Gold
rose toward the highest level in almost two weeks as prices that
declined to a four-month low spurred physical purchases. Platinum and
palladium holdings in exchange-traded products expanded to records.
Gold
for immediate delivery climbed as much as 0.2 percent to $1,262.69 an
ounce before trading at $1,261.09 by 2:07 p.m. in Singapore. The metal
yesterday reached $1,263.66, the highest level since May 28, according
to Bloomberg generic pricing. Bullion fell to $1,240.73 on June 3, the
lowest since Jan. 31, as U.S. economic data that beat estimates sent the
Standard & Poor��s 500 Index to a record.
In
China, the world��s largest bullion consumer, volumes for the benchmark
spot contract in Shanghai rose for a second day yesterday to a two-week
high of 12,914 kilograms, climbing from a two-month low of 8,568
kilograms on June 6. Data this week may show U.S. retail sales rose in
May. U.S. employment exceeded its pre-recession peak, according to a
June 7 report.
Bullion
sank 28 percent in 2013 to end a 12-year bull run on speculation the
Federal Reserve will reduce bond purchases used to fuel growth as the
economy improves. The central bank has made four cuts since January and
next meets June 17-18.
Gold for August delivery traded at $1,260.90 an ounce on the Comex in New York from $1,260.10 yesterday.
Source : Bloomberg
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