Gold
held near the highest level in two weeks as a rally in equities
faltered, boosting demand for alternative investments. Assets in
palladium-backed exchange-traded products expanded to a record.
Gold
for immediate delivery traded at $1,260.35 an ounce by 9:26 a.m. in
Singapore from $1,261.07 yesterday, according to Bloomberg generic
pricing. The metal yesterday climbed to $1,265.32, the highest level
since May 28, as the Dow Jones Industrial Average halted a five-day
advance after the World Bank cut its forecast for global growth.
The
Washington-based lender said in a June 10 report that the world economy
will expand 2.8 percent this year, compared with a January projection
of 3.2 percent, amid slower growth in the U.S., China and Russia. In
China, the largest gold consumer, volumes for the benchmark spot
contract in Shanghai rose to a two-week high of 15,176 kilograms
yesterday.
Bullion
sank 28 percent in 2013 to end a 12-year bull run on speculation the
Fed will trim asset purchases used to fuel growth as the economy
recovers. Data today may show U.S. retail sales rose in May. The central
bank has made four cuts since January and next meets June 17-18.
Gold for August delivery traded at $1,260.40 an ounce on the Comex in New York from $1,261.20 yesterday.
Palladium
for immediate delivery retreated 0.2 percent to $859.25 an ounce after
advancing to $864 yesterday, the highest level since February 2001.
Holdings in ETPs backed by the metal rose to an all-time high of 91.93
metric tons yesterday, according to data compiled by Bloomberg.
Platinum
lost 0.6 percent to $1,474.19 an ounce after climbing to $1,487
yesterday, the highest level since May 23. The union on strike at the
world��s biggest platinum producers in South Africa, which ranks second
in palladium production, is consulting its members after the latest
effort to break the four-month deadlock ended in failure and without any
plans for further negotiations.
Silver fell 0.1 percent to $19.1818 an ounce.
Source : Bloomberg
0 komentar :
Post a Comment