60 an ounce by 0305 GMT. It has rebounded more than $100 from its April trough, but is still well below the psychological level of $1,500.
"Sentiment is pretty much mixed. People are not quite sure which way we will go. There's selling on ETFs and physical buying. I guess, we are still in range of $1,440 to $1,500," said Yuichi Ikemizu, branch manager for Standard Bank in Tokyo.
"As long as it is in $1,400 (range), I guess there's still very good buying interest."
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