Gold
traded below a three-week high before the U.S. Federal Reserve begins a
two-day policy meeting today and as investors assessed the tension in
Iraq and Ukraine.Gold for immediate delivery traded at $1,272.69 an ounce by 9:05 a.m. in Singapore from $1,272 yesterday, according to Bloomberg generic pricing. Bullion climbed to $1.284.96 yesterday, the highest level since May 27, then erased gains as U.S. data showed factory output beat estimates while builder sentiment jumped by the most in almost a year.
Gold has climbed 5.9 percent this year after halting a 12-year bull run in 2013 on expectation that the Fed would trim monetary stimulus as the U.S. economy improved. Policy makers have cut asset purchases four times this year.
Gold for August delivery traded at $1,272.80 an ounce on the Comex in New York from $1,275.30 yesterday. Futures capped the longest rally since February yesterday as fighting in Iraq intensified and relations between Ukraine and Russia worsened.
Silver for immediate delivery increased 0.1 percent to $19.6895 an ounce. Platinum added 0.2 percent to $1,438.13 an ounce, and palladium rose 0.5 percent to $814.50 an ounce.
Source : Bloomberg
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