Gold
traded below $1,300 an ounce as investors assessed whether the election
of Ukraine��s president will ease tension with Russia and as the euro
weakened against the dollar, reducing the appeal of the commodity.
Bullion
for immediate delivery was at $1,292.72 an ounce at 8:53 a.m. in
Singapore from $1,292.91 yesterday, according to Bloomberg generic
pricing. Gold has risen 7.6 percent this year partly on tension between
Ukraine and Russia.
Ukraine��s
President-elect Petro Poroshenko vowed to step up operations to rein in
separatists in the east of the country as fighting continued after the
weekend election. Gold is little changed this month as the euro lost 1.4
percent versus the dollar, reaching a three-month low yesterday, as
European Central Bank President Mario Draghi signaled policy makers are
ready to add stimulus in June. Dollar-denominated gold becomes more
expensive for holders of other currencies when the greenback
strengthens.
Gold
for August delivery traded at $1,292.70 an ounce on the Comex in New
York from $1,291.90 on May 23. U.S. markets were closed yesterday for
the Memorial Day holiday and transactions will be booked today for
settlement purposes.
Silver for immediate delivery traded at $19.445 an ounce from $19.4351 yesterday. Prices are set to snap two months of losses.
Platinum
rose 0.2 percent to $1,479.31 an ounce after climbing to $1,496.38 on
May 22, the highest level since September. Palladium was little changed
at $833 an ounce after reaching $839 on May 22, the highest since August
2011. The metal is heading for a fourth month of gains in the longest
such rally since January 2011.
Copy Source: Bloomberg
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