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PRECIOUS-Gold hits 3-week low as easing growth worries lift equities
* SPDR gold holdings post biggest fall in a month on Monday
* Dollar hovering near three-week highs
* Asian shares rise to 7-month peak
* GRAPHIC-2019 asset http://tmsnrt.rs/2jvdmXl (Updates prices)
By K. Sathya Narayanan
April 2 Gold prices slipped on Tuesday to their lowest in more than three weeks as waning concerns about a global economic slowdown lifted equities to multi-month highs, denting the precious metal's safe-haven appeal.Spot gold was down 0.1 percent at $1,286.41 per ounce by 0732 GMT, after touching its lowest since March 7 at $1,284.76 earlier in the session. U.S.GCv1 fell about 0.2 percent to $1,291.40 an ounce.
"Concerns we saw emerge in the past few weeks around economic growth has certainly eased and that shift (in sentiment) in the past day or two resulted in little bit of selling in gold market," ANZ analyst Daniel Hynes said."Most of the global growth is coming from China and the (Chinese) data over the weekend eased those concerns."
Strong manufacturing data from the United States and China triggered a massive sell-off in the U.S. bond market on Monday, which in turn lifted Asian equities to seven-month highs. US/ MKTS/GLOB
Market participants are now looking ahead to the U.S. nonfarm payroll data, due this Friday, for details on the economy's performance.Investors are also keeping a close watch on the Sino-U.S. trade negotiations, set to resume later this week in Washington with a Chinese delegation led by Vice Premier Liu He.
Strong payroll data tends to boost the dollar, while any positive developments from the trade talks would further increase investors' appetite for riskier assets, both negative for gold.The which tracks the greenback against key rivals, was trading close to a three-week high posted on Monday. A stronger dollar makes gold expensive for holders of other currencies. USD/Indicating investor sentiment for bullion, holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 1.5 percent on Monday, its biggest one-day percentage decline in a month. GOL/ETFOn the technical front, $1,275 to $1,280 an ounce level remains the key longer-term support for gold, according to an OANDA note.
The metal is currently trading above the 100-day moving average of around $1,281 per ounce. Speculators who trade on technical signals regard a break below key moving averages as a bearish sign.
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