Gold
held below $1,300 an ounce before U.S. economic data that may provide
clues on the outlook for monetary stimulus. Holdings in the largest
exchange-traded product shrank to the lowest since December 2008.Bullion for immediate delivery traded at $1,294.03 an ounce at 9:47 a.m. in Singapore from $1,294.37 yesterday, according to Bloomberg generic pricing. Assets in the SPDR Gold Trust dropped to 780.19 metric tons yesterday, the lowest since December 2008.
Gold has risen 7.7 percent this year as tension in Ukraine countered expectations that the Federal Reserve will press on with reducing stimulus as the economy improves. The Fed will today release minutes from its last meeting, when bond-buying was pared for a fourth time. Data tomorrow may show more Americans applied for jobless benefits after last week��s report showed unemployment claims fell to the lowest in seven years.
Gold for June delivery was little changed at $1,294.10 an ounce on the Comex in New York. Global gold demand fell to 1,074.5 tons in the first quarter from 1,077.2 tons a year earlier as jewelry purchases countered slides in investment and central-bank buying, the World Gold Council said yesterday.
Silver for immediate delivery traded at $19.412 an ounce from $19.4218 yesterday. Platinum was at $1,471.06 an ounce from $1,468.88. Palladium traded at $826.75 an ounce from $825.68 yesterday, when prices reached $829.30, the highest level since August 2011.
Source : Bloomberg
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