In its longest losing streak since March 2009, gold fell for a sixth session as holdings in exchange-traded funds fell to their lowest in four years.
Rallying stock markets dulled the bullion safe-haven appeal as spot gold dropped by 0.3% to US$1,388.15 an ounce, after hitting its weakest since April 19 at US$1,386.89 an ounce.
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Holdings at SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.43 percent to 1047.14 tonnes on Wednesday from 1051.65 tonnes on Tuesday, their lowest since March 2009, reported Reuters.
However, after India’s central bank, the Reserve Bank of India, restricted imports due to limited supply, to rein in a record current account deficit, premiums for physical gold in India, the world’s biggest gold buyer, have jumped sharply this week.
The US plans to enforce a "without fear or fail" sanctions starting July 1 onwards, to ban governments or private companies from selling gold to Iran, according to Reuters.
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By GlobalData
