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PRECIOUS-Huge sell order pushes gold to six-week low
2017年6月26日 / 中午12点12分 / 5 个月前

PRECIOUS-Huge sell order pushes gold to six-week low

    * Spot gold hits lowest since May 17
    * Hedge funds cut long position in COMEX gold for second
    * GRAPHIC-2017 asset returns:

 (Updates prices, adds comment)
    By Zandi Shabalala
    LONDON, June 26 (Reuters) - Gold tumbled to its lowest price
in nearly six weeks as a large sell order hit sentiment on
Monday, though losses were limited by political uncertainty
around the world.
    Spot gold        was down 0.9 percent at $1,245.40 an ounce
by 1400 GMT, having dropped as far as $1,236.46, its lowest
since May 17. U.S. gold futures         slid by 1.1 percent to
    The sale of 18,500 lots of gold, totalling 1.85 million
ounces, and 5,000 ounces of silver in 5,500 lots on Comex in a
short space of time was behind falling prices, said Afshin
Nabavi, head of trading at MKS in Switzerland.    
    "Clearly somebody sold it by mistake and bought it back
quickly, triggering stops below $1,250," said MKS trader Bernard
    UBS trader Joni Teves said the sudden drop in price was
amplified by a lack of liquidity as some Asian markets were
closed for a holiday while London was just opening.
    Looking more broadly, traders said gold was supported by
geopolitical uncertainty related a bailout of Italian banks, the
policies of U.S. President Donald Trump and Britain's
negotiations to quit the European Union. 
    "The world is in geopolitical chaos and gold is still good
insurance," said MKS's Sin.
    Allegations of ties to Russia have cast a shadow over
Trump's first five months in office while the British
government's looming Brexit talks are also fuelling concern
about global stability.
    In Italy, meanwhile, the state has come to the rescue of
Monte dei Paschi di Siena           and rival regional lenders
Popolare di Vicenza and Veneto Banca, but the Italian banking
industry remains saddled with 300 billion euros ($335 billion)
of soured debts.                         
    On the technical front, Sucden Financial's Kash Kamal said
that gold's failure to hold above the 50-day moving average,
around $1,258, was one reason behind the sell-off.
    "Combination of sub-$1,250 prices and support at the 200-day
moving average (near $1,235) could see prices consolidate around
here for the rest of the day."
    Investors' lack of interest in gold can be seen at SPDR Gold
Trust      , the world's largest gold-backed exchange-traded
fund, where holdings dipped by 0.35 percent to 851.02 tonnes on
    Elsewhere, silver        fell 0.5 percent to $16.65 an ounce
and platinum        slipped by 1 percent to $917.50.
    Palladium        edged up 0.3 percent to $854.90 after
registering its biggest intraday percentage decline since Jan.
25 on Friday.
($1 = 0.8943 euros)

 (Additional reporting by Nithin Prasad, Vijaykumar Vedala and
Apeksha Nair in Bengaluru, Jan Harvey in London; Editing by
David Goodman)

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