Gold held losses after the Federal Reserve said it
sees a muted inflation risk from continued stimulus and assets in the
SPDR Gold Trust fell to the lowest since December 2008. Palladium traded
near a 33-month high.
Bullion for immediate delivery was at $1,292.45 an
ounce at 10:13 a.m. in Singapore from $1,292.04 yesterday when prices
retreated 0.2 percent, according to Bloomberg generic pricing. Gold for
August delivery advanced 0.4 percent to $1,292.90 an ounce on the Comex
in New York.
The Fed pared its monthly asset buying to $45
billion in April, its fourth straight $10 billion cut, and said further
reductions in measured steps are likely. Bullion climbed 70 percent from
December 2008 to June 2011 as the central bank bought debt and held
borrowing costs near zero percent.
Assets in the SPDR, the world��s biggest
gold-backed exchange-traded product, dropped 0.4 percent to 776.89 tons
yesterday, the lowest since December 2008, according to data compiled by
Bloomberg.
Palladium for immediate delivery traded at $828.89
an ounce from $828.85 yesterday, when prices touched $834.29, the
highest since August 2011. In South Africa, the world��s second-biggest
producer, workers at the top three mining companies have been on strike
since late January, crippling output. Investors boosted their ETP
holdings to a record 86.3 metric tons on May 21, data compiled by
Bloomberg show.
Silver rose 0.2 percent to $19.4393 an ounce. Platinum fell 0.1 percent to $1,475.31 an ounce.
Source : Bloomberg
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