Gold
traded below a one-week high in London as investors weighed the outlook
for a strengthening U.S. economy against tension in Ukraine. Palladium
was near the highest price since August 2011.The dollar reached the highest level since February versus the euro before Federal Reserve Chair Janet Yellen addresses the U.S. Chamber of Commerce today. The New York Fed may say today its gauge of manufacturing in the state rose to 6 this month from 1.3 in April, economists surveyed by Bloomberg News said.
Gold rebounded this year from its biggest annual drop since 1981, partly as the Ukraine crisis spurred demand for a haven. Russian Foreign Minister Sergei Lavrov said Ukraine is sliding into a civil war that will make it impossible to hold legitimate elections, as Ukrainian leaders and their international allies blamed Russia for the violence. Palladium gained 15 percent this year on concern supply may be disrupted from South Africa and Russia, the largest producers.
Bullion for immediate delivery was little changed at $1,304.77 an ounce by 9:20 a.m. in London, according to Bloomberg generic pricing. It touched $1,309.09 yesterday, the highest since May 7. Gold for June delivery was little changed at $1,305 on the Comex in New York. Futures trading volume was 10 percent below the average for the past 100 days for this time of day, data compiled by Bloomberg showed.
Source : Bloomberg
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