SINGAPORE, Feb 17 (Reuters) - Gold extended losses to a fourth session on Wednesday as calm in the global stock markets curbed demand for the safe-haven asset that had rallied last week to its highest in a year.
FUNDAMENTALS
* Spot gold XAU= had fallen 0.3 percent to $1,196.76 an ounce by 0048 GMT, after losing nearly 4 percent in the last three sessions. It dropped to a session low of $1,190.40 on Tuesday before recovering slightly.
* The metal is still up nearly 13 percent for the year, making it the best performing asset this year.
* Global equity markets rallied on Tuesday as investors engaged in bargain-hunting and shrugged off a downturn in oil prices after hopes for an agreement among top producers to freeze output faded. The dollar rose against a basket of major currencies.
* Asian shares were taking a breather on Wednesday, looking to consolidate two sessions of solid gains as risk appetites showed some resilience. MKTS/GLOB
* The stabilisation of the stock markets, after a rout last week on concerns over the health of the global economy, has taken the shine off bullion, which hit a one-year high of $1,260 last week.
* John Paulson, one of the world's most influential gold investors, slashed his bets on bullion at the end of last year, just before the beleaguered market took off for its biggest rally in years, a federal filing showed on Tuesday.
* The hedge fund Paulson & Co, led by the longtime gold bull, cut its stake in SPDR Gold Trust, the world's biggest gold exchange-traded fund, by 37 percent in the fourth quarter. Investors will be eyeing minutes of the Federal Reserve's Jan. 26-27 meeting to be released later on Wednesday to gauge the U.S. central bank's view of the economy and how quickly it could raise interest rates.
* On Tuesday, the Fed's Neel Kashkari said he sees a gradual increase in interest rates, while Philadelphia Fed President Patrick Harker said the Fed may be wise to await more evidence of higher U.S. inflation before raising rates again.
* Boston Fed President Eric Rosengren said the central bank should be "unhurried" as it considers when to again hike interest rates given problems overseas and financial market volatility. For the top stories on metals and other news, click TOP/MTL or GOL
MARKET NEWS
* The yen retook some ground against the dollar on Wednesday as a recent rebound in crude oil prices fizzled and revived demand for the safe-haven Japanese currency.
DATA AHEAD (GMT)
1330 U.S. Housing starts Jan
1330 U.S. Building permits Jan
1415 U.S. Industrial output Jan
1800 Minutes of Federal Reserve's Jan. 26-27 meeting
PRICES AT 0048 GMT Metal
Last
Change Pct chg
Spot gold
1196.76
-3.2
-0.27 Spot silver
15.181 -0.044
-0.29 Spot platinum
930.4
3.41
0.37 Spot palladium
507.65
2.6
0.51 Comex gold
1197.6
-10.6
-0.88 Comex silver
15.21 -0.124
-0.81
COMEX gold and silver contracts show the most active months
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