DAILY BUZZ
GOLD
- Gold extended losses to below $1,300 an ounce on Wednesday, after sliding the most in three weeks, on technical selling and fears of slackening demand in top consumer China.
- The metal's losses come despite heightened geopolitical tensions in Ukraine. Safe-haven bids for gold failed to emerge even after Kiev began an operation against separatist militia in the Russian-speaking east.
- Spot gold slipped 0.2 per cent to $1,299.70 an ounce by 0645 GMT, after closing down 1.8 per cent on Tuesday. It fell to a 1-1/2 week low of $1,290.34 in the previous session before paring some losses.
- Chinese buying has already been hit over the last few weeks by discounted rates in the local market as banks, with ample stock in vaults, curbed buying on a weaker yuan.
- China's economy grew at its slowest pace in 18 months in the first quarter of 2014, official data showed on Wednesday, with signs of waning momentum already prompting limited government action to steady the world's second-largest economy.
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