Gold
hovered just above $1,760 an ounce on Wednesday after three straight
sessions of losses, as a murky outlook for global growth buoyed the
dollar and pressured bullion.
FUNDAMENTALS
* Spot gold was trading nearly flat at $1,762.65 an ounce by 0030 GMT, after dropping more than 1 percent in the past three days.
* U.S. gold was also little changed at $1,764.70.
* Tens of thousands of angry Greek protesters filled the streets of Athens on Tuesday to greet German Chancellor Angela Merkel, who offered sympathy but no promise of further aid.
* The euro zone economy faces tough times ahead, and there is no alternative to continued budget cuts, said European Central Bank President Mario Draghi.
* Spanish bond yields rose on Tuesday when investors trimmed expectations of a swift solution to Madrid's debt problems while the country's politicians resist seeking a bailout.
* Prices of U.S. Treasuries rose as bleak prospects for global growth and the upcoming earnings season prompted investors to dump riskier assets and pour money into safe havens.
* Holdings of gold-backed exchange-traded funds had hit a record high of 74.76 million ounces by October 8, suggesting active buying interest from investors.
MARKET NEWS
* U.S. stocks fell on Tuesday, led by losses in technology after brokerage downgrades of Intel and other major companies as worries increased about third-quarter U.S. earnings.
* The dollar extended gains against the euro on Wednesday as investors seek safety in the greenback ahead of the earning season and on uncertainty about Greece and Spain.
FUNDAMENTALS
* Spot gold was trading nearly flat at $1,762.65 an ounce by 0030 GMT, after dropping more than 1 percent in the past three days.
* U.S. gold was also little changed at $1,764.70.
* Tens of thousands of angry Greek protesters filled the streets of Athens on Tuesday to greet German Chancellor Angela Merkel, who offered sympathy but no promise of further aid.
* The euro zone economy faces tough times ahead, and there is no alternative to continued budget cuts, said European Central Bank President Mario Draghi.
* Spanish bond yields rose on Tuesday when investors trimmed expectations of a swift solution to Madrid's debt problems while the country's politicians resist seeking a bailout.
* Prices of U.S. Treasuries rose as bleak prospects for global growth and the upcoming earnings season prompted investors to dump riskier assets and pour money into safe havens.
* Holdings of gold-backed exchange-traded funds had hit a record high of 74.76 million ounces by October 8, suggesting active buying interest from investors.
MARKET NEWS
* U.S. stocks fell on Tuesday, led by losses in technology after brokerage downgrades of Intel and other major companies as worries increased about third-quarter U.S. earnings.
* The dollar extended gains against the euro on Wednesday as investors seek safety in the greenback ahead of the earning season and on uncertainty about Greece and Spain.
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