Gold
and silver futures rose to three-week high weeks after Europe™s
economic concerns mounted, spurring demand for the precious metals as a
haven.
A
gauge of euro-area services and manufacturing signaled growth slowed in
the final quarter of 2014, and the euro extended losses versus the
dollar amid Greek opposition to austerity measures that may prompt the
country™s exit from the currency bloc. Money managers raised bullish
wagers on gold for the first time in three weeks, U.S. government data
showed.
The
metal has climbed 7.9 percent from a four-year low in November on
political turmoil in Greece and speculation that governments from Europe
to China will bolster economic stimulus. Yesterday the U.S. Mint sold
42,000 ounces of gold coins, compared with 18,000 ounces in all of
December.
Gold
futures for February delivery climbed 1.3 percent to settle at
$1,219.40 an ounce at 1:54 p.m. on the Comex in New York. Earlier, the
price reached $1,223.30, the highest for a most-active contract since
Dec. 16. The metal rose for the third straight session, the longest
rally since Dec. 19. Aggregate trading was 36 percent more than the
100-day average, according to data compiled by Bloomberg.
Source: Bloomberg
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