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Gold eyes longest monthly loss since 1997

Singapore, June 29, 2012

Gold steadied on Friday, but is heading for a fifth straight month of decline, its longest monthly losing streak since early 1997, as a deepening global economic slowdown from Europe to China pushed investors to safer havens like the dollar.

The precious metal is also on course for its steepest quarterly loss since 2004, having moved in tandem with riskier assets for the most part of this year.

Spot gold edged up 0.2 percent to $1,553.51 an ounce by 0055 GMT, after hitting a four-week trough of $1,547.24 on Thursday.

Bullion is down less than half a percent for the month, its fifth straight monthly decline, the longest since a six-month slide from late 1996 to early 1997. It has also dropped nearly 7 percent for the quarter, its biggest since the second quarter of 2004.

Gold has fallen more than 13 percent from the 2012 peak of around $1,790, and 19 percent from the record above $1,920 reached in September 2011.

US gold gained 0.2 percent to $1,553.90, while Italy and Spain refused to sign off on a 120 billion euro ($149 billion) growth package until Germany approved short-term measures to ease their soaring cost of credit, holding off an agreement at an EU summit which is on its final day on Friday. – Reuters




Tags: Gold | Singapore | EU | Dollar | loss |

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