Gold trades near four-month low before ECB meeting

Gold held near a four-month low as investors awaited a European Central Bank meeting at which policy makers may add to stimulus and a U.S. labor report that may back further cuts to the Federal Reserve's bond purchases. Gold for immediate delivery traded at $1,245.90 an ounce at 2:12 p.m. in Singapore from $1,244.95 yesterday, according to Bloomberg generic pricing. Gold fell 3.3 percent in May, the biggest monthly drop this year, as the euro weakened 1.7 percent versus the dollar on speculation that the ECB will add stimulus when policy makers meet tomorrow. "Gold clawed its way higher as the equity markets edged lower from recent highs and the euro ticked higher," James Steel, an analyst at HSBC Securities (USA) Inc., wrote in a note.

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