Gold
held above a one-week low as investors weighed violence in Ukraine and
signs of higher demand in China against an improving U.S. economy.Bullion for immediate delivery traded at $1,293.17 an ounce at 9:43 a.m. in Singapore from $1,293.63 yesterday, when prices slid 0.2 percent after U.S. retail sales data showed that economic growth is on track to accelerate in the second quarter. The metal fell on May 12 to $1,280.02, the lowest level since May 2, according to Bloomberg generic pricing.
Gold has rallied 7.6 percent this year in part as tension between Ukraine and Russia boosted haven demand. Insurgents killed seven Ukrainian soldiers in an ambush yesterday as the defense minister said the country was fighting an œundeclared war with Russia. In China, the largest consumer, volumes for the benchmark spot contract in Shanghai rose to 17,538 kilograms yesterday, the most since April 24.
œWhile the situation in Ukraine has been lending support to gold prices, it may be limited as no one is expecting an all-out war, said Lv Jie, a Hangzhou-based analyst at Cinda Futures Co., a unit of one of four funds in China created to buy bad debt from banks. œPhysical demand is steady at these levels and the health of the U.S. economy will continue to determine direction.
Gold for June delivery traded at $1,293.50 an ounce on the Comex in New York from $1,294.80 yesterday. Assets in the SPDR Gold Trust, the largest bullion-backed exchange-traded product, were unchanged yesterday at 780.46 metric tons, the lowest since January 2009.
Source : Bloomberg
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