NEW YORK/LONDON, Reuters (29/11) -
Gold rose on Friday as the dollar declined but made its biggest monthly
drop in five months on signs that recovery in the U.S. economy could
lead to the curbing of easy central bank money.
Gold has shed
more than 5 percent in November and has lost around a quarter of its
value so far this year, which puts it on track to post its first annual
loss in 13 years. Gold has stayed below $1,300 an ounce for the
past three weeks and has been largely rangebound in the last few
sessions due to thin trading around the U.S. Thanksgiving holiday on
Thursday.Spot gold rose 0.6 percent to $1,250.96 an ounce by
1:06 p.m. EST (1806 GMT). This is down 5.57 percent from the end of
October, its biggest monthly drop since June. It had fallen to a 4-1/2
month low of $1,227.34 on Monday.U.S. gold futures rose 1.0
percent to settle at $1,250.40 an ounce. The contract dropped 5.59
percent in November, its weakest monthly performance since June.The dollar fell 0.09 percent against a basket of currencies after
paring losses, bringing support to the market, while U.S. Treasury
yields steadied above 2.7 percent, and world shares rose. Traders see the next resistance levels at $1,255 and $1,290, while support stands in the $1,220 area.
Gold buying by China, set to become the world's biggest consumer of gold this year, picked up this week. On Thursday, traded volumes of 99.99 percent purity gold on the Shanghai Gold Exchange hit their highest in seven weeks. Volumes for the week at the Friday close were the highest since the last week of September.ANZ cut its precious metal price forecasts for 2014, and it expected gold to average $1,269 per ounce, compared with $1,436 previously, citing softer-than-expected demand and negative market sentiment. Silver rose 1.37 percent to $19.96 an ounce. The metal made an 8.7 percent monthly fall, the worst since June.Spot platinum gained 0.5 percent to $1,361.99 an ounce and spot palladium turned down 0.08 percent to $715.60 an ounce. |
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