Gold
held near a four-month low as investors awaited a European Central Bank
monetary policy decision and U.S. economic data that may support
further reductions to the Federal Reserve��s asset purchases.Bullion for immediate delivery traded at $1,244.77 an ounce at 1:59 p.m. in Singapore from $1,243.94 yesterday, according to Bloomberg generic pricing. Gold fell to $1,240.73 on June 3, the lowest since Jan. 31. The 14-day relative-strength index since May 29 has been below the level of 30 that suggests to investors who study technical charts that prices may rebound.
Gold slipped 3.3 percent in May, the biggest monthly drop this year, as the euro weakened 1.7 percent versus the dollar on speculation that the ECB will add stimulus when policy makers meet today. Data tomorrow may show the U.S. added more than 200,000 jobs for a fourth month, after a report yesterday that said service industries grew at the fastest pace in nine months in May sent the Standard & Poor��s 500 Index to a record.
Gold for August delivery traded at $1,244.70 an ounce on the Comex in New York from $1,244.30 yesterday. The 60-day historical volatility fell to 12.2, the lowest since April 2013, according to data compiled by Bloomberg.
Silver for immediate delivery rose 0.1 percent to $18.8388 an ounce. Palladium slid 0.4 percent to $833.60 an ounce.
Platinum decreased 0.8 percent to $1,427.25 an ounce. The metal dropped yesterday to a one-month low of $1,418.25 on speculation an 18-week strike in South Africa, the biggest producer, may soon be resolved.
Source : Bloomberg
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