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Gold steadied on Wednesday after three straight sessions of losses, although prices remained near a 1-1/2 week low as a murky outlook for global economic growth buoyed the dollar, putting pressure on bullion.
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The global economic slowdown is worsening, the IMF said on Tuesday while cutting its growth forecasts for the second time since April. It also warned U.S. and European policymakers that failure to fix their economic ills would prolong the slump.
Spot gold was trading nearly flat at $1,762.62 an ounce by 2.55 a.m. EDT, just above a 1-1/2 week low of $1,759.94 hit in the prior session. It dropped 1.4 percent over the past three days -- its sharpest three-day decline in more than two months.
U.S. gold was also little changed at $1,764.60.
Stimulus measures by the U.S. Federal Reserve and European Central Bank boosted gold last month, but the precious metal has been trending lower this week in the absence of fresh catalysts.
"There is a huge requirement for the Fed to be extremely accommodative and to up the dose of the liquidity lifeline that the equity market is on," said a Hong Kong-based trader, adding that gold could see a further mild pullback ahead of a Fed policy meeting later this month.
"The positioning in gold is so long that it could use something to take off that overhang in the market."
The net length in U.S. gold futures and options struck a more than one-year high last week after seven straight weeks of gains, U.S. Commodity Futures Trading Commission data showed.
Technical analysis suggests spot gold could fall to $1,750 an ounce during the day, said Reuters market analyst Wang Tao.
A firm dollar, which hit its highest in nearly a month against a basket of currencies .DXY, was also weighing on gold. A stronger dollar makes commodities priced in the greenback expensive for buyers holding other currencies.
The euro zone debt crisis continues to dent appetite for riskier assets, with Spain resisting asking for a bailout and German Chancellor Angela Merkel making no promise of further aid to Greece as her visit to the country was greeted by angry protesters.
PHYSICAL GOLD BUYING RECOVERS
Bargain hunters returned to the physical market, after gold retreated about $30 from an 11-month high hit last week, dealers said.
"We see physical buying when prices drop to around $1,760, and scrap flow dried up last week," said a Singapore-based dealer, adding that premium on gold bars has risen to as high as 80 cents an ounce above London prices from 20-40 cents last week.
Holdings of gold-backed exchange-traded funds continued to climb, rising to a record high of 74.76 million ounces by October 8.
Investors should double the proportion of gold investment in their portfolio on poor prospects of global economic growth, said Gary Dugan, Chief Investment Officer for Asia and Middle East at private bank Coutts, in an interview with Reuters.
In industry news, China, the world's top gold producer, churned out 249.7 metric tons (275.3 tons) of gold in the first eight months of the year, up 10.3 percent on the year.
Platinum group metals inched lower, although a labor unrest in top producer South Africa continues to threaten supply.
"A lot has been priced in and the bar is now much higher for news headlines to move prices," said the Hong Kong-based trader.
By Rujun Shen
