PRECIOUS-Gold edges up, headed for worst week in a month

SINGAPORE, May 17 (Reuters) - Gold edged up on Friday as
stock markets paused after rally, but the metal was still on
track for its worst weekly decline in a month as investors cut
exposure to bullion, sending holdings in exchange-traded funds
to the lowest in four years. 

    FUNDAMENTALS
    * Spot gold was up 0.17 percent to $1,388.11 an ounce
by 0038 GMT, having fallen to a four-week low of $1,369.29 on
Thursday as renewed liquidation in gold ETFs and the recent drop
below the $1,400-per-ounce level spooked investors.
    * U.S. gold for June delivery was little changed at
$1,386.70.
    * SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.55 percent to
1041.42 tonnes on Thursday - the lowest in four years.

    * Premiums for gold bars rallied to all-time highs in Hong
Kong and Singapore on Thursday after bullion's steepest drop
since its April sell-off fuelled another round of buying that
constricted supply. 
    * Gold investment nearly halved in the first quarter as a
brighter view of the U.S. economy prompted investors in the West
to favour other assets, but Chinese coin and bar demand hit a
quarterly record of 109.5 tonnes, the World Gold Council said on
Thursday. 
    *  Indian gold futures fell 1.5 percent on Thursday,
extending losses for a second straight session, to hit their
lowest level in nearly a month in line with global markets. 
    * The Shanghai Gold Exchange (SGE) will launch after-hours
trading for Fridays on May 31 as part of its efforts to help its
members better manage price risks, the bourse said in a
statement on Thursday. 
    * For the top stories on metals and other news, click
, or 

    MARKET NEWS
    * The Nikkei share average fell for a second day on Friday
as caution over the recent steep rises continued to spur
profit-taking, while a pullback in Wall Street soured investor
sentiment. 
    * Global equity markets fell on Thursday after a regional
president of the Federal Reserve said the U.S. central bank
could begin to ease up on its loose monetary policy this summer,
leading the dollar to recover against the euro. 

    DATA/EVENTS (GMT)
    1355     U.S. TR/U Michigan sentiment index     
    1400     U.S. Leading indicators              

  PRECIOUS METALS PRICES 0038 GMT
  Metal             Last    Change  Pct chg  YTD pct chg   Volume
  Spot Gold        1388.11    2.42   +0.17    -17.10
  Spot Silver        22.67    0.01   +0.04    -25.13
  Spot Platinum    1479.99    0.99   +0.07     -3.58
  Spot Palladium    734.25   -1.75   -0.24      6.11
  COMEX GOLD JUN3  1386.70   -0.20   -0.01    -17.25        2478
  COMEX SILVER JUL3  22.63   -0.03   -0.13    -25.14         855
  Euro/Dollar       1.2884
  Dollar/Yen        102.21

  COMEX gold and silver contracts show the most active months
Source: http://www.reuters.com/article/2013/05/17/markets-precious-idUSL3N0DY04P20130517

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