Gold
fell to the lowest level in more than 15 weeks as U.S. economic data
that beat estimates backed the case for the Federal Reserve to keep on
reducing monetary stimulus and on concern demand in China is waning.
Bullion for immediate delivery decreased
as much as 0.3 percent to $1,261.71 an ounce, the lowest price since
Feb. 7, and traded at $1,262.41 by 8:26 a.m. in Singapore, according to
Bloomberg generic pricing. The metal sank 2.2 percent yesterday in its
biggest one-day decline this year after data showed U.S. durable goods
orders unexpectedly rose in April.
Gold has rebounded 5.1 percent this year
partly on unrest in Ukraine. Holdings in the SPDR Gold Trust, the
largest bullion-backed exchange-traded product, rose 1.1 percent to
785.28 tons yesterday, the biggest one-day gain since August 2011.
Assets dropped to 776.89 tons on May 21, the lowest level since December
2008.
Copy Source: Bloomberg
No comments:
Post a Comment