SINGAPORE, May 8 (Reuters) - Gold fell further on Wednesday
as investors turned to equities for better returns, while
holdings on bullion exchange-traded funds plunged to their
weakest since early 2009, reflecting investors' diminishing
interest in the precious metal.
Investors turn their attention to China's trade data for
April for the latest take on the region's powerhouse economy.
The country's gold imports are likely to swell further after
hitting a record in March.
FUNDAMENTALS
* Spot gold fell $1.38 an ounce to $1,450.61 by 0115
GMT.
* U.S. gold was at $1,450.00, up $1.20.
* SPDR Gold Trust GLD, the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.42 percent to
1057.79 tonnes on Tuesday. In terms of ounces, holdings fell to
34,008,852 ounces -- their weakest since early 2009.
* Hedge fund billionaire John Paulson is emerging as one of
the biggest losers in this year's gold rout, further tarnishing
his once legendary status in the $2 trillion hedge fund
industry.
* For the top stories on metals and other news, click
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MARKET NEWS
* Asian shares rose on Wednesday on another record high for
U.S. stocks and unexpectedly strong German industrial orders, as
investors await the first batch of April data from China.
* Major currencies got off to a sleepy start in Asia on
Wednesday following an uninspired session overnight, but the New
Zealand dollar stood out after the central bank complained it
was overvalued, prompting markets to briefly sell the kiwi.
DATA/EVENTS (GMT)
0200 China Exports yy Apr CNEXP=ECI
0200 China Imports yy Apr CNIMP=ECI
0200 China Trade balance Apr CNTRD=ECI
1000 Germany Industrial output mm Mar DEIP=ECI
PRICES
Precious metals prices 0115 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1450.61 -1.38 -0.10 -13.37
Spot Silver 23.86 -0.03 -0.13 -21.20
Spot Platinum 1483.49 5.99 +0.41 -3.36
Spot Palladium 680.97 2.47 +0.36 -1.59
COMEX GOLD JUN3 1450.00 1.20 +0.08 -13.47 4197
COMEX SILVER JUL3 23.88 0.07 +0.31 -21.01 1358
Euro/Dollar 1.3075
Dollar/Yen 98.99
COMEX gold and silver contracts show the most active months
(Reporting by Lewa Pardomuan; Editing by Richard Pullin)
