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Intro:
Gold inched lower on Wednesday, pulling back from a near six-month high in the previous session after weak U.S. data reinforced speculation of imminent stimulus action, as investors awaited a key meeting of the European Central Bank this week.
Volledige analyse:
FUNDAMENTALS
* Spot gold edged down 0.2 percent to $1,691.31 an
ounce by 0047 GMT, easing from $1,698.45 hit on Tuesday, its
highest in nearly six months.
* U.S. gold lost 0.1 percent to $1,693.80.
* Manufacturing in the United States shrank at its sharpest clip in more than three years last month, a survey showed on Tuesday, the latest sign that the slowing global economy is weighing on an already weak U.S. recovery.
* While the weak data keeps hopes high for more easing measures by the Fed, the ECB is under increasing pressure to cut excess borrowing costs ahead of a policy setting meeting on Thursday.
* Holdings of gold-backed exchange-traded funds rose to a record high of 71.889 million ounces (2,038 tonnes) by Sept. 4. SPDR Gold Trust, the biggest gold ETF, reported its holdings rose to 1,293.138 tonnes, its loftiest level since mid-March.
* Spot silver fell 0.4 percent to $32.16 an ounce, easing from a 4-1/2-month high of $32.42 hit in the previous session.
* Silver ETF holdings stood at 501.503 million ounces, easing from 504.431 million ounces hit in late August, the highest level since May 2011.
MARKET NEWS
* The S&P 500 closed slightly lower on Tuesday as investors continued to await clarity on European Central Bank plans to shore up heavily indebted countries, but the market ended off its lows on a rally in Apple Inc.
* The euro dipped slightly against the dollar in early Asian trading on Wednesday but was seen supported before Thursday's European Central Bank meeting at which the ECB is expected to unveil details of its long-awaited debt-buying plan.
DATA/EVENTS
0130 Australia GDP Q2 0758 EZ Markit Services PMI 0900 EZ Retail sales for July 1145 U.S. ICSC chain store sales 1230 U.S. Revised productivity and unit labour cost Q2 1255 U.S. Redbook weekly retail sales
By Rujun Shen
