<div>Gold extended losses to a third straight session on Monday (19 May) as US data pointed to strong economic growth, while platinum group metals continued to add to gains on supply worries from South African labour strikes.<br /><br /><strong>Fundamentals</strong><br />Spot gold slipped 0.08 per cent to $1,292.01 an ounce by 0030 GMT, while platinum gained about half a per cent. Palladium rose 0.2 per cent.<br /><br />US housing starts jumped in April and building permits hit their highest in nearly six years, offering hope the troubled housing market could be stabilizing, though another report showed that consumer sentiment fell in May.<br /><br />Hedge funds and money managers cut their bullish bets in gold futures and options, but raised their net longs in silver, according to data from the Commodity Futures Trading Commission on Friday (16 May).<br /><br />SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.26 tonnes to 781.99 tonnes on Friday.<br /><br />Gold jewellery exports from India rose for a third consecutive month in April as raw material supplies improved after the central bank allowed more firms to import bullion.<br /><br />Russian precious metals and gems repository Gokhran has plans to start buying palladium from Russian producers to increase its stocks, its head Andrey Yurin told Interfax news agency on Friday, marking a shift in strategy.<br /><br />Platinum and palladium's gains follow their biggest weekly gains in six weeks.<br /><br />Impala Platinum described as "devastating" the impact on its employees of a 16-week strike at its main South African operation in Rustenburg and said it had lost more than $500 million in revenue.<br /><br />(Reuters)</div>
