* Gold down 1 pct to near 2-week low
* ETF gold holdings slip again
* Dollar rises versus other currencies
SINGAPORE, May 13 (Reuters) - Gold fell more than 1 percent
on Monday, holding near its weakest level in two weeks, as the
dollar firmed against other currencies on signs of an improving
U.S. job market and as holdings in exchange-traded funds slipped
again.
U.S. labour market data has pointed to a steady recovery
trend in the world's largest economy, fuelling speculation the
Federal Reserve could scale back its aggressive monetary
stimulus aimed at supporting growth.
Gold fell $17.10 an ounce to $1,430.60 by 0159 GMT,
nearing Friday's low of $1,420.61, its weakest since April 24.
Gold has fallen more than 14 percent this year as investors
switch funds into a rallying equity market and the dollar.
"So far, nothing in the market bodes well for an upside in
gold. Gold needs to break above $1,487 to show an upward
correction," said Joyce Liu, an investment analyst at Phillip
Futures in Singapore.
"CFTC data shows an increase in bearish bets in gold, so
that sends another bearish signal to retail speculators, who
have no idea what the funds' view on gold is. There's probably
some technical selling because we've broken below $1,440."
U.S. gold was at $1,429.80 an ounce, down $6.80.
Hedge funds and money managers trimmed their bullish bets in
gold futures and options in the week to May 7 on weaker bullion
prices and outflows in gold exchange-traded funds, a report by
the Commodity Futures Trading Commission (CFTC) showed on
Friday.
SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund (ETF), said its holdings fell 0.24 percent
to 1051.65 tonnes on Friday after they rose slightly on
Thursday. The holdings were within sight of a four-year low.
Cash and U.S. gold futures plunged to around $1,321 on April
16, their lowest in over two years, after worries about central
bank sales and a drop below $1,500 led to a sell-off that
stunned investors, prompting them to slash ETF holdings
Asian shares eased on Monday with sentiment hit by selling
in commodities due to a strong dollar, which rose to a fresh
4-1/2-year peak against the yen on the back of growing
confidence in the U.S. economy.
Bullion hit an 11-month high in October last year after the
Fed announced its third round of aggressive economic stimulus,
raising fears the central bank's money-printing to buy assets
would stoke inflation.
Precious metals prices 0159 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1430.60 -17.10 -1.18 -14.57
Spot Silver 23.59 -0.23 -0.97 -22.09
Spot Platinum 1481.00 -9.50 -0.64 -3.52
Spot Palladium 700.72 -2.78 -0.40 1.26
COMEX GOLD JUN3 1429.80 -6.80 -0.47 -14.68 19107
COMEX SILVER JUL3 23.58 -0.08 -0.33 -22.00 3851
Euro/Dollar 1.2971
Dollar/Yen 101.84
COMEX gold and silver contracts show the most active months
(Reporting by Lewa Pardomuan; Editing by Richard Pullin)
