Bloomberg, (28/12) -- Gold futures
posted the longest rally in four months and silver climbed to a one-week
high as the dollar’s slump boosted demand for precious metals as
alternative investments.
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The euro jumped to the highest in more
than two years against the greenback after Jens Weidmann, a European
Central Bank Governing Council member, said keeping interest rates low
may endanger political reforms. The Standard & Poor’s GSCI Spot
Index of 24 raw materials climbed to a 10-week high, paced by industrial
metals.
Gold futures for February delivery rose
0.1 percent to settle at $1,214 an ounce at 1:39 p.m. on the Comex in
New York. The price climbed for the third straight day, the longest
rally since Aug. 16. Earlier, the metal reached $1,218.90, the highest
for a most-active contract since Dec. 19.
This year, gold has dropped 28 percent,
heading for the biggest drop since 1981 and the first slump since 2000.
Some investors lost faith in the metal amid a U.S. equity rally to a
record.
Holdings in exchange-traded funds backed
gold have dropped to the lowest since November 2009, according to data
compiled by Bloomberg.
Silver futures for March delivery
climbed 0.7 percent to $20.049 an ounce on the Comex. Earlier, the price
reached $20.105, the highest since Dec. 18.
On the New York Mercantile Exchange,
platinum futures for April delivery gained 1.1 percent to $1,378.90 an
ounce. The price climbed for the third straight day, the longest rally
since Oct. 22. Trading was 87 percent higher than the average in the
past 100 days, data compiled by Bloomberg showed.
Palladium futures for March delivery advanced 1.6 percent to $711.95 an ounce, the largest gain since Dec. 4.
This year, silver dropped 34 percent and platinum declined 11 percent, while palladium climbed 1.2 percent.
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