Gold
held above a one-week high as investors weighed the conflict in Ukraine
against the outlook for the U.S. economy and further reductions in
stimulus. Palladium dropped from the highest level since August 2011.Bullion for immediate delivery traded at $1,303.66 an ounce at 1:55 p.m. in Singapore from $1,305.97 yesterday, when prices climbed to $1,309.09, the highest since May 7, according to Bloomberg generic pricing. Palladium lost 0.6 percent to $823.13 after reaching $829.25 yesterday on concern supplies may be disrupted from Russia and South Africa, the largest producers.
Gold has advanced 8.5 percent this year partly on tension between Ukraine and Russia. Russian Foreign Minister Sergei Lavrov said Ukraine is sliding into a civil war that may invalidate elections, as Ukrainian leaders and their international allies blamed Russia for the violence. Bullion has rebounded from last year��s 28 percent drop even as the Federal Reserve started to trim stimulus as the U.S. economy recovers.
Gold for June delivery traded at $1,303.50 an ounce on the Comex in New York from $1,305.90 yesterday. Fed Chair Janet Yellen is due to address the U.S. Chamber of Commerce today after saying last week that the economy needs support.
Platinum for immediate delivery fell 0.5 percent to $1,474.50 an ounce after advancing to $1,486 yesterday, the highest since March 7. Lonmin Plc will keep its platinum mines in South Africa open for a second day in an effort to break a 16-week strike even after many workers were prevented from reporting for duty yesterday.
Silver retreated 0.3 percent to $19.7251 an ounce.
Source : Bloomberg
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