Gold futures rose for the first time
in three sessions as a rout in emerging-market currencies spurred demand
for the precious metal as a haven.
 The South Africa Reserve Bank unexpectedly increased its benchmark interest rate today, following central banks in emerging markets from Turkey to Brazil that have tightened monetary policy to bolster their currencies. This week, a Bloomberg gauge tracking 20 emerging-market currencies fell to the lowest since April 2009. On the Comex in New York, gold futures for April delivery traded at $1,267.60 an ounce at 4:24 p.m. in electronic trading after the Federal Reserve said it will trim its monthly bond buying by $10 billion to $65 billion. In earlier floor trading, the price closed 0.9 percent higher at $1,262.20 an ounce, the biggest gain for a most-active contract since Jan. 23. The metal lost 1.1 percent the prior two sessions. Bullion dropped 28 percent last year partly on concern that the central bank will reduce bond buying. Silver futures for March delivery rose 0.3 percent to $19.552 an ounce. In January, the metal has climbed 0.9 percent, heading the first gain in three months. On the New York Mercantile Exchange, platinum futures for April declined 0.1 percent to $1,408.10 an ounce. The metal dropped for the fourth straight session, the longest slump in six weeks. Palladium futures for March delivery fell 0.7 percent to $711.15 an ounce. The price declined for the fifth straight session, the longest slump in 11 weeks. |
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