Gold Hovers Near Lows around $1283 as Equities Rally

Gold was little changed on Thursday, hovering near the weakest in more than two months, as a rally in equities dimmed its appeal as an alternative investment and jewellers looked for prices to fall further.

It dropped to a low of $1,277.10 on Tuesday – its weakest since Feb. 11 — due to outflows from physical gold funds.

Investment demand remains weak with the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, seeing sharp outflows in recent days. Last week alone, the fund’s outflows totalled 9.3 tonnes, erasing all the gains made in the year.

CNBC

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