RTRS: PRECIOUS-Gold edges lower after hefty overnight drop
Gold extended its slide in early Asian trading on Wednesday as a resilient U.S. dollar in the face of mounting negative economic signals sidelined investors.
-- Spot gold fetching $837.95 an ounce at 0109 GMT versus $838.55 late in New York.
-- Gold first accelerated its decline after the dollar regained strength against most major currencies in Tuesday's holiday-thinned trade, prompting investors to cash in on year-end profits after a recent rally.[ID:nLN092715]
-- Euro was up a modest 0.2 percent versus the dollar, providing little enticement for investors to buy gold. Likewise a 0.1 percent gain in the Japanese yen over the dollar, was keeping Japanese investors out of the market.
-- U.S. economy contracted an expected 0.5 percent in the third quarter and existing home sales fell by a record amount last week as recession deepened, according to U.S. data. [ID:nLN072227]
-- Modest 36-cent rise in oil to $39.34 a barrel also holding little sway over the direction of bullion.
-- COMEX gold futures for February off 0.08 percent to $838.80 per ounce in after-hours trade after losing $9.10 or 1.07 percent on Tuesday.
-- Following a return to trading after a holiday on Tuesday, benchmark December gold contract on the Tokyo Commodity Exchange <0#JAU:> 10 yen lower at 2,444 yen. The previous key contract for October down 8 yen to 2,442 yen, Reuters data shows.
-- Spot platinum steady at $841.50 an ounce.
-- Spot palladium also unchanged at $171.00 an ounce, while silver recoups some of Tuesday's hefty losses to trade 6 cents higher at $10.29. (Reporting by James Regan; Editing Kazunori Takada)