Gold extended losses into a fourth session on Tuesday, hovering near its lowest in 2-1/2 weeks as equities climbed and on outflows from bullion-backed funds.
Spot gold had fallen 0.1 percent to $1,288.11 an ounce by 0021 GMT. The metal declined to $1,281.40 the day before – its lowest since April 3. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 3 tonnes to 792.14 tonnes on Monday. Last week alone, outflows from the fund – closely watched due to the size of its holdings – totaled 9.3 tonnes, erasing all the gains made in the year.
Talks between Barrick Gold and Newmont Mining about a potential merger have hit a snag, but sources said the companies remain keen to reach a deal and discussions are likely to resume.