Gold
held steady on Thursday but was at risk of dropping as holdings in the top bullion-backed
fund fell the most in three weeks to a fresh five-year low.
Spot gold was firm at $1,292.00 an
ounce by 0336 GMT, after closing between $1,291 and $1,296 in the last five
trading sessions.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 3.3 tonnes to 776.89 tonnes on Wednesday - the lowest since December 2008.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 3.3 tonnes to 776.89 tonnes on Wednesday - the lowest since December 2008.
India is the second biggest gold
buyer after China. Among other precious metals, platinum added to gains on
supply fears as strikes in major producer South Africa dragged on for a 17th
week.
In the physical markets, India's
central bank eased tough gold import rules on Wednesday by allowing seven more
private agencies to ship the precious metal, a move that industry officials say
could augment supplies and reduce premiums in the peak wedding season .
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