Gold
climbed to a two-week high, set for the first back-to-back weekly
advance since April, as concerns that a U.S. recovery may be stalling
and violence in Iraq will escalate boosted demand for a haven.
Gold
for immediate delivery rose as much as 0.2 percent to $1,275.65 an
ounce, the highest level since May 27, before trading at $1,273.34 by
10:25 a.m. in Singapore, according to Bloomberg generic pricing. The
metal added 1.6 percent this week after rising 0.3 percent a week
earlier.
Bullion
has increased 6 percent this year in part as tension between Ukraine
and Russia fueled demand for a haven. Gold climbed 1 percent yesterday,
the most since May 2, as unrest in Iraq drove oil to an eight-month high
and sent stocks tumbling. U.S. data yesterday showed retail sales
climbed less than forecast while jobless claims topped estimates.
Gold for August delivery traded at $1,273.50 an ounce on the Comex in New York from $1,274 yesterday. (izr)
Source : Bloomberg
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