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Wednesday, May 21, 2014

Gold Holds Below $1,300 as SPDR Assets Drop to Lowest Since 2008

Posted by PT KONTAK PERKASA FUTURES BALIKPAPAN On 2:45 AM No comments


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 level since December 2008.

Bullion for immediate delivery traded at $1,294.63 an ounce at 2:20 p.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 for June delivery was little changed at $1,294.70 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 $19.449 an ounce from $19.4218 yesterday. Platinum rose 0.3 percent to $1,472.69 an ounce. Palladium increased 0.3 percent to $827.83 an ounce after prices yesterday reached $829.30, the highest level since August 2011.

Source : Bloomberg

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