Gold hits fresh three-month high on US growth fears

Tags: News
Gold hit fresh three-month highs on Monday, adding to gains after posting its biggest weekly rise in six months, as fears over U.S. economic growth and a weaker dollar sent investors seeking the safe-haven metal.

FUNDAMENTALS

* Spot gold rose 0.3 percent to $1,322.24 an ounce by 0026 GMT, after hitting $1,323.76 earlier in the session - its highest since November. The metal jumped 4 percent last week, its biggest weekly gain since August.

* U.S. gold futures rose for a ninth session - their longest winning streak since July 2011.

* U.S. manufacturing output unexpectedly fell in January, recording its biggest drop in more than 4-1/2 years, as cold weather disrupted production in the latest indication the economy got off to a weak start this year.

* Hedge fund Paulson & Co maintained its stake in the world's biggest gold-backed exchange-traded fund, SPDR Gold Trust, in the fourth quarter, even as others exited when bullion prices posted their biggest annual loss in 32 years.

* SPDR Gold Trust's holdings fell 5.10 tonnes to 801.25 tonnes on Friday.

* Hedge funds and money managers raised their bets in gold futures and options to a three-month high on signs that the Federal Reserve will not rush to cut its stimulus, Commodity Futures Trading Commission data showed on Friday.

* Gold premiums in India, the world's second-biggest consumer of the metal after China, fell 17 percent on Friday to their lowest in four months as buyers postponed purchases on speculation over a possible cut in import duty soon.

* Anglo American Platinum (AMSJ.J) said it was suing South Africa's AMCU for 591 million rand in damages it said resulted from ongoing strike action by union members.

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