Gold
held below a five-week high as a strengthening dollar curbed demand for
a store of value, with a U.S. policy maker saying the Federal Reserve
is getting closer to replacing its vow to hold rates low for a
considerable time.
Bullion
for immediate delivery rose and fell at least 0.2 percent, and traded
at $1,195.88 an ounce at 8:56 a.m. in Singapore from $1,198.28
yesterday, when prices fell 1.1 percent, according to Bloomberg generic
pricing. The metal on Dec. 1 slumped to a three-week low of $1,142.88,
before rallying to $1,221.43, the highest level since Oct. 30, as oil
whipsawed.
Gold
is 0.5 percent lower this year after losing 28 percent in 2013 as the
Fed considers raising borrowing costs while other central banks take
steps to spur growth. Policy makers at the European Central Bank and
Bank of England meet tomorrow, and the Federal Open Market Committee
gathers Dec. 16-17.
Gold
for February delivery fell 0.2 percent to $1,196.80 an ounce on the
Comex, dropping for a second day. Futures slumped to a three-week low of
$1,141.70 on Dec. 1 after Swiss voters rejected a plan for their
central bank to acquire bullion.
Silver
for immediate delivery lost 0.3 percent to $16.4279 an ounce after
sinking to a five-year low of $14.4235 on Dec. 1. Platinum traded at
$1,215.17 an ounce from $1,216.50, and palladium rose 0.3 percent to
$804.50 an ounce.
Source: Bloomberg
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