Gold
traded below a one-week high in New York as investors weighed tension
in Ukraine against the outlook for a strengthening U.S. economy.
Palladium was near the highest price since August 2011.
The
dollar reached the highest level since February versus the euro before
Federal Reserve Chair Janet Yellen addresses the U.S. Chamber of
Commerce today. The New York Fed may say today its gauge of
manufacturing in the state rose to 6 this month from 1.3 in April,
economists surveyed by Bloomberg News said.
Gold
rebounded this year from its biggest annual drop since 1981, partly as
the Ukraine crisis spurred demand for a haven. Ukraine pushed on with an
operation to dislodge separatists less than a day after Russia warned
the violence could make it impossible to hold legitimate elections.
Palladium gained 15 percent this year on concern supply may be disrupted
from South Africa and Russia, the largest producers.
Gold
for June delivery was little changed at $1,305.20 an ounce by 7:43 a.m.
on the Comex in New York. It touched $1,309.20 yesterday, the highest
since May 7. Futures volume was 22 percent below the average for the
past 100 days for this time of day, data compiled by Bloomberg showed.
Bullion for immediate delivery lost 0.1 percent to $1,305.10 in London,
according to Bloomberg generic pricing.
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