Gold advanced for the
first time in three sessions as signs of cooling U.S. housing and
manufacturing called into question the extent to which the Federal
Reserve will raise interest rates.
Bullion has fallen 10
percent this year on expectations that the Fed will raise interest rates
for the first time since 2006 next month. The dollar has also
strengthened against the euro as analysts predict the European Central
Bank will unveil additional stimulus this week. Higher U.S. rates boost
the appeal of the dollar and curb demand for precious metals because
they don’t give returns like other assets such as bonds or equities.
Gold futures for
February delivery gained 0.9 percent to settle at $1,065.30 an ounce at
1:47 p.m. on the Comex in New York, the first advance since Nov. 24.
Silver futures also gained on the Comex, while platinum and palladium retreated on the New York Mercantile Exchange.
Source: Bloomberg
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