Gold
held below $1,300 an ounce as investors assessed the health of the U.S.
economy and the impact on monetary stimulus against tension in Ukraine.
Bullion
for immediate delivery rose and fell at least 0.3 percent before
trading at $1,295.99 an ounce at 2:43 p.m. in Singapore from $1,293.52
on May 16, according to Bloomberg generic pricing. Last week, the metal
completed the first weekly gain in three as rebels fought government
forces in Ukraine.
Gold
tumbled 28 percent in 2013 to end a 12-year rally on expectations the
Federal Reserve would cut asset purchases as the economy recovers. The
Fed has announced reductions at each of its past four meetings. Data
this week may show more Americans applied for jobless benefits after
last week��s report showed unemployment claims fell to the lowest in
seven years.
Gold
has advanced 7.9 percent this year in part as increasing tension in
Ukraine fueled haven demand. In Vietnam, China is evacuating its
citizens as Vietnamese authorities thwarted anti-China protests after
violent demonstrations resulted in two deaths and damage at factories.
The violence was spurred by anger over a Chinese oil rig in disputed
waters.
Gold
for June delivery advanced 0.2 percent to $1,296.30 an ounce on the
Comex. Assets in the SPDR Gold Trust, the largest bullion-backed
exchange-traded product, were at 781.98 metric tons on May 16 after
dropping to 780.46 tons on May 12, the lowest since January 2009.
Source : Bloomberg
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