Gold steady in thin trade, but firm equities weigh
Singapore (Dec 27) Gold was little changed in thin trade on Friday, remaining on track for its biggest annual loss in more than 30 years as hopes of a global economic recovery and rallies in equities dent its appeal as an alternative investment.
FUNDAMENTALS
* Spot gold hit an intraday low around $1,208 an ounce before standing at $1,210.26 by 0016 GMT, hardly changed from Thursday. Prices have fallen more than 20 percent this year.
* U.S. gold fell 0.18 percent to $1,210.10 an ounce.
* SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings declined 0.19 percent to 804.22 tonnes on Thursday from 805.72 tonnes on Tuesday.
* The number of Americans filing new claims for unemployment benefits fell last week to the lowest level in nearly a month, a hopeful sign for the labour market, while holiday retail sales rose in November and December.
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MARKET NEWS
* Asian markets looked well placed on Friday as Wall Street reached record heights for a fourth straight session, while rising U.S. yields lifted the dollar to new peaks on the yen.
* Indian gold futures rose slightly on Thursday as the rupee depreciated against the greenback. U.S. crude futures hit a two-month high near $100 a barrel on Friday, supported by supply disruptions in Africa and a fall in U.S. jobless claims that rekindled hope for demand growth in the world's top oil consumer.
