Gold
held below $1,300 an ounce as investors assessed the health of the U.S.
economy and the impact on monetary stimulus against tension in Ukraine.Bullion for immediate delivery traded at $1,294.06 an ounce at 9:42 a.m. in Singapore from $1,293.52 on May 16, according to Bloomberg generic pricing. Last week, the metal completed the first weekly gain in three as separatists fought government forces in Ukraine.
Gold tumbled 28 percent in 2013 to end a 12-year rally on expectations the Federal Reserve would cut asset purchases as the economy recovers. The Fed has announced reductions at each of the past four meetings. Data this week may show more Americans applied for jobless benefits after last week��s report showed unemployment claims fell to the lowest in seven years.
Gold has advanced 7.7 percent this year in part as increasing tension in Ukraine fueled haven demand. In Vietnam, China is evacuating its citizens as Vietnamese authorities thwarted anti-China protests after violent demonstrations resulted in two deaths and damage at factories. The violence was spurred by anger over a Chinese oil rig in disputed waters.
Gold for June delivery traded at $1,292.20 an ounce on the Comex in New York from $1,293.40 on May 16. Assets in the SPDR Gold Trust, the largest bullion-backed exchange-traded product, were at 781.98 metric tons on May 16 after dropping to 780.46 tons on May 12, the lowest since January 2009.
Silver for immediate delivery fell 0.3 percent to $19.323 an ounce. Platinum was at $1,463.25 an ounce from $1,464.94, after climbing to $1,486 on May 14, the highest price since March 7. Palladium traded at $815.35 an ounce from $815.44, after reaching $829.25 on May 14, the highest level since August 2011.
Source : Bloomberg
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