Gold rose a second
day, extending a rebound from a three-month low, on speculation that
economic risks from China and Greece will prompt the Federal Reserve to
delay raising U.S. interest rates.
All but one member of
the Federal Open Market Committee “indicated that they would need to see
more evidence that economic growth was sufficiently strong” before
raising rates, Fed minutes released Wednesday showed. Higher rates curb
bullion’s appeal because it doesn’t pay interest or give returns like
other assets such as bonds and equities.
Gold dropped in the
past four quarters, the longest slump since 1997, on the prospect of
higher rates. The minutes showed Fed concerns that turbulence overseas
poses a risk for U.S. expansion. The International Monetary Fund on
Thursday cut its forecast for global growth in 2015.
Gold for immediate
delivery rose 0.6 percent to $1,165.72 an ounce by 9:57 a.m. in New
York. Prices climbed 0.3 percent on Wednesday after touching $1,147.36,
the lowest since March 18.
The IMF in cutting its
forecast cited a weaker first quarter in the U.S. and warned that
financial-market turmoil from China to Greece clouds the outlook.
Chinese stocks have tumbled in recent weeks, and Greece is struggling to
reach a deal with European creditors to stay in the euro area.
Source: Bloomberg
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