Gold Snaps Three-Day Decline as Data Signals Extended Stimulus

Gold Snaps Three-Day Decline as Data Signals Extended Stimulus

Bloomberg (4/2) - Gold rebounded from a one-week low on speculation that stimulus by central banks around the world will be maintained as economic data signaled the global recovery may be losing momentum. Silver advanced for a second day. Spot gold rose as much as 0.5 percent to $1,584.22 an ounce, and traded at $1,584.11 at 9:15 a.m. in Singapore, snapping a three-day loss. The metal dropped to $1,564.88 on March 1, the lowest price since Feb. 21, as a strengthening dollar helped to curb demand. China’s services industry expanded at the slowest in five months in February, according to a government report yesterday, after data last week showed manufacturing activity slowed to the weakest in five months. In the U.S., January personal income fell 3.6 percent, the most since January 1993, March 1 data showed. Gold for April delivery rose as much as 0.7 percent to $1,583.50 an ounce on the Comex in New York, and was at $1,583.30, also snapping three days of declines. The dollar was little changed against a six-currency basket today after gaining on March 1 to the highest level since Aug. 20. http://www.bloomberg.com/news/2013-03-04/gold-snaps-three-day-decline-as-data-signals-extended-stimulus.html