* Gold pressured as equities rebound from multi-year lows
* SPDR Gold ETF sees no new inflows, iShares Silver dips
* Gold scrap sales surge in Asia
By Frank Tang and Jan Harvey
NEW YORK/LONDON, March 4 (Reuters) - Gold ended down on Wednesday, falling to a three-week low as investors eschewed the safe haven to place some funds in beaten-down equities markets.
Spot gold was at $901.50 an ounce at 2:47 p.m. EST (1947 GMT), down 0.1 percent from its last quote $915.70 late in New York on Tuesday.
U.S. gold futures for April delivery settled down $6.90 at $906.70 an ounce on the COMEX division of the New York Mercantile Exchange.
With stock prices at multi-year lows, Citi analyst David Thurtell said investors had been buying equities at the expense of gold.
"There was some news out of China this morning on a possible new stimulus package and we are seeing some green shoots elsewhere," he said. "There are some hopeful signs that maybe the worst has passed, though it is a big maybe."
U.S. stocks rallied to break a five-day sell-off on investor optimism, while Asian shares rebounded on hopes Beijing will step up efforts to support the Chinese economy.
But inflation concerns should support gold as governments around the world roll out stimulus packages, analysts said.
"There is a concern globally about currencies," said Robert Lutts, chief investment officer of Cabot Money Management. He said newly printed money would soon inundate the global economy.
"Under this environment, people protect their financial assets by looking toward gold as a stabilizing influence," said Lutts, who manages $400 million of client assets.
Gold saw some early gains as oil prices rallied on news that crude oil stocks fell unexpectedly last week. Gold is seen as a hedge against oil-inspired inflation.
But the gold market was pressured by a lack of inflows into gold-backed exchange-traded funds -- a key part of gold demand early this year.
The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said holdings remained at a record 1,029.29 tonnes as of March 3, unchanged from Feb. 26.
The trust's holdings surged by over a quarter or 205 tonnes in the first six weeks of this year, but have climbed by just 5.2 tonnes in the last fortnight.
Rising gold prices have sent sales of scrap gold rocketing. Gold refiners are running at full capacity across Asia as people cash in jewelry and coins, dealers said.