Tuesday, June 14, 2011

Gold extends gains on U.S., Chinese data

(Reuters) - Gold extended gains on Wednesday after data showing strong economic growth in China stoked fears of inflation, and as U.S. retail sales fell less than forecast.


* Spot gold added $1.44 an ounce to $1,524.69 an ounce by 0034 GMT. Gold is well below a lifetime high around $1,575 touched in early May.

* Silver rose 12 cents to $35.44 an ounce, below a record at $49.51 an ounce in April.

* Data in China showed inflation was running at its fastest pace in almost three years, while a smaller-than-expected drop in U.S. retail sales lifted the S&P 500 index by 1.5 percent.

* Holdings of the largest silver-backed exchange-traded fund (ETF), New York's iShares Silver Trust, fell 0.44 percent from Monday to Tuesday, while the largest gold-backed ETF, New York's SPDR Gold Trust remained unchanged for the same period.


* The safe-haven Swiss franc and yen were under broad pressure in Asia on Wednesday after U.S. and Chinese data helped lift some of the gloom about the global economy, bolstering risk appetite that saw strong gains for the euro and commodity currencies.

* The Nikkei stock average rose on Wednesday, helped by a weaker yen and U.S. retail sales figures that were better than expected, while resource-related stocks gained on rising commodity prices.

(Reporting by Lewa Pardomuan; Editing by)

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