SINGAPORE: Gold was trading near its lowest in more than two months on Wednesday as stronger equities dented the metal's safe-haven appeal and bullion funds showed weak investor appetite.
FUNDAMENTALS
Spot gold was trading flat at $1,283.40 an ounce by 0021 GMT. It fell to a low of $1,277.10 on Tuesday - its weakest since Feb. 11.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, has seen sharp outflows in the last week, weighing on prices.
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.
The increasing use of technology on financial trading floors is driving a trend for banks to roll precious metals operations into their forex businesses as a separate unit from other commodities activities.
Barclays said it would exit most of its base metals, energy and agricultural trading but will continue in precious metals, some oil and gas derivatives products and index products.
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