Gold
traded near the lowest level in more than five weeks as the dollar
strengthened while the world™s leading industrial powers threatened more
sanctions to deter Russia from further incursions into Ukraine.
Gold
rose 9.2 percent this year on signs of a faltering global economy and
Russia™s annexation of Crimea from Ukraine sparked the most serious
confrontation between the government in Moscow and the U.S. and its
allies since the Cold War. The Bloomberg Dollar Spot Index, a gauge
against 10 major trading partners, rose for the first time in three days, advancing 0.1 percent. Gold and the dollar typically move inversely.
Gold
for June delivery was little changed at $1,312.70 an ounce by 9:19 a.m.
on the Comex in New York. Prices fell as much as 0.4 percent to
$1,305.90, the lowest since Feb. 14. Futures trading
volumes were 66 percent higher than the average for the past 100 days
for this time of day, according to data compiled by Bloomberg. Bullion
for immediate delivery rose 0.3 percent to $1,312.32 an ounce in London.
Prices dropped 1.9 percent yesterday in New York, the biggest decline in 13 weeks, as the outlook for higher U.S. interest rates
damped demand for the precious metal as a store of value. Federal
Reserve Chair Janet Yellen said on March 19 that the central bank™s
benchmark rate may rise about six months after monetary stimulus ends,
expected later this year. Policy makers announced the third $10 billion
cut in monthly bond purchases, and gold last week dropped 3.1 percent,
the most since November.
Source : Bloomberg
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