Gold stuck near five-year low as selling pressure continues
MANILA (Reuters) - Gold hovered close to its weakest level since March 2010 early on Thursday, with no convincing recovery in sight after an early-week rout only spurred sellers to cut their exposure.
Holdings in the world's biggest gold-backed exchange-traded fund, SPDR Gold Shares (GLD: Quote), fell further on Wednesday to the lowest level since 2008.
* Spot gold XAU= was little changed at $1,094.33 an ounce by 0033 GMT, after sliding more than 1 percent to $1,086.89 on Wednesday.
* Gold's rout deepened after tumbling as much as 4 percent on Monday in a sell-off exacerbated by big trading volumes on the Shanghai Gold Exchange after investors dumped more than $500 million of bullion in New York in four seconds during early Asian trading hours.
* U.S. gold for August delivery GCcv1 was up 0.2 percent at $1,093.10 an ounce, after a 10-session decline.
* Holdings of SPDR Gold Trust dropped to 22,097,657.77 ounces on Wednesday, the lowest since August 2008, as outflows continued from last week. [GOL/ETF]
* U.S. home resales rose in June to their highest level in nearly 8-1/2 years, a sign of pent-up demand that should buoy the housing market recovery and likely keep the Federal Reserve on track to raise interest rates later this year, denting gold's safe=haven draw. Continued...