Gold futures gained for the second time in three
sessions as lower investor confidence in Europe boosted demand for the
precious metal as a haven.
German investor optimism for the euro zone in June
fell to 8.5, trailing the 13.3 estimate of economists surveyed by
Bloomberg and May��s 12.8 reading, according to Sentix in Limburg,
Germany. The region��s 18-nation common currency dropped against 13 of
its 16 major counterparts.
Gold gained 6.8 percent in the first quarter on
concern that global economic growth was stalling. The metal slid 28
percent last year on expectations that the Federal Reserve would lower
the pace of bond purchase and as equities surged. The Fed has made four
straight $10 billion cuts.
Gold futures for August delivery added 0.1 percent
to settle at $1,253.90 an ounce at 1:38 p.m. on the Comex in New York.
On June 3, prices fell to a four-month low of $1,240.20.
Trading was 64 percent below the average for the
past 100 days for this time, according to data compiled by Bloomberg.
Bullion��s 60-day historical volatility fell to the lowest since April
2013.
Holdings in gold-backed exchange-traded products
fell 2.1 metric tons to 1,715.7 tons on June 6, the lowest since October
2009, data compiled by Bloomberg show.
Copy Source: Bloomberg
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