Gold futures posted the biggest weekly gain this
month as an unexpected decline in consumer confidence rekindled U.S.
growth concerns, boosting demand for haven assets.
The Thomson Reuters/University of Michigan
preliminary sentiment index decreased to 81.8 in May from 84.1 in April,
data released showed today. The median projection in a Bloomberg survey
of economists called for a gain to 84.5. The Standard & Poor��s 500
Index of stocks fell as much as 0.3 percent. Gold jumped 7.8 percent in
the first four months of 2014 amid tension in Ukraine and concern that
the U.S. economy was slowing.
Gold futures for June delivery fell less than 0.1
percent to settle at $1,293.40 an ounce at 1:41 p.m. on the Comex in New
York. The metal rose 0.5 percent this week, the most since April 25.
The top U.S. and U.K. diplomats vowed to punish
Russia with industrywide sanctions if this month��s Ukrainian
presidential election is undermined, as the Kiev government��s forces
moved to flush out separatists in the east.
Source : Bloomberg
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