Gold
rose in New York, narrowing a weekly drop, as investors weighed the
Ukraine standoff with the outlook for monetary stimulus.
Gold
slid 28 percent last year on expectations that the Federal Reserve
would pare its bond-buying program. Fed Chair Janet Yellen said this
week that strength in the economy made measured reductions in asset
purchases appropriate, even as stimulus is still needed. The dollar
rebounded from the lowest level since 2011 against the euro after
European Central Bank President Mario Draghi yesterday said the bank may
ease in June.
Gold
for June delivery gained 0.5 percent to $1,293.60 an ounce by 7:40 a.m.
on the Comex in New York. It��s down 0.7 percent this week after
reaching $1,284.80 yesterday, the lowest since May 2. Futures volume was
37 percent below the average for the past 100 days for this time of
day, data compiled by Bloomberg showed. Bullion for immediate delivery
rose 0.4 percent to $1,293.88 in London, according to Bloomberg generic
pricing.
Copy Source: Bloomberg
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