Gold
held near the highest level in four days, set to snap two weeks of
losses, as investors awaited a U.S. labor report to assess the health of
the world��s largest economy and the impact on monetary stimulus.Gold for immediate delivery traded at $1,253.91 an ounce by 11:45 a.m. in Singapore from $1,253.63 yesterday, up 0.3 percent this week, according to Bloomberg generic pricing. The metal yesterday climbed to $1,257.73, the highest since May 30, after the European Central Bank unveiled unprecedented monetary-stimulus measures that drove the euro toward a 2 1/2-year high.
Government data today may show the U.S. added 215,000 jobs in May, after a private report this week showed companies hired fewer employees last month than forecast. Gold sank 28 percent in 2013 to end a 12-year bull run on expectations the Federal Reserve, which next meets June 17-18, would reduce bond purchases used to fuel growth. The Fed has made four cuts since January as U.S. equity benchmarks rallied to all-time highs.
Gold for August delivery traded at $1,254 an ounce on the Comex in New York, from $1,253.30 yesterday. Bullion��s 60-day historical volatility is at the lowest since April 2013.
Silver for immediate delivery increased 0.2 percent to $19.0809 an ounce. The metal has risen 1.4 percent this week, the biggest such advance since the five days through March 14.
Palladium slid 0.2 percent to $838.48 an ounce. The metal is still set for a fourth weekly gain that��s the longest run since March amid a strike in South Africa and prospects of further sanctions against Russia, the world��s biggest producers.
Platinum decreased 0.2 percent to $1,442.94 an ounce. The metal is poised for a second weekly decline.
Source : Bloomberg
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