Gold
held above the lowest level in four months on speculation that price
declines after a rally in equity markets may spur purchases.
Gold
for immediate delivery advanced 0.2 percent to $1,254.94 an ounce by
2:17 p.m. in Singapore, according to Bloomberg generic pricing. Bullion
fell to $1,240.73 on June 3, the lowest since Jan. 31, as signs of an
economic recovery in the U.S. drove the Standard & Poor��s 500 Index
to a record.
The
metal slid 3.3 percent in May, the biggest monthly drop this year, in
part as tension eased between Ukraine and Russia and as the euro
weakened on speculation that the European Central Bank will add to
stimulus. Data this week may show U.S. retail sales rose after Federal
Reserve Bank of Boston President Eric Rosengren said economic growth
will be stronger in the second half amid œpretty strong consumption.
Gold
for August delivery added 0.1 percent to $1,255.10 on the Comex in New
York. In China, the world��s largest bullion consumer, volumes for the
benchmark spot contract in Shanghai were 10,615 kilograms yesterday,
rising from a two-month low of 8,568 kilograms on June 6.
Source : Bloomberg
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