SINGAPORE, May 24 (Reuters) - Gold edged lower on Friday as
the dollar and equities regained momentum after a volatile
trading session the day before, and as holdings in
bullion-backed exchange-traded funds fell to fresh four-year
lows.
FUNDAMENTALS
* Spot gold fell 0.17 percent to $1,388.36 an ounce
by 0030 GMT, not far off two-year lows of $1,321.35 seen in
mid-April.
* U.S. gold fell 0.31 percent to $1,387.5.
* Gold rose as much as 2 percent to $1,397.35 on Thursday as
investors sought its safe-haven status after the dollar and
equity markets were hit by factory data from China and the
United States that showed the pace of manufacturing had slowed.
* Concerns over the timing of a wind-down in the U.S.
stimulus programme also lingered even as Federal Reserve
Chairman Ben Bernanke said the economy had to show more signs of
progress before monetary easing could be halted.
* SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.15 percent to
four-year lows of 1018.57 tonnes on Thursday.
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MARKET NEWS
* Japan's Nikkei share average regained ground on Friday
after a 7.3-percent dive in the previous session, its biggest
one-day percentage drop in two years after weak Chinese factory
data spooked investors.
* The dollar index rose 0.16 percent to 83.93.
DATA/EVENTS (GMT)
0600 Germany Detailed Q1 GDP
0600 Germany GfK consumer confidence
0645 France Business climate
0800 Germany Ifo business climate
0800 Italy Consumer confidence
1230 U.S. Durable goods orders
Precious metals prices 0030 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1388.36 -2.34 -0.17 -17.09
Spot Silver 22.52 -0.04 -0.18 -25.63
Spot Platinum 1457.99 -0.62 -0.04 -5.02
Spot Palladium 734.22 -0.21 -0.03 6.10
COMEX GOLD JUN3 1387.50 -4.30 -0.31 -17.20 2548
COMEX SILVER JUL3 22.49 -0.02 -0.10 -25.62 376
Euro/Dollar 1.2910
Dollar/Yen 102.42
COMEX gold and silver contracts show the most active months
(Reporting by A. Ananthalakshmi; Editing by Richard Pullin)
